Starting Life in the Philippines - Cash Transport

[Overtrade]

Do any of you, dear forum members, happen to know what selling cryptocurrencies at exchanges in the Philippines looks like?

Is it popular? How high are the spreads with USDC/USDT?

If I then deposit cash into a Philippine bank in the amount of 100, 200, or 300 thousand dollars, would that be an issue for the bank?

From what I've determined, wire transfers to the Philippines exceeding 5 thousand dollars can be problematic.

How does depositing cash work?

 

[daniels27]

Is this the same as here?
[COLOR=#84ffff] O [/COLOR]

Post in thread 'Crypto in Philippines - normal or shady stuff ?'​

Mar 29, 2025

wellington said:
Been established for over half a decade...
Click to expand...

I don't understand your answer Wellington.

Please forgive me.

• Overtrade

 

[chris85b]

Overtrade said:
If I then deposit cash into a Philippine bank in the amount of 100, 200, or 300 thousand dollars, would that be an issue for the bank?

From what I've determined, wire transfers to the Philippines exceeding 5 thousand dollars can be problematic.

How does depositing cash work?
Click to expand...

I sent 60 k in PHP to my own Philippine bank account from Europe. PH Bank will call you and ask, where the money comes from and what you are going to do with it here in the Philippines. No issues after that, the money was on my bank account 30 minutes later. No proof required for anything.

No idea what they will ask for when you go towards 300 k ...

I also can't answer the questions related to cryptos, as I am not into that. But you can't even trade foreign stocks using domestic accounts. So I guess you need to exchange and hold the cryptos abroad as well ...

 

[bibing]

This has been already discussed on this forum before

 

[Overtrade]

bibing said:
This has been already discussed on this forum before
Click to expand...

Would you mind to link? I did not find.