tsprings1, I agree with dhnindc about having the $ deposited in your US bank first. However I would not do bank transfers as there are usually fees involved. What I do recommend is once you get here, open a US dollar account in whichever bank is closest/convenient for you (usually they want $500 minimum balance). The Philippine banks will only insure up to 550,000 pesos (a similar insurance program like the FDIC in the US). Also, you do NOT want to have $10K or more in the bank at any time. If you do, then you have to report it to the IRS (I don't know about you but I don't want the IRS in my affairs for something stupid like this). After you have your account you can write a check to yourself (from your US account in US dollars) for deposit. There are no fees associated with this type of transaction. The downside is that the funds won't be available for 16-20 business days (depends on the bank). My checks typically clear from my US account in 2 or 3 days. So, when you come over here I would bring at least 2 months expenses in cash (USD) + $500 for your account (less than $10K). If you want to bring more then have your wife bring also as the $10K limit is per person (the same applies to even children). If you feel that you need to maintain beyond the $10K limit, you could have your wife open an account also. You might want to think about setting it up prior to coming over. There is a MetroBank in Los Angeles ().
dhindc was also correct about getting your $ changed to pesos outside of the banks (the money changers usually have the best rates - typically .20php less than the online rate). Another thing to think about is having a debit card for your US account (so that you can use at ATMs if you have a cash emergency). The banks over here are charging 200php per ATM withdrawal (aside from whatever fees your US bank charge - conversion fee, international transaction fee, etc.) At least one credit card is good to have for emergencies (like hospitals, etc.). Another thing that you have to do PRIOR to coming here is to notify your banks (the debit card and Credit card) that you will be in the Philippines indefinitely and using it there. Otherwise the first time you try to use it the transaction will be denied. Some banks track your habits so if you are always going to the ATM in a certain city and then go on vacation and try to use it they will block it. The banks are very cautious as credit card fraud and stolen credit/ATM card info is rife here. I would only use the plastic in dire emergencies and even then be very cautious as to where it is used (especially ATMs).
Didn't mean to write a novel but just wanted to provide you some lessons learned.
