Hello everyone
Does anyone know how much money in British/Peso I can bring into the country? I have to pay for things as soon as I land in Manila
Hello everyone
Does anyone know how much money in British/Peso I can bring into the country? I have to pay for things as soon as I land in Manila
its down to commen sense i took over 2000 pounds in cash you have to declare it on the form you fill in on the planebut all i put down was more then the amount it says , hope this helps, have you thought about loading a card before you leave then with draw what you need when there
Deanotheman,
As stevewool said it's down to commom sense. Using an ATM is straightforward but normally you will be charged a local bank amount up to P200 depending!!
If you want to know the legality please read the following:-
"It is illegal for any incoming or outgoing passenger to bring in or out Philippine Pesos
in excess of P10,000.00 without prior authority from the Bangko Sentral ng Pilipinas.
Any violation of this rule may lead to its seizure and civil penalties and / or criminal prosecution. (BSP Circular 98-1995)
The transportation of foreign currency or monetary instruments is legal.
However, the carrying of foreign currency in excess of US$10,000.00 or its equivalent in other foreign currencies must be declared to a Customs Officer or the Bangko Sentral ng Pilipinas.
Violation of this rule may lead to seizure and sanctions, fines and / or penalties."
Having stated that, I have taken more than P10,000 in cash but not declared it. Also, like Steve I have taken significant amounts of Pounds. Your decision. But.... remember even when leaving blighty you are required by law to declare any sterling over £1000
Not that its really issue, as long as you can prove (if ever you got pulled up) that it's your money and you can prove that you obtained it legally (ie Bank statement/conformation) AQgain I have never had any issue, but just want you to understand the complexities of the law.
Normally I will transfer money to my bank account in Phils before I travel>always trying to get best rate.
When you land in Philippines you will be required to sign a declaration that you either do or do not comply with the stated amounts
Hope this helps you.
Unless the money is 'black' anyone would be extremely foolish to carry any large amount of cash (more than they can afford to loose). Apart from the possibility of illegality, pick-pockets/ thieves are very good at what they do for a living !!!!
As Terpe said, load up your credit/debit card.
As for charges, until recently, and it may still be so (you can check on the internet) if you use a Visa card and draw cash from an ATM with a Visa symbol, there was/is no charge. It may apply to other cards too.
Can't be absolutely certain from memoryOriginally Posted by johncar54
... but don't think I incurred any charges for using my Bank of Scotland Visa Debit Card in the Philippine ATMs early last year!
Thanks, that was a great help, I was going to bring all my money over in Peso and fight the muggers!! hehe
haha. you can trygoodluck!
also deepends how long are you coming for I carry a bit of sterling in case of atm failures or if i want to load up befor going to the provinces
it really depends on what your doing here case by case ive also got a few travell cards that i can load by phone from my bank
check caxton and fairfax out
metro bank is charging 150 piso per withdrawel for overseas atm,s
Absit invidia
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i would take a few £100s, and change half of it to php at the money exchangers in the airport, so you've got some php on you. good idea not to carry too much cash, but then i've always taken about £1k in cash with me everytime i've gone
it depends how many days u will stay here in philippines..
Maximum $10,000
On Border Patrol they were showing how people were being stopped with large sums of cash on them. I think if you took out over 1000 pounds in cash from the UK you have to be able to prove there and then where it came from. Ie bank receipt, bank book etc.
Possibly they might not pick you out but they might so worth making sure you have some proof of origin for the money on you..
Oh lord why did you make so many clothes and shoe shops
u can only bring 10,000 pesos from uk to philippine airport i guess... experience by my hubby before..
they have the 10kus limit
but i cant remember seeing anyone stopped by customs,having said that, the best advice has to be by card, how many people would walk around their home town or city with a few grand in their pocket day after day?so why do it in PH
i have taken £1000 with me most times and when i got married i took over £4000, i doubt anyone will check you besides your going to spend it there, why would they be bothered?
i have learnt to do what my wife says!
and your point is?
i have learnt to do what my wife says!
There's a big difference between what people do and the regulation.
There are a two basic issues:-
1. How much money am I allowed to take out of UK
2. How much money am I allowed to take into my destination country
The HMRC website states:-
You only need to declare cash if you are carrying 10,000 euros or more (or the equivalent value in other currencies) and you are:
•entering the UK from a country outside the EU
•leaving the UK to travel directly to a country outside the EU
The term 'cash' covers:
•notes and coins in any currency
•bankers' drafts
•cheques of any kind, including travellers' cheques
If you do declare the cash you need to complete a form.
There is no mention of what happens when you do declare.
Anybody know this??
When you enter the Philippines you need to observe the following :-
"It is illegal for any incoming or outgoing passenger to bring in or out Philippine Pesos
in excess of P10,000.00 without prior authority from the Bangko Sentral ng Pilipinas.
Any violation of this rule may lead to its seizure and civil penalties and / or
criminal prosecution. (BSP Circular 98-1995)
The transportation of foreign currency or monetary instruments is legal.
