I am a US Citizen living in California, who is currently in the process of selling a piece of land that I own at the Philippines. 20 years ago, I bought a piece of land for P250,000 pesos. I am current selling the same piece of land for P22 Million pesos. I plan to use to the sales proceed to invest here in the US.

  1. What are the ALL the fees, taxes, etc. that I would have to pay to transfer all my sales proceeds?

  2. How can I minimize the cost to transfer the sales proceeds?

closed as off-topic by Chris W. Rea, Pete B., Dheer, RonJohn, Bob Baerker Aug 10 '18 at 14:13

This question appears to be off-topic. The users who voted to close gave this specific reason:

  • "Questions seeking product or service recommendations are off-topic because they tend to become obsolete quickly. Instead, describe your situation and the specific problem you're trying to solve." – Chris W. Rea, Pete B., Dheer, RonJohn, Bob Baerker
If this question can be reworded to fit the rules in the help center, please edit the question.

  • 1
    Did you include it in your tax filings for the past? You owe taxes on the gain ('income') you made in the sale, but not on the transfer. – Aganju Jul 15 '18 at 14:15
  • "What are the ALL the fees, taxes, etc. that I would have to pay" - HIRE AN ACCOUNTANT. Damn, moving that amount of money around and then thinking that hey, some internet forum is a good place to ask. NOT SMART. – TomTom Aug 7 '18 at 17:15

This gets asked all the time, it couldn't be simpler

Just use

  • ofx.com (the biggest)
  • transferwise.com (the second biggest)

or any of their competitors. That's all there is to it.

Millions of times a month, humans have to transfer money between various world regions, naturally, major companies exist which do exactly that and nothing else.

You mention "taxes", nobody would have a clue what taxes you owe on such a long-term multi-national situation.

  • +1. Use Transferwise in the other direction. Cheap. – TomTom Aug 7 '18 at 17:14

I believe Bitcoin is definitely worth looking into. Fees on the network have subsided, but in addition Litecoin and Ethereum remain very cost effective for sending value. I'm not sure if, upon converting from crypto to fiat, it will be a capital gains tax or some other tax, but it would certainly be transparent enough to be taxed somehow. If any accountants can weigh here it would be helpful.

  • 1
    Totally not worth it. Some common sense. For a transfer like that (i.e. you end up with USD because that is what you need) this means paying 2x exchange fees plus bank fees for ramp up and down AND the network fee. Transferwise etc. are way better - ONE exchange ,done. I am a bitcoin fan, but this is a straight fiat to fiat transfer and the spread etc. just make that not worth it compred to efficient transfer companies. – TomTom Aug 7 '18 at 17:14
  • Right, this is totally nonsensical. It costs like "$14" to just wire the money, using any of the enormous businesses (ofx, transferwise, etc) which exist for this purpose. – Fattie Aug 8 '18 at 5:08

Not the answer you're looking for? Browse other questions tagged or ask your own question.