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large sum to phil

Discussion in 'Money Matters' started by RobH, Oct 30, 2017.

  1. RobH
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    RobH New Member

    Hi,
    Going to sell my house and move to Phil. I need to know the best and cheapest way to move a large sum (300K) to a Phil bank account, There seems to be a lot of regulation as to money laundering.
  2. Dave_E
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    Dave_E Well-Known Member Trusted Member

    Why move it to a Phil bank account?

    The money should be one hell of a lot safer and under your control if you keep the majority of it in UK bank accounts.
    • Agree Agree x 2
  3. HaloHalo
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    HaloHalo Administrator Staff Member

    A Filipino bank is only covered for £7k of your savings should it go bust. A Brit bank is covered to somewhere in the region of £50+K. Id keep your money where it is and send over what you need.
  4. RobH
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    RobH New Member

    Yes I am aware of the filipino banking limitations. Unfortunately I am pursued for half the value of my house by my rapacious step daughter, who 4 years after her mothers death has got herself a no win no fee lawyer, she never said she was unhappy with her mothers will at the time,
    her mothers estate was only £10,000.
    I have consulted a lawyer who recons it will cost £10,000 to fight in court with a small chance of winning. I should point put that I owned the house before I married her mother, she was killed in a car accident. I am now married to a Fillipina. I do not intend to give her half the house
    Would rather take a chance on a Fillipino bank, it will soon be spent on building a house in Phil.
  5. HaloHalo
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    HaloHalo Administrator Staff Member

    Fair comment and yes those no win no fee lawyers are the scourge of society in my own witnessed opinion.

    Oh and all the best for the future
  6. Markham
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    Markham . Lifetime Member

    My advice would be to open one or more Premier accounts with HSBC and they will, if asked, open Peso and Sterling accounts with one of their branches in the Philippines (Manila-Makati-Cebu-Davao). You can move money back and forth between (Sterling) accounts free online and from your Philippine account(s), transfers to other banks (Bank of Commerce/BDO/BPI/ChinaBank) are quick, easy and inexpensive.
  7. RobH
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    RobH New Member

    Thanks for the info, really useful Markham.
  8. DavidAlma
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    DavidAlma Active Member

    Hi RobH. I assume you mean £300k, in which case, that will not be a house you build in Philippines, it will be a palace!!
    You can transfer the money to Philippines OK, but yes you're right there will be some delays whilst such a large transfer is checked out for money laundering and or terrorism funding etc. I just transferred Php1.85m to buy my car here, and it took a week for the funds to be credited to my account.
  9. Drunken Max
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    Drunken Max Well-Known Member Trusted Member

    As an aside, if you offer your step daughter's lawyer £3k and settle on £5K, the no win no fee leech will lose interest if she says no.
  10. Drunken Max
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    Drunken Max Well-Known Member Trusted Member

    PLease jump in anyone but can you own property in the Philippines if you are not a phil passport / residency holder? I thought not
  11. HaloHalo
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    HaloHalo Administrator Staff Member

    Correct. We Brits can’t but our filipino partners/wives/husbands can.
  12. Bootsonground
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    Bootsonground Well-Known Member

    A foreigner can own property here but only if their legal spouse that owns the property dies..
    Sad..But true.
  13. bigmac
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    bigmac Well-Known Member Trusted Member

    £75k..

    Im blowed if I would tie up any of my money in property in the filis.
  14. Aromulus
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    Aromulus The Don Staff Member

    I would buy something smallish over here, rent it out and, part, live off it, if I were to move to Pinas, which won't happen in a million years,
    But that's me....... Not being negative at all, just realistic.
  15. Dave_E
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    Dave_E Well-Known Member Trusted Member

    What if you decide to return to the UK in a couple of years time.

    Is it possible to move a "Large Sum" of money from the Philippines back to the UK?
    • Like Like x 1
  16. bigmac
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    bigmac Well-Known Member Trusted Member

    on what basis is your step daughter claiming half your house ? did her mother leave a will ? how long were you married to her mother ?
  17. HaloHalo
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    HaloHalo Administrator Staff Member

    Yea couldn't quite remember the exact amount, in fact it has been recently upped to £85k (https://www.fscs.org.uk/what-we-cover/compensation-limits/deposit-limits/) obviously if it is exceeded best to spread amongst banks. Some banks are associated/affiliated/owned, i.e. Lloyds & Halifax, but you're still covered by fscs.

    If I was there for a while, retired and willing to pop my clogs there, I may well let asawa invest our money :)
  18. HaloHalo
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    HaloHalo Administrator Staff Member

    Wills mean absolutely zilch when it comes to these No Win No Fee "lawyers". You can't cut a close relative out of a will but you can circumvent by providing them with a small amount, much less than your giving to an equal relative.
  19. bigmac
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    bigmac Well-Known Member Trusted Member

    i cut my ex wife out of my will when i divorced her. but then we had signed a clean break agreement and she accepted a cash settlement from me.
  20. HaloHalo
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    HaloHalo Administrator Staff Member

    You did but if she had approached a solicitor or lawyer prior to the settlement, it may well have cost a lot more than the agreed settlement. Either way they have to be bought off in some way or other if they are/become un-cooperative.

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