However, the carrying of foreign currency in excess of US$10,000.00 or its equivalent
in other foreign currencies must be declared to a Customs Officer or the Bangko Sentral ng Pilipinas.
Violation of this rule may lead to seizure and sanctions, fines and / or penalties."
So in principle P10,000
There is no mention of what happens when you declare higher amounts of cash.
Anybody know this?
Unless you know the consequences of declaration in both case, it's
better to stay within known parameters.
Would be interesting to learn though, what happens after declaration.
I am intrigued to know the answer to this... i took a few hundred quid in cash with me and didn't experience any difficulties.
I just scan read the replies due to the late hour so forgive me if I repeat anything already stated. 10k pesos is the limit as has been said, but I have taken more through on my first 2 visits and just not declared it, and neither was my wallet checked. Its probably foolish to take more without declaring it, however the first time I went through I was shaken down for cash by some airport security guards right outside (being naieve at the time I didnt report them) so on my second trip I didnt want to declare the cash in case I'd get some problem of a similar nature to my first visit.
However, since I have found the best way is to just get cash over there, depending who you bank with of course its just as easy to get the money from an ATM depending on international charges. Also the exchange rate you'll get for £ to php here in the UK was last time I went to philippines was something like 63 php to £1, whereas in the Philippines they were exhcanging at something like 75php to £1. I'd even considered sending money to my wife's family in Philippines via xoom to be picked up on arrival rather than use the lower uk exchange rate, but after charges its about the same... thats my experience of it anyway, just change the money or use atm in phlippines (being aware that some you can only withdraw like 5000php from in one transaction) others may offer differing advice.
hi
i was able to withdraw 10,000 php and i was charged (the machine told me at the time) between 150-200peso's per transaction. and i was paying from £151-£154 for the 10,000 pesos. which works out at around 66php per £ and that was during the middle of last month.
When I was in RP in 2006 I found that the ATMs at HSBC allowed me to draw, in one go, up to my daily limit. I think that was in excess of 20,000P.
On one occasion when the ATM at an HSBC office did not work I was able to draw over the counter using my Nationwide Debit card. I believed at the time that I did have an HSBC account in UK, although I had not used it for several years. However, later I found that it had been cancelled by the bank a few years earlier.
As this thread is about money, can I ask 2 questions:-
1) Is it better to take pounds and change money there, as I was getting a lower exchange rate than it was showing on the net, or change here and take there. Do some exchange booths give a better rate than others?
2) What would I need to open a bank account in the Philippines and can I open a joint one with my partner?
Thank you for the answers.
Baliw99.
In terms of exchange rates, some you win some you lose.
They vary day to day. Since August they have been around the 68/69 level
without any major swings up or down.
Bear in mind the govt Spending Review to be declared on Oct 20. Who know what impact that will have. Personally I feel the rate may well dip.(not in our favour)
Better to read the posts in this thread to make your own choice.
Everyone has their own logic that they feel happy with.
If you want to open a bank account I would suggest you personally meet with the bank manager together with your partner, passports (or other photgraphic ID) and evidence of permanent address.
It then really depends on the individual bank, branches and individual manager.
If the manager agrees, they will not breaching any laws.
Talk only with the manager as nobody else will have the authority to deviate from
the 'standard' procedure.
You did not mention the type of bank account, but you need to be aware of
the UK rules, especially from HMRC.
When I was there, I started at 67p to £1, then it dropped down and I was only getting 60-61 at the end and this was last month. I know from Thailand that you get a better exchange in Thailand, so was shocked that I was getting lower than the rate on the net in the Philippines.
The type of account that I would like to open is one that I can transfer money from the UK into each month and leave in to save for our wedding, I do not have a permanent address there though.
Please be sure to inform yourself on the HMRC rules.
I repeat what I said above regarding carrying cash:-
Unless the money is 'black' anyone would be extremely foolish to carry any large amount of cash (more than they can afford to loose). Apart from the possibility of illegality, pick-pockets/ thieves are very good at what they do for a living !!!!
As Terpe said, load up your credit/debit card.
Somebody here, May have been Sars was talking about a RP bank with offices in UK. It may have been BPI which are at:- http://www.pnbeurope.com/
I believe it was possible to open an account in UK.
I have searched the posts here, as there was a lot of info on this subject a while ago, but I cannot get it to show.
When I was in Phil a few years ago, I was asking the manager in BPI about opening an account but in the end, can't remember why, we opened the account in just my wife's name.
has anyone ever been stopped taking english money out of the philippines back to the UK???? Can i take 10000pounds back ??? can i split that with my wife and we take 5000 each.....????
Why would you want to carry that much money and risk it being stolen?
That's what banks are for.
As for the amount: As shown above you can take in 10,000 Pesos (or I guess the equivalent). £10,000 is about 650,000 P
I suspect that by not transferring through the banking system, if the authorities discovered it they would suspect you were handing black money and take appropriate action.
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