BUSINESS
Advocates Philippines
BSP Clarifies Rules On Cross-Border Cash Transfers
Photo credit: BSP
The Bangko Sentral ng Pilipinas (BSP) has issued a reminder to the public, particularly international travelers, regarding the strict limits and declaration requirements for carrying or electronically transferring local and foreign currencies in and out of the Philippines.
The regulations, detailed in the Manual of Regulations on Foreign Exchange Transactions, aim to enhance compliance with cross-border currency movement policies.
The central bank reiterated that any person is free to bring into or take out of the country, or electronically transfer, legal tender Philippine currency only up to PHP 50,000.
For amounts exceeding the PHP50,000 limit, two key requirements must be met. First, prior written authorization from the BSP must be secured. Second, the entire amount being physically transferred must be declared using the prescribed Currencies Declaration Form (CDF). The BSP noted that authorizations for amounts exceeding PHP50,000 are typically granted only for specific, specialized purposes, including: testing and calibration of money counting and sorting machines, numismatics or currency collection, and currency awareness programs.
For foreign currencies, there is no absolute limit on the amount a person can bring in or take out. However, a mandatory declaration threshold applies. A person may freely carry foreign currency and other foreign currency-denominated bearer monetary instruments (like traveler’s checks) up to the amount of USD10,000 or its equivalent in any other foreign currency. Any amount exceeding the USD10,000 threshold requires the whole amount to be declared using the Currencies Declaration Form (CDF).
The central bank encourages all travelers to be fully aware of and strictly comply with these rules to ensure smooth clearance when arriving in or departing from the country. The full Manual of Regulations on Foreign Exchange Transactions, as amended, is available for download on the official BSP website.
The regulations, detailed in the Manual of Regulations on Foreign Exchange Transactions, aim to enhance compliance with cross-border currency movement policies.
The central bank reiterated that any person is free to bring into or take out of the country, or electronically transfer, legal tender Philippine currency only up to PHP 50,000.
For amounts exceeding the PHP50,000 limit, two key requirements must be met. First, prior written authorization from the BSP must be secured. Second, the entire amount being physically transferred must be declared using the prescribed Currencies Declaration Form (CDF). The BSP noted that authorizations for amounts exceeding PHP50,000 are typically granted only for specific, specialized purposes, including: testing and calibration of money counting and sorting machines, numismatics or currency collection, and currency awareness programs.
For foreign currencies, there is no absolute limit on the amount a person can bring in or take out. However, a mandatory declaration threshold applies. A person may freely carry foreign currency and other foreign currency-denominated bearer monetary instruments (like traveler’s checks) up to the amount of USD10,000 or its equivalent in any other foreign currency. Any amount exceeding the USD10,000 threshold requires the whole amount to be declared using the Currencies Declaration Form (CDF).
The central bank encourages all travelers to be fully aware of and strictly comply with these rules to ensure smooth clearance when arriving in or departing from the country. The full Manual of Regulations on Foreign Exchange Transactions, as amended, is available for download on the official BSP website.
Oct 1, 2025
We are dedicated storytellers with a passion for bringing your brand to life. Our services range from news and media features to brand promotion and collaborations.
Interested? Visit our
Contact Us page for more information. To learn more about what we offer, check out our latest article on services and opportunities.
