Declaring large amount of cash at Manila Airport - any problems?

[SteveL]

Next month I'm going back to Phils to pay for a house we're buying there and I need to get £50,000 there. I've been searching for the cheapest way (bank transfer etc) and even the cheapest is £3000 fee !!!!!!!!
My question to everyone is what would happen at Manila if I turn up with the cash (thus avoiding the humongous transfer fee) and declare that amount? I have researched the exit from UK end and as long as I fill in the relevant customs declarations, it's do-able, so just need to know what happens at Manila. Anyone any help ?

[Terpe]

Next month I'm going back to Phils to pay for a house we're buying there and I need to get £50,000 there. I've been searching for the cheapest way (bank transfer etc) and even the cheapest is £3000 fee !!!!!!!!
My question to everyone is what would happen at Manila if I turn up with the cash (thus avoiding the humongous transfer fee) and declare that amount? I have researched the exit from UK end and as long as I fill in the relevant customs declarations, it's do-able, so just need to know what happens at Manila. Anyone any help ?

You researched well. The cheapest way to get money to Pinas is to take it.
Also you are correct in that you need to fill out a declaration form for UKBA (and HMRC ) and you will need to provide supporting evidence as proof that it is legally yours
that any due taxes have been paid, and how you came by it.

Now, when you arrive at Pinas you will need to declare the money.
If I recall well it's possible to carry through up to $10,000 without declaration.

What I don't know is firstly, what happens when the cash above that limit is declared, and secondly if there is another limit. I have asked this information a number of time and never received an understandable answer.

The only way to know is to talk to a manager at Bangko Sentral Ng Pilipinas.

The contact details are:-

Bangko Sentral ng Pilipinas
A. Mabini St. cor. P. Ocampo St.,
Malate Manila, Philippines 1004
Tel. No. : (632) 524.70.11
Fax No. : (632) 523.62.10
E-mail: bspmail@bsp.gov.ph

Steve, seriously, if you can find out the information would you very kindly give feedback as this question is often asked, but I've never seen any answer.
Thanks for your help in advance

[Dedworth]

Next month I'm going back to Phils to pay for a house we're buying there and I need to get £50,000 there. I've been searching for the cheapest way (bank transfer etc) and even the cheapest is £3000 fee !!!!!!!!
My question to everyone is what would happen at Manila if I turn up with the cash (thus avoiding the humongous transfer fee) and declare that amount? I have researched the exit from UK end and as long as I fill in the relevant customs declarations, it's do-able, so just need to know what happens at Manila. Anyone any help ?

Thats a joke £3000 fee :yikes: - how about some sort of bank draft. I did one for 12000 euros through a business account the other year and I think it was about 25 quid

[Englishman2010]

I nearly came unstuck last year when I was leaving NAIA bound for Singapore. Although it's a small amount to us, I had around 15000 pesos in 1000 peso notes (£220) in my wallet, as I was heading back to the Phils after a week over in SG. When I went through the security scanner and x-ray machines, the guard made me open up my wallet and saw the cash. He told me I was only allowed to take 10K out of the country. It soon became apparent that what he really wanted was a 'souvenir':rolleyes: from me. At this point I somehow completely forgot how to speak English and repeatedly said I couldn't understand him. Eventually, he let me move on

[Dedworth]

I nearly came unstuck last year when I was leaving NAIA bound for Singapore. Although it's a small amount to us, I had around 15000 pesos in 1000 peso notes (£220) in my wallet, as I was heading back to the Phils after a week over in SG. When I went through the security scanner and x-ray machines, the guard made me open up my wallet and saw the cash. He told me I was only allowed to take 10K out of the country. It soon became apparent that what he really wanted was a 'souvenir':rolleyes: from me. At this point I somehow completely forgot how to speak English and repeatedly said I couldn't understand him. Eventually, he let me move on

A close shave he could have taken you out the back, snapped on the latex examination gloves and searched you thoroughly for hidden currency :omg:

[Englishman2010]

A close shave he could have taken you out the back, snapped on the latex examination gloves and searched you thoroughly for hidden currency :omg:

:laugher::laugher: Thankfully not:xxgrinning--00xx3:

The other thing you have to watch out for at NAIA are the entrance guards if there is a long queue outside. They seem to have a habit of coming up to me and telling me they can get me to the front of the queue by the main entrance. At some point in the conversation they hint it will cost 500 pesos or that they would like an English note as a souvenir. I'm thinking of taking some Monopoly money next time :icon_lol:

[grahamw48]

With all due respect, you'd have to be totally nuts to be carrying such a sum of cash anywhere, let alone the Phils. :NoNo:

I would personally also want someone to lock me up if I was considering spending £50,000 on property in the Phils. :Rasp:

Just my opinion.

