selling property in philippines need advice

m0bov

Afternoon all, my wife has a share in the family home back in the Philippines. Most of it is in my wifes name, but a share of it goes to her mother and my wife's sister once its sold.

My wife is married to me and we live in the UK, but the rest of my wife's family are US citizens.

I'm trying to research the most cos effective way to get the money into GBP into a UK account.

When the sale completes, the money will go into my sister in laws account based in the Philippines in Dollars.

Any ideas on getting it converted to GBP and repatriated back to the UK? Would we pay tax on it if we had a money transfer done? Could the money be paid into a Revolute type account for better exchange rate? Or should be bring it back as cash in USD?!

Thanks for any info.

tryin

m0bov wrote: »

My wife is married to me.

Is she really?!:rotfl:

dj1471

Your options appear to be limited, as most of the money transfer services can't receive money from the Philippines.

Best option might be to open a USD account (e.g. with Revolut, Transferwise Borderless or Fineco Bank) and send a direct bank transfer from the Philippines. You can then convert using that account or use another transfer service.

You won't get good rates exchanging cash.

You'll need professional advice on any tax implications.

m0bov

tryin wrote: »

Is she really?!:rotfl:

:o:o :beer:

SnowTiger

m0bov wrote: »

Afternoon all, my wife has a share in the family home back in the Philippines. Most of it is in my wifes name, but a share of it goes to her mother and my wife's sister once its sold.

My wife is married to me and we live in the UK, but the rest of my wife's family are US citizens.

I'm trying to research the most cos effective way to get the money into GBP into a UK account.

When the sale completes, the money will go into my sister in laws account based in the Philippines in Dollars.

If the money is coming from the US it would be worthwhile investigating whether it's possible for your wife to receive her share directly from there.

Sending money to the Philippines is very easy and cheap, however taking money out of the county can be difficult and expensive.

It appears taking or sending more than P50,000 (about £740) out of the country requires permission:

“A person may import or export, or bring with him into or take out of the country, or electronically transfer, legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines in an amount not exceeding P50,000 without prior authorization from the BSP,” Aquino said.

m0bov

Oh ok, yes that's why I guess wife assumed it would be withdrawn as USDs. Thanks for that.