×
Interested in our Partner Program for businesses or our Local Guide Program for experienced expats and digital nomads? Click here to learn more.
Expat Exchange
Free MembershipSign In

US Banking and Taxes in RP

3 years ago
I'm moving to Iloilo Province next year. I will be visiting in a month. My Filipina wife and I have a beautiful house on a family compound on a 10 Hector farm. Each of my wife's sibling owns their own home on the property.

Here's my questions; I will be leaving most of my money in a US bank and in an annuity. FDIC secures those deposits. I don't want to have more than $25K USD in Philippine banks, as only 500,000 PHP ($10K USD) is guaranteed. My pension and Social Security payments will be direct deposited in a US bank. I will have a US mailing address with a close, trusted relative.. What I would like to be able to do is after my initial deposit in the Bank of the Philippines of $25K USD, be able to make deposits of $5,000 USD from my US checking account, as needed (probable every quarter). I realize the checks will take time to clear in RP, but I will not need these funds immediately. Does nayone on this forum do this and how long does it take for a US check to clear and Is this doable?

Next Question; I know I have to pay US taxes on my stateside income. Can I file on line if my paperwork in the States (hard copies) are delivered to my tax preparer? I realize I can ask him next year when he does my taxes for 2021, But, I was wondering if anyone here has already had this experience?

I anticipate holding US credit cards, and paying for them over the phone or online. However, how beneficial is it to have a Philippine credit card with my RP bank and use the US credit cards when I travel outside RP.

These are the things I've thinking about as I prepare to move to Iiloilo.

Any advice is welcome.

GeoBlue
GeoBlue

GeoBlue
GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

GeoBlueGeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

Living in Philippines GuideLiving in Philippines Guide

The Philippines attracts the interest of expats from all over the world - truly has a lot to offer for a variety of different people. However, it's also important to understand the pitfalls that can be avoided with appropriate homework and preparation.

Philippines Forum Philippines Forum
Join our Philippines forum to meet other expats and talk about living in Philippines.

Contribute to Philippines Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Philippines.

Best Places to Live in Philippines Best Places to Live in Philippines

If you're thinking about living in Philippines, here are the 15 Best Places to Live in Philippines in 2023.

Healthcare in PhilippinesHealthcare in Philippines

Expats in the Philippines have a lot to say about the quality of medical care, hospitals, prescription medicine availability and health insurance in the Philippines.

Cost of Living in PhilippinesCost of Living in Philippines

Expats offer insight into the cost of living in Philippines.

Moving to PhilippinesMoving to Philippines Guide

Expats moving to the Philippines join others that have moved there for work or a lower cost of living during retirement. It's critical to understand what the realities of living there are, but those that successfully make the adjustment believe it is a good place to live.

Real Estate in PhilippinesReal Estate in Philippines

Real estate listings in popular cities and towns in Philippines.

Pros Cons of Living in PhilippinesPros & Cons of Living in Philippines

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Philippines.

Retiring in PhilippinesRetiring in Philippines

Advice for people retiring in Philippines.

10 Tips for Living in Philippines10 Tips for Living in Philippines

If you've recently arrived in Philippines, here are 10 tips for digital nomads living in Philippines.

GeoBlue
GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

GeoBlueGeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

Contribute to Philippines Network Contribute
Help others in Philippines by answering questions about the challenges and adventures of living in Philippines.

GeoBlue
GeoBlue

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal Partners & Local Guides