Key takeaways
- Pesos: up to PHP 50,000 per person without BSP approval
- Foreign currency: no cap, but declare the whole amount on the Currencies Declaration Form (CDF) if it is more than USD 10,000
- Submit the CDF online via eTravel or the eGovPH app, within 72 hours before departure; it is free
- Families: the peso limit is PHP 50,000 times the number of family members travelling
- On arrival in Canada, report CAD 10,000 or more to the CBSA
What are the BSP cash limits?
The rules come from the BSP's FX Manual, as amended by BSP Circular No. 1146 of 2022. The BSP explains them in its FAQ on cross-border transfers of currencies.
| What you carry | Free limit per person | Above the limit |
|---|---|---|
| Philippine pesos (notes, coins, peso cheques) | PHP 50,000 | Needs prior written BSP approval and a CDF. The BSP approves only three purposes: testing money-counting machines, coin or note collecting (numismatics), and currency awareness |
| Foreign currency and bearer instruments (USD, CAD, traveller's cheques, other cheques, bank drafts, money orders, bonds) | USD 10,000 or the equivalent | Allowed, but you must declare the whole amount on the CDF |
| Debit, credit and cash cards | Not covered by these rules, according to the BSP FAQ | |
The PHP 50,000 peso limit also applies to pesos sent electronically. For foreign currency sent electronically into the Philippines, the BSP FAQ says there is no limit, but banks may ask for documents.
How do you fill in the Currencies Declaration Form?
- Get the form. The CDF is Annex K of the FX Manual. You can complete it online through the eTravel Customs System (etravel.gov.ph) or the eGovPH app. Paper forms are also available in the Customs area of international airports and seaports.
- Submit it on time. The BSP says to submit within 72 hours (3 days) before departure or arrival.
- Declare the whole amount. If you are over USD 10,000, you declare everything you carry, not just the part above the limit.
- Keep proof. Save the confirmation and show it if a Bureau of Customs (BOC) officer asks.
The BSP says there is no fee for the CDF or for eTravel registration. eTravel replaced the older iDeclare system.
How do the limits work for families and children?
- Pesos: the limit is PHP 50,000 multiplied by the number of family members travelling. A family of four could carry up to PHP 200,000 in total.
- Children: each child travelling with a parent or guardian can carry up to PHP 50,000 and up to USD 10,000 without declaration.
- Declaring for a family: if foreign currency is over USD 10,000 for any traveller, the whole amount is declared on the CDF, showing how much each person carries.
- Presence: if a child carries more than these limits, the child must be with the parent or guardian during the BOC inspection.
Canada counts differently. The Canadian rule is CAD 10,000 or more per person. The CBSA memorandum does not explain how amounts carried by family members travelling together are counted. If you are not sure, ask a border services officer and report. Reporting is free and is not a tax.
What about cheques and bank drafts?
The BSP FAQ treats cheques as bearer monetary instruments. Some key cases from its table:
- Blank, unsigned or incomplete cheques can be carried without declaration.
- A completed, signed cheque within the limit can be carried without declaration.
- A completed, signed foreign currency cheque above USD 10,000 is allowed if you submit a CDF.
- A completed, signed peso cheque above PHP 50,000 is not allowed.
For several post-dated cheques that add up to more than the limit, read the BSP FAQ table or ask the BSP. Canada also counts cheques and drafts as monetary instruments. See what counts as monetary instruments.
What happens when you land in Canada?
Canada has its own rule. It covers cash and monetary instruments worth CAD 10,000 or more, in any currency. You must report this amount to the Canada Border Services Agency (CBSA) when you arrive. If you do not, the CBSA can seize the money. You can ask for a review within 90 days of a seizure.
So a traveller with USD 12,000 in cash makes two declarations: a CDF when leaving the Philippines, and a CBSA report when entering Canada. Read how to declare money at the Canadian border or use the cash declaration helper.
Do the same limits apply when you come back to the Philippines?
Yes. The BSP limits apply to money carried both into and out of the Philippines. This matters if you visit home later, or if family brings cash to you.
- You can bring in up to PHP 50,000 in pesos per person.
- Foreign currency above USD 10,000 must be declared on the CDF when you arrive.
- The BSP does not issue peso authority to individuals at the airport. Any approval must be in place before you travel.
Couriers have their own duty. If someone sends cash or cheques above the limits by courier, the courier company must complete the CDF, according to the BSP.
Worked example: a family of four flying to Toronto
The Reyes family (two parents and two children) fly from Manila to Toronto as new permanent residents. They plan to carry:
| Item | Amount | Philippine rule | Canadian rule |
|---|---|---|---|
| Pesos | PHP 60,000 in total, split between the parents | Family limit is PHP 200,000 (4 x PHP 50,000), so no approval needed | Counts toward the CAD 10,000 total |
| Canadian dollars (carried by one parent) | CAD 10,000 | Foreign currency; counts toward that parent's USD 10,000 threshold | Already at the CAD 10,000 reporting level on its own |
| Bank draft in CAD (same parent) | CAD 6,000 | A bearer instrument; with the cash, that parent carries about CAD 16,000, which is more than USD 10,000 at recent rates, so the whole amount goes on the CDF | A monetary instrument; the total is well above CAD 10,000, so they report to the CBSA |
In this case, the family declares on eTravel before departure and reports to the CBSA on arrival. A simpler plan is to wire most of the money and carry only what they need for the first weeks. Exchange rates change, so they convert all amounts to US and Canadian dollars on the day they travel.
Is carrying cash a good idea?
Cash is useful for your first days. For larger sums, most newcomers wire the money instead. Wired money avoids loss and theft, needs no border declaration, and leaves a clear record for your Canadian bank. Our guide on bringing money from the Philippines compares the options.
If you do carry cash, split it between bags, keep your CDF confirmation with your passport, and count it in front of the officer if asked.