Buying a car in cash

[kruser]

Will the Bureau of Internal Revenue be alarmed when you buy a car using cash? Considering your current income is small and just started working several months.

[jodski]

Will the Bureau of Internal Revenue be alarmed when you buy a car using cash? Considering your current income is small and just started working several months.

Mauuna pa mag alarm yan sa AMLA

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[StockEngine]

6 figure transactions, tatawag AMLA 😅

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[sphinxz]

Are car dealers required to report such covered transactions to AMLC?

[StockEngine]

Are car dealers required to report such covered transactions to AMLC?

i dont think theyre required. its their primary business to transact huge amounts in the first place... its not like theyre laundering money by selling vehicles.


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[sphinxz]

i dont think theyre required. its their primary business to transact huge amounts in the first place... its not like theyre laundering money by selling vehicles.


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Ok. So I guess he might not get reported then. Unless he withdraws at least 500k, then the bank reports him. Read somewhere that AMLA is being revised to include not just financial institutions. Not sure it it has been applied already.

[StockEngine]

Ok. So I guess he might not get reported then. Unless he withdraws at least 500k, then the bank reports him. Read somewhere that AMLA is being revised to include not just financial institutions. Not sure it it has been applied already.

withdrawing from his acct wont trigger any alarm. its receiving that triggers an alarm..

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[sphinxz]

withdrawing from his acct wont trigger any alarm. its receiving that triggers an alarm..

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Thabks for this info.

[EQAddict]

If you have nothing to hide then you have nothing to fear.

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[Egan101]

If buying cash, dealers would suggest to have them in manager's check instead. It beats the hell out of folks counting bills.

Last year, VW and Honda asked us to prepare the amount in manager's check when we took delivery of the Jetta and Civic.

[dr. d]

i have always bought cars on cash basis, with checques fresh from the bank.
no issues, so far.
but perhaps it is because, my bank accounts have financial histories that go back many years, and that as a professional, i "have every right to sport such an account".

[Niner_seven]

The threshold is 500k -- moving that money like from savings/current to an MC would trigger questions for AMLC purposes.

[kruser]

So buying the car wouldn't be a problem but the process of requesting an MC from the bank would trigger the AMLC?

[cast_no_shadow]

Alam ko you get flagged if magpasok ka pa lang ng malaking pera sa bank, if justified then nothing to worry.

Sa case ni OP nasa bank yung pera, mag request siya MC wala na issue dun for AMLC.




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[StockEngine]

If buying cash, dealers would suggest to have them in manager's check instead. It beats the hell out of folks counting bills.

Last year, VW and Honda asked us to prepare the amount in manager's check when we took delivery of the Jetta and Civic.

i think everybody issues checks nowadays. if they bring cash ummm na lng ako 🤔

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[_Cathy_]

i have always bought cars on cash basis, with checques fresh from the bank.
no issues, so far.

My Dad has the same rule in our family. But when I was in grade school he paid paper bills in some instances lol.

The threshold is 500k -- moving that money like from savings/current to an MC would trigger questions for AMLC purposes.

Which bank is that? Normally they will just ask what the purpose of the MC is.

[Wh1stl3r]

Most car dealerships have multiple accounts with the big banks so you can do a transfer from your bank to theirs. Tipid pa ng 50 pesos vs MC ☺

[shadow]

Linawin kasi natin hinde parke sinabi na cash bilhin eh Literally cold cash ang daldalhin sa dealer.


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[uls]

yeah no need to use check

no need to even go to a bank

you can transfer money online from your account to another

[mda]

For clarification purposes, AFAIK anytime you make any single transaction worth 500K or cumulative transactions within a day, an AUTOMATIC report of the transaction gets filed at the AMLA. Also, if there is a transaction amount that is out of the ordinary for the history of the account (I cannot tell what qualifies), an automatic report is also generated. What I am also not sure about is for significant cumulative amounts or large amounts transacted over a few days.

According to the rules, AMLA officials aren't allowed to open these records unless it's part of any ongoing investigation.

Pero alam mo naman dito sa Pilipinas...