WIRE transfers from US to Philippines

That's what we did Dan, the dealership kept calling us saying no funds yet, told the manager to slap his bank3 das later another call, told you mate it's your bank and I know the funds are cleared and they are sitting on it hedging their bets, go slap your manager again as it's not our fault but your bank. Still took 10 frustrating days before they delivered the car and final paperwork.

I think the Bank here was a head office branch and the dealership had no control.

Cheers, Steve.

The two biggest lies combined into one.

(The check is in my mouth)

The two biggest lies combined.

The check is in my mouth.

    That's what we did Dan, the dealership kept calling us saying no funds yet, told the manager to slap his bank3 das later another call, told you mate it's your bank and I know the funds are cleared and they are sitting on it hedging their bets, go slap your manager again as it's not our fault but your bank. Still took 10 frustrating days before they delivered the car and final paperwork.
I think the Bank here was a head office branch and the dealership had no control.
Cheers, Steve.
   

    -@bigpearl

As I understand it, once the funds are sent the home bank had no control. There is a time period after the Phils bank receives it but does not credit the account. It is here that we used to hear about dishonest bank employees stealing the money. Now they use the SWIFT system where the receiving bank is apparently held more  accountable; since it is a common worldwide system it is probably difficult for a bank to claim they never received the money. It is a risk but my understanding is that it is an acceptable risk and I think you did the right thing by throwing it back into the dealer's (account owner's) face. Amazing how they want the foreigner to solve their transfer problem. We do have some influence if we complain but it is best not to let them off the hook for the behavior of their own banking partner.

    The two biggest lies combined.
The check is in my mouth.
   

    -@Enzyte Bob

You mean the check is in the mail?

        The two biggest lies combined.The check is in my mouth.        -@Enzyte Bob

You mean the check is in the mail?
   

    -@danfinn

And the other one is?

        The two biggest lies combined.The check is in my mouth.        -@Enzyte Bob

You mean the check is in the mail?
   

    -@danfinn

***********************************

(1) The check is in the mail.

(2) I won't _______ in your mouth

@Enzyte Bob

🤣

Can anyone tell me how to declare a large wire transfer with BOC. They say it is required to declare, but I can't find any place to declare.

Sorry to rehash an old topic, but I'd rather search for answers first instead of posting a new topic.  That being said, most of my questions were answered in this thread (thanks!), but I did have something additional.  Being a US citizen suppose I were to purchase a new vehicle in the Philippines and have my US bank wire the funds (>$10,000) to the dealership's bank, would I still have to report the activity at year's end to the IRS (i.e., FBAR - Report of Foreign Bank and Financial Accounts)?

I agree with Grok. I simply inputed your question word for word and the result is exactly what I have been told over the years but knowing I am not a professional, im case of questions plese confirm with your accountant.

Please forgive formatting:

"No, a one-time wire transfer from your US bank directly to the Philippine dealership's bank account for a vehicle purchase would not create a foreign financial account in which you have a financial interest or signature authority, so it does not trigger an FBAR filing requirement on your part.<grok:render card_id="4cac5d" card_type="citation_card" type="render_inline_citation">

<argument name="citation_id">0</argument>

</grok:render> FBAR (FinCEN Form 114) is specifically for reporting foreign bank, securities, or other financial accounts (like mutual funds or brokerage accounts) held outside the US that exceed an aggregate value of $10,000 at any point during the year, regardless of whether they produce income.<grok:render card_id="701cd7" card_type="citation_card" type="render_inline_citation">

<argument name="citation_id">20</argument>

</grok:render> Your bank may handle its own reporting obligations for large international transfers (e.g., via a Currency Transaction Report if applicable), but that's not your responsibility as the sender. If you have any other foreign accounts or assets, those could still require separate reporting, but this transaction alone doesn't qualify. For personalized advice, consult a tax professional or the IRS directly.

@danfinn

Thanks for the response @danfinn.  Ever since I retired last year I've been slacking on all the AI tech that's come out.  Haha.  Looking over the requirements for FBAR, it sounds like the receiving account must either be owned by you and/or you have signature rights, so it makes sense that a dealership's bank does not qualify.  Still, I'll verify by calling the FinCEN help line for peace of mind, IF I decide to go down that path.  Thanks again!