Do banks require you to show latest ITR if you withdraw?

Question

If you are a foreign national working in the Philippines, do banks require you to show your latest ITR if you suddenly withdraw a large amount of money?

Answer 1

"large amount of money" is quite open-ended. there is an anti-money laundering law in the Philippines. don't know the exact details but the government checks your account if it, or a transaction, reaches a certain amount.

withdrawing per se, they should not ask for your ITR. they will authenticate your identification though.

Answer 2

   In accordance to the implementing rules of the Anti-Money Laundering Law ( AMLA ), Philippine Banks are required to report to the AMLA group of the Bangko Sentral ng Pilipinas any transaction in excess of 500,000 pesos or 10,000 US dollar or its foreign currency equivalent.

   Banks has to consider unsual transactions as suspicious and are required to make a detailed report.  

   Suggest you do transactions below the 500,000 pesos limit per banking day. If you cannot, be ready to explain the source of your money and its intended use.

    Have a nice day !

    

Answer 3

No need to show anything if the bank manager knows you, and knows that you have money in his bank.

Answer 4

No need for ITR.  You must show your ID's.