OFW guide: Traveling with cash? Some tips for Pinoys going abroad

Do you know that, without prior approval from the Bangko Sentral ng Pilipinas (BSP), an individual could only bring in or take outside from the Philippines P10,000? According to the book “Central Banking for every Juan and Maria,” prior authorization is required when the export or import of Philippine currency exceeds this amount. "A person may import or export, bring in or take outside of the country, or electronically transfer legal tender Philippine notes and coins, checks, money orders or other bills of exchange in amounts not exceeding P10,000," the book said. It noted that travelers should apply for a permit to carry cash more than P10,000 through the BSP's International Sub-Sector. Not all applicants can be granted permission though. The book noted that the ISS Operations Department only allowed the exit of more than the prescribed amount in "only a few special cases." The book cited a coin company from Hong Kong that imported 12,000 pieces of 20 Peso bills amounting to P240,000 to be displayed as memorabilia at the Shanghai World expo. Peso not 'internationalized' The BSP Center for Monetary and Financial Policy (CMFP) head said the P10,000 limit was set because the peso is not internationalized or used widely compared to the US Dollar. CMFP also cited the Japanese yen and the euro as internationalized currencies, apart from the US dollar. Director Francisco Dakila Jr. added that there was a need to monitor the money supply in the country to promote price stability. Foreign currency The book noted that there are no restrictions on the amount of foreign currencies that an individual can bring in and take out from the country. However, an amount surpassing $10,000 or its equivalent in any foreign currency must be declared in writing with the bureau of customs. Not doing this may result in sanctions including the confiscation of the cash involved. Some tips when using cash, cards Meanwhile, the travel site Lonely Planet compiled a few tips to remember when bringing cash or cards in other countries. (1) Cash Ever heard the saying to “never place all your eggs in one basket?” What would happen when you're in a foreign country and your wallet containing all your cash was stolen? So never stash your cash into one big bundle. Have multiple bundles handy in your bag, wallet, secret pockets, or wherever you think would be a good spot to hide money. It would also be good to know that US dollars, British pounds and Euros are the easiest currencies to exchange just in case you experience cash problems in a developing country. (2) Cards If you prefer to travel with "plastic," then you should check first if your debit or credit card is actually accepted in the country that you are planning to visit. You should also inform your bank that you are planning to use your card during your travel. Most banks have a safety feature that block access to cards when used in a different country. There are also fees for every withdrawal and transaction and these would most likely be higher than the usual fees in your country. Be sure to check the receipt to be aware of the transaction charges. (3) Checks Just like with using cards, check first with your issuer how widely used checks are in your planned destination. Having checks in US Dollars also helps if you are not certain with the currency exchange in the country you are going to. Make sure that you also keep the receipts and emergency numbers of your cheques so you could quickly ask for a replacement in case yours get stolen. (4) Cash only There are some countries in Asia and Africa which only have cash as a means of spending. So when you travel to these countries, remember that the money you bring is all that you have. Again, there is no limit to how much you can bring in if it's in US Dollars but anything in excess of $10,000 should be declared. (5) Wiring money If due to some unfortunate incident all your cash got stolen and you have no cards, cheques or any means of spending then there's still one option left: the wire. Money wiring companies such as Western Union have international presence and can get you money from anywhere around the world. The drawback to using wiring services is the expensive fee which sometimes amounts to 30 percent of the total amount transferred. - VVP, GMA News