[Jonbo]

Have to agree there its like having a target on your back

[subseastu]

With all due respect, you'd have to be totally nuts to be carrying such a sum of cash anywhere, let alone the Phils. :NoNo:

I would personally also want someone to lock me up if I was considering spending £50,000 on property in the Phils. :Rasp:

Just my opinion.

Not very helpful to the OP that reply really is it? The man obviously knows what he wants to do and is just looking for advice.

SteveL Have you looked at PNB? They offer reasonable rates. Also have you considered breaking your 50k into smaller lumps and transfering it that way. That may reduce your costs.

[grahamw48]

As I said....just my opinion. :)

His money to do what he wants with it.

[Englishman2010]

In the past I've bought and sold properties in Euroland, and used a FX broker called Baydonhill in London. They were very good, the rate they gave me was better than my bank could and only charged £20 or £25 to transfer 6 figure sterling sums. I've not used them for a couple of years, but if they are still around, I'd happily recommend them. They guy I used there was called Bruce

http://www.baydonhillfx.com

[Dedworth]

The guy I used there was called Bruce



http://blog.partydomain.co.uk/wp-content/uploads/2011/01/Australian-Hat-with-Corks-150x150.jpg

[Englishman2010]

http://blog.partydomain.co.uk/wp-content/uploads/2011/01/Australian-Hat-with-Corks-150x150.jpg

That's him:xxgrinning--00xx3:

Surprisingly, he wasn't an Aussie

[Ako Si Jamie]

I know a company who can sort it out for a very reasonable fee.

They're called Jamie's Couriers.

[Dedworth]

I know a company who can sort it out for a very reasonable fee.

They're called Jamie's Couriers.

A highly reputable operation :icon_lol:

[Ako Si Jamie]

A highly reputable operation :icon_lol:Of course! :D

[johncar54]

Re the fee.

In January 2011 I too transferred £50,000 in Pesos from UK to Phil, using Nationwide to BPI. The fee was £25 and the exchange rate was about 0.01% less than the inter bank rate. ( about £50 less, thus the whole transaction was about £75).

However, if you wanna carry a huge sum in cash a lotta thieves will be laughing all the way to their bank ! Even if you got as far as MNL with it do you really think one pf the guys you make a declaration too might not be tempted to 'call a friend' to 'meet up with you somewhere' and relieve to you of it !!!

Use the bank !

[Steve.r]

For the OP, I use PNB to send remittence to my wife, I also have a PNB account in Phils. I recently transfered a large sum to buy our house in Phils and sent the money in exactly the same way as my monthly sums. The fee for the large amount was I think well under £100 I would have to check back on my statements for exact fee. I wouldnt risk carrying large sums in Phils or to Phils.
The money is also (in PNB transfers) deposited in seconds, not days or weeks. Safe and secure imo
hth

[somebody]

If you have a Bank account of say the Wife in Pinas which allows such large amounts to be remitted to it (if transfer to your self as some of the protection avaiable is only when remitting to another person not to your self so be aware if the company was to go belly up etc) why not use PNB or another Bank which has UK/Uk branches and is FSA regulated.

http://www.pnbeurope.com/forms/RemittanceFeeStructure14Feb2011.pdf

Declaring at MNL a sum which would be in excess of 10 years salary for many would be a dangrous game. Especially with all the security you go though now at each step. Plus im not sure if after a long flight I would want to quick witted enough to avoid souniver hunters in MNL:rolleyes:

Sadly MNL Airport is a minefield for having the staff take the :censored: im sure nearly everyone on here has a tale or two of no change given or fines or fast track though queues or items confiscated "due to security issues"

[Bluebirdjones]

Late update to this thread, but it might help.

PNB (London branch) will charge £85 to transfer £100k.

[johncar54]

Late update to this thread, but it might help.

