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Currency Exchange Rate and Incoming Transfer

Discussion in 'BBS Hangout' started by clutch citizen, Jun 20, 2016.

  1. clutch citizen

    clutch citizen Contributing Member

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    Let me set it up, first.

    My family inherited several properties in the Philippines when my dad passed away. We recently sold one of those properties, which is a commercial lot. We put the money in a bank account in Philippines. I have no intention of keeping money there. At least not the great majority of it.

    We've submitted our papers to our accountant here in the US already. After the dust settled, turns out we will only be taxed for the capital gain on the Philippine account. He says we are covered as far red flags.

    My question is what is the best way to get the money from the Philippines to here? Everything is in Philippine peso (PHP) in an account in the Philippines right now. What's the best way to get the money here in USD?

    Right now, our gameplan is to wire transfer a large amount to our credit union when the USD:pHP exchange rate is to our liking.

    Thanks
     
  2. Supermac34

    Supermac34 President, Von Wafer Fan Club

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    I don't know the specifics, but the biggest financial question I would have is around taxes. Will the US tax this money as it is moved into US accounts? Does it fall under the $5m exemption for estate? Might want to talk to an accountant that understands international tax rules.
     
  3. clutch citizen

    clutch citizen Contributing Member

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    Our accountant will tax the capital gain on the lot. So if it was valued at $100 when we inherited it, and it gained value to $150 today, we will be taxed on the $50. We inherited this lot back in '95. When we sold this lot, we divided the money among my siblings and myself.
     
  4. Jontro

    Jontro Member

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    How much is it worth? Can't you just turn it into a business there?
     
  5. geeimsobored

    geeimsobored Contributing Member

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    Did you check with Citibank in the Phillipines? I've done this in other Citi countries where I could freely convert between currencies based on the account that you have. They're the only US based bank that I could find there but that might be an option.
     
  6. DaDakota

    DaDakota Contributing Member

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    Just wire it, the conversion will happen automatically.

    DD
     
  7. geeimsobored

    geeimsobored Contributing Member

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    Those service fees add up depending on the volume you're wiring but yes if its a smaller amount of money just use xoom or something like that.
     
  8. clutch citizen

    clutch citizen Contributing Member

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    That's our default option right now should the rate hit to our liking. I contacted our bank here, and they said there would be no charges on the recipient end. The fees would only come from the outgoing bank in the Philippines.

    Is there a typical source for what rate they use? I follow different sites like Bloomberg and yahoo financial to get an idea of what the rate is, but is there a site/link I could use for the official rate?
     
  9. clutch citizen

    clutch citizen Contributing Member

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    We looked into that, but none of us want to go to the Philippines to run it. It's a bit different there, too. Easy to grease the wheels, so presence is vital in any operation.

    Let's just say the arbitrary figure is $200K worth of Philippine pesos per share.
     
  10. playlife

    playlife Member

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    wanted to say transferwise.com but looks like they don't do peso->usd yet.
     
  11. clutch citizen

    clutch citizen Contributing Member

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    I was just about ready to use them if they did large transfers. Only to find out PHP was not available.
     
  12. bigtexxx

    bigtexxx Contributing Member

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    I can put you in touch with several Nigerian barristers who can facilitate this transaction and tell you everything you need to know.
     
  13. PhiSlammaJamma

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    This. During Pangea it was just much easier to navigate these kind of issues.
     
  14. Sooty

    Sooty Contributing Member

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    USforex.
    Do a bit over time, they're super competitive with their rates- so much butter than banks.

    Transferring from Australia since the past decade.
     
    1 person likes this.
  15. Sooty

    Sooty Contributing Member

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    oh and if you want to do a mega huge transfer they do that do. they're available 24/7 around the clock and super helpful
     
  16. TL

    TL Contributing Member

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    Same. I've used IMT/US Forex for a number of years. Citi and Chase would usually charge me nearly 2% despite claiming they were giving me market.
     

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