Is it easy or possible to do a large sum transfer from Philipines to USA by a Philippine citizen to buy her USA home? What is best or safest practice? I have concern about large sum restriction laws and taxes. Funds from savings. Hoping better solutions than sending $10K at a time? Any suggestions appreciated.
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I'm not familiar with the laws in the Philippines, but I know that there are no taxes or restrictions in the US on transferring money between accounts. Just wire-transfer it from your bank in Philippines to your bank in the US (or directly to the escrow, they'll provide instructions).
Why would you send $10K at a time? Are you laundering money? The 10K limit is when the banks are required to report transactions, but they can report even if the amounts are lower. For example, repetitive transactions just under the limit will likely to trigger the report, as it is suspicious. But what do you care about this report? If the money is yours and not originated from some illegal activity, you shouldn't worry about banks and governments pushing paper.
And just to put your mind at ease, when you buy the house, the escrow company bank will do the report anyway, because the payment for the house will probably be over $10K, and be done in cashier check or wire transfer (reportable transactions), so its not that you can avoid it anyway.
littleadv
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Unless you're trying to comply with some law in the Philippines don't go splitting it up into $10k chunks. Such splitting is liable to draw the attention of US authorities.
There is no law against transferring in or out any amount in the US, the law pertains to reporting negotiable stuff (cash or other things that don't have your name on them) across the border. Wire in $100k and there's no issue unless it's money the IRS should have known about but doesn't.
Loren Pechtel
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