My wife and I are US citizens, wife is dual citizen. We are planning on reitring in the Philippines next yr. We have a same account in a band in the Philippines and I would like to sent $50,000 this year Bank to Bank transfer this year. Do I need to report it and how do I do this.

There are NO transfer taxes in the U.S. though there may be in the Philippines.

The amount transferred ($50K) is below the $100K threshold for reporting the transfer on Form 3520.