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Moon Dog wrote:

Also, what is the 20% "Withholding Tax" Metrobank has listed for most accounts?

I suppous they mean percent of interest INCOMES.

The rest I know nothing about.

Hi Moon Dog. Best way is to simply transfer the funds from your account in the states directly to the dealers bank here.

We purchased a new car here nearly 2 years ago, I shopped with a few brokers for the best exchange rate, transferred the funds to the broker who then deposited the pesos into the dealers account less the PHP 100k deposit that dropped on the car to hold it, all very easy, 4 to 5 days to accomplish.

I believe coach53 is correct, for interest earned. You can get out of that once you have or if you are inclined to register with the Bureau of internal revenue BIR and apply for a Tax identification number TIN but then I would assume you would need to declare and submit a tax return,,,,, keeping your funds in your own country is easier and safer unless you are thinking business/s. Banks here only guarantee PHP 500K.

Another note for a state side address there are plenty of members here that use mail forwarders successfully and there has been lots of positive feedback with regards to these suppliers, other members might like to chime in here or simply google.

Good luck.

OMO.

Cheers, Steve.

If your struggling to get money sent to philippines,if you have some friends or family with an account.send it by western union upto £15000 a transaction..the rate is good and only charge £1.90 a transaction...!

Thanks for the replies and that does give me an idea. I have a Wells Fargo Express Send account that was used for progress billing on house construction. I believe it is a maximum of $12,000 per day. I'm wondering if it is safe to set up such an account with Tacloban or Ormoc Mitsubishi dealer? I could pay for a P1million L300 in 2 days.

This is how crazy the used car market is in the US. I sold my 2016 Chevy Colorado a week ago. I bought it new in Nov. 2016 as a leftover for just under $26K. It was in great condition, garage kept and only had 13K miles. A girl from Carvana came to my house, loaded it on a rollback by herself, and paid me $33,035 for the truck, 7 grand more than I paid for it new 5 years ago and 4 grand more than the full sticker price. I'm still trying to figure that one out because trucks like that aren't selling for that much on Carvana.

Be careful about AMLA and DHS red flags of $10,000 and 500,000 pesos.