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Sir, BOC only involves if you are bringingoney from your country to Philippines in (physical cash) $10,000 and above. But buying property you need to deal with only in the bank you are wiring to. You need to get Certificate of inward remittance (CIR) from the bank incase the developer will need it.

@Carl Rosolada

Thank you for your response. It is hard to understand all of these rules as written. So, the receiving bank will handle everything?

As what I know The Philippine receiving bank will handle all compliance: they will ask for IDs, proof of source of funds, and the condo contract.The bank may issue a Certificate of Inward Remittance (CIR), which the developer or registry may require.

You can consult to an accountant for that matter for clarification sir

@Johng8

You just need to declare the money to BOC if: you're from other country coming to Philippines and carrying cash that exceed the $10k

Which on the etravel website declaration.

We are buying a condo in Cebu and need to transfer our down payment (>$10,000) to the developer's bank account. I have read that we are required to declare this amount with the BOC, but I can't find out how to accomplish that. Does anyone know? - @Johng8

I have transferred >10k usd to business banks accounts a number of times over the years. The bank is responsible for making the declaration.

"Treasury & IRS Reporting Obligations

Under the Bank Secrecy Act, US financial institutions are required to report certain transactions to the Financial Crimes Enforcement Network (FinCEN).

- For wire transfers over $10,000, your bank typically files a Currency Transaction Report (CTR). This includes:

  - Sender’s identity (e.g., SSN, government-issued ID)

  - Source of funds

  - Purpose of the transfer

What You Don’t Need to Do

- You, as the sender, do not need to file a separate declaration with the US Treasury or IRS for the transfer itself.

- However, if you hold foreign bank accounts exceeding $10,000 in aggregate value at any time during the year, you may need to file an FBAR (FinCEN Form 114) separately—but that’s about account ownership, not one-time transfers."

@danfinn

Thank you for clarifying!

@Carl Rosolada

Thank you!