PNB (London branch) will charge £85 to transfer £100k.

But at what rate ?

As we know the actual charge is only part of the 'cost' of transferring money. On a large amount the actual rate is by far the larger part of the cost.

A few months ago my bank caused a 24 hours delay by an error on their part. In that time the rate had change by just a small amount, however, when I argued with them I got about £150 plus the £25 charge as compensation.

[somebody]

Please NOte Philipine National Bank (Europe) plc (PNBE) are changing from a Licensed Bank Vehicle into a Specialized Payment Insitution.

Ie from a full blown bank into a Remittance company if I understand correctly..

The laws and regulations safeguarding your money may vary ie who your sending the money to (yourself or a n other)

[SteveL]

Hi everyone
Many thank to those who gave constructive responses. To those who gave non constructive responses ..............oh well, theres always a few !
I've spoken with the Allied Bank of the Philippines and they will charge £30.00 for the transfer. I go with the cash and ID (passport, drivers licence and a recent utility bill) to their branch in London and 3 days later it's available in Dipolog branch. I don't need an account but they will open me one in Dipolog when im there if I so wish so it looks like a winner. If anyone needs their details , here they are :

Allied Bank of the Philippines
114 Rochester Row, Westminster
London, SW1P 1QJ

Telephone
020 7233 6311

The lady I spoke with is called Maria Bourbon and semed very well informed and easy to deal with.

Also, she quoted an exchange rate of 70.5 peso which is spot on !

[Terpe]

Hi everyone
Many thank to those who gave constructive responses. To those who gave non constructive responses ..............oh well, theres always a few !
I've spoken with the Allied Bank of the Philippines and they will charge £30.00 for the transfer. I go with the cash and ID (passport, drivers licence and a recent utility bill) to their branch in London and 3 days later it's available in Dipolog branch. I don't need an account but they will open me one in Dipolog when im there if I so wish so it looks like a winner. If anyone needs their details , here they are :

Allied Bank of the Philippines
114 Rochester Row, Westminster
London, SW1P 1QJ

Telephone
020 7233 6311

The lady I spoke with is called Maria Bourbon and semed very well informed and easy to deal with.

Also, she quoted an exchange rate of 70.5 peso which is spot on !

Thanks for the feedback SteveL :xxgrinning--00xx3:

[Bluebirdjones]

But at what rate ?

As we know the actual charge is only part of the 'cost' of transferring money. On a large amount the actual rate is by far the larger part of the cost.

The rate was very competative John. I used to be a Forex trader so know my way around the market.

I go with the cash and ID (passport, drivers licence and a recent utility bill)
Steve, do please be aware that with cash this size, they might, just might, report this transaction to the authorities under the "Proceeds of Crime Act", ie money laundering.
The emphasis is on the bank/financial unit to report "suspicious" transactions otherwise they get heavily fined, could get a criminal conviction, and get a suspension in their banking licence.
So, from time to time they'll report transactions, to look diligent to the authorities.
... so don't be shocked if u get a phone call out of the blue from the boys in blue.

[Arthur Little]

:anerikke: ... ah well ... no such problems for ME - I simply don't have that kinda money! :NoNo:

[Bluebirdjones]

Oh Arthur !
Of course u do .... you're Scottish !
It's in a biscuit tin under the bed

:icon_lol:

[Englishman2010]

70.5 pesos to the pound and a £30 fee - sounds like a great deal:xxgrinning--00xx3:

Useful to know, thanks for the info:xxgrinning--00xx3:

[sars_notd_virus]

Declaring large amount of cash at Manila Airport - any problems?

I would suggest not to bring an excessive amount of cash in the airport ,very dangerous and complicated as you will need loads of documents to prove it...if you were to do bank transfer , divide it and dont deposit it in one go as you will also be questioned.

[johncar54]

..if you were to do bank transfer , divide it and don't deposit it in one go as you will also be questioned.

If it is 'honest cash' then I don't see any problem there either. I transferred £50,000 a few months ago direct into my wife's cousin's account. No question from anyone, so far !

[Arthur Little]

Oh Arthur !
Of course u do .... you're Scottish !
It's in a biscuit tin under the bed

:icon_lol:

Aye ... I wish! :D

[Arthur Little]

Shh, Marc ... it's actually in a Crawford's :Kilt: Shortbread tin.