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OT: Bank Transfer

Discussion in 'Band of Glockers' started by VICARA, Nov 21, 2006.

  1. VICARA

    VICARA

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    Can somebody confirm the maximum amount of a bank transfer in USD from a Phil bank, say Metrobank, to Bank of America here in San Jose.

    I'm trying to move some dollars back to the US for an investment and my partner is telling me its only XXX dollars thats allowed by the bank as per Central Bank directive.

    Thank you in advance
     
  2. vega

    vega

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    Last year we got $XX,XXX.00 from RCBC to Wells Fargo. We need to do it more than once, just like your friend said, there's a limit on the amount but there's no limit on how many times you do it in a day.
     

  3. rex_valerian

    rex_valerian

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    Related topic: Are there banks that allow credit card use in the US (visa or mastercard) then dito sa pinas babayaran in pesos ang amount?

    Was thinking of doing money transfer via this method for relatives.
     
  4. VICARA

    VICARA

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    if you are a card holder of one of the major credit cards and was issued in Phil, when you're in the US, you can can charge at will. Back home, you will get your statement in pesos. My friend do that all the time.

    Its the other way around on my last Phil visit although there are establishments there that refused my visa. I wonder why.

    (rex, tama ba yung pagkaintindi ko ng ? mo)

    V
     
  5. VICARA

    VICARA

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    vega,
    actually, i was informed its $4,000.00 max per transaction and have to wait another week before initiating another transfer. on the 2 transactions i received, they charged a fee in manila and then my bank is credited $3,982.00 only. Another fee, daw.
     
  6. Vault Keeper

    Vault Keeper

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    As far as I am concern, there is no maximum amount as long as the money to be transfered out is supported by documents proving the total amount to be used.

    I encountered some reasons like allowance, medical needs, tuition fees, etc. But the amounts that was transfered was not more than US$10k...

    Hope this helps

    regards

     
  7. Vault Keeper

    Vault Keeper

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    Hi Rex, I dont think money transfer is possible via credit card. Unless a purhcase is made in the US, using a locally issued credit card, as what vicara mentioned payment is directed here in Manila. (but you have to bear the higher exchange rates of our local banks here...

     
  8. kristiansen

    kristiansen Birdwatcher

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    yes.that is correct.when you send money(dollars etc.) from Philippines to U.S. or Europe etc.,there is the usual bank charge from the local bank here (charge varies depending on the bank)plus another charge from the issuing bank,usually from $13-$20.as VK said,there is no limit as long as properly supported by docs.



     
  9. vega

    vega

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    VICARA
    What PH bank are you using? Try RCBC, like I said in my PM they will allow you that amount. Mind the 2 fees, local and US fees.

    rex - Yes you can use your PH issued card here in the US. Should be VISA or Mastercard. Not a lot of establishments accepts American Express.

    Good luck to both of you.
     
  10. i_am_infinity

    i_am_infinity Pang Altar

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    According to the Anti money laundering act if i'm not mistaken the allowed transfer is between $5k - $10k...pati sa deposits natin dito sa pinas na $$ should not exceed the above digits. hope this helps
     
  11. Django

    Django

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    And how much is the amount of dollars can you bring out of the US assuming you're a balikbayan coming home for a vacation?
     
  12. vega

    vega

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    One can only bring out $10k, balik-bayan or not. Someone correct me if I'm wrong.
     
  13. VICARA

    VICARA

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    My partner is sending via Metrobank.
    Is it required to have an account with the local bank before you can initiate a transfer?

    Any other requirements needed? I heard they even ask for a passport?

    Anybody from Metrobank?
     
  14. PMMA97

    PMMA97 TagaBundok

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    You could bring in or out more than USD10K in cash but you just have top declare it so they can tax your ***** :supergrin:
     
  15. toxic

    toxic

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    correct ..it is written at the back of the custom clearance given to the passenger before disembarking the plane.
     
  16. mikol

    mikol

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    kilan kaya ako makapag-uwi nyang $10k na yan. :supergrin:
     
  17. toxic

    toxic

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    nge,ayaw mo lang i declare:supergrin: or na isend mo na before you go home:supergrin:
     
  18. mikol

    mikol

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    secret......:whistling: ;)
     
  19. Vault Keeper

    Vault Keeper

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    Yes sir you are right, an individual is not allowed by law to transfer fund exceeding US$5k (actually any amount for that matter). Unless you have proof that a bigger amount is needed (e.g. Bill of Lading, pro forma invoices etc).

    For the purchase of US$, one is only limited to 5k (without documentation), but in excess of that, proof of need is required. You can only purchase again (not more than US$5k, no documents required) after 21 calendar days....



     
  20. mikol

    mikol

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    tumpak sir VK. :thumbsup:

    sadik vicara,
    bakit nililimas muna $account mo satin?
    ayaw muna umuwi sa pinas? ;)(or maybe dahil bumaba na value ng $ dahil sa manipulation ng Govt. sa ex-rate? :upeyes: )