BSP Reminds Public About Rules on Cross-Border Transfer of Currencies
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BSP Reminds Public About Rules on Cross-Border Transfer of Currencies. The Bangko Sentral ng Pilipinas (BSP) has reiterated the rules regarding the cross-border transfer of currencies, emphasizing compliance with these regulations in light of the eTravel Customs System.
This reminder comes as part of the BSP’s support for the new system, which streamlines customs processes for travelers.
eTravel Customs System Overview
The eTravel Customs System is designed to simplify the process of declaring baggage and currencies for travelers arriving in or departing from the Philippines. Travelers are required to complete the electronic Customs Baggage Declaration Form (e-CBDF) and the electronic Currencies Declaration Form (e-CDF) through the eTravel website or by using the eGovPH application. This must be done within 72 hours before their arrival or departure.
Foreign Currency Regulations
According to the BSP, any individual bringing into or taking out of the Philippines foreign currency exceeding USD10,000 or its equivalent in other currencies must declare the total amount. This declaration should be made using the e-CDF. The BSP’s regulations on foreign exchange transactions are detailed in Section _ of the Manual of Regulations on Foreign Exchange Transactions.
Philippine Currency Regulations
For Philippine currency, the rules are slightly different. A person may bring into or take out of the country an amount not exceeding PHP50,000 without prior authorization. Amounts exceeding this limit require prior written authorization from the BSP and must be declared using the e-CDF.
Special Allowances for Cross-Border Transfers
The BSP does permit the transfer of local currency in excess of the PHP50,000 limit under specific conditions. These conditions include:
Conclusion
The BSP reminder aims to ensure that travelers are well-informed about the requirements for declaring currencies when crossing Philippine borders. By adhering to these regulations and utilizing the eTravel Customs System, travelers can avoid potential issues and contribute to a smooth customs process.