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I'm a US citizen who recently took a job overseas. I work for a foreign company, live in an Arabic country and make close to 100k non-taxed. I've got a bunch of questions about recieving international wire transfers. A lot of this is needing clarification with all the hear say guys at work have told me. I've come to the conclusion that they really have no idea what the rules are let alone why they're in place. How much can/should I send back home at one time? I heard that my receiving stateside bank has to report anything over 10k to the irs and homeland security. What's that all about? I heard theres a monthly cap as well that will get you flagged too. I've searched for this on Google and haven't come up with anything too great so hopefully you guys have some good resources for me. Thanks.
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Feb 18, 2015 22:01
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davey4283 posted:I heard that my receiving stateside bank has to report anything over 10k to the irs and homeland security. What's that all about? I don't know anything about the rest, but as for these, don't even think about it, if the IRS/homeland does ask why, show them your employment agreement that states you're paid in whatever other currency and you're transferring it back home. Case closed. Getting hung up on those things and trying to do things around them will only make you look suspicious and harder for them to believe the truth.
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Feb 18, 2015 22:22
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davey4283 posted:I heard that my receiving stateside bank has to report anything over 10k to the irs and homeland security. What's that all about? It's intended to help prevent money laundering, and it's not just limited to transfers from international banks. It's required for intra-US transfers as well. As for a monthly cap, you might have heard people talking about structuring.
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Feb 20, 2015 02:10
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If you are a US citizen the money is subject to US taxes is it not? If you are asking how to transfer it without reporting it as income you can kindly f off. If you try to avoid reporting it you could get throw in jail and the IRS can take all of the money. Edit, nevermind it looks like you get 99,200 for free. Just wire it and let the bank report it. Did you file your 1040? (USER WAS PUT ON PROBATION FOR THIS POST) (USER WAS PUT ON PROBATION FOR THIS POST)
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Feb 20, 2015 14:56
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Elephanthead posted:If you are a US citizen the money is subject to US taxes is it not? If you are asking how to transfer it without reporting it as income you can kindly f off. If you try to avoid reporting it you could get throw in jail and the IRS can take all of the money. Edit, nevermind it looks like you get 99,200 for free. Just wire it and let the bank report it. Did you file your 1040? 1) Kindly f off 2) Grammatical errors 3) Has probably never transfered large sums of money internationally Thanks for the advice/tips!
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Feb 21, 2015 11:21
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Kreeblah posted:It's intended to help prevent money laundering, and it's not just limited to transfers from international banks. It's required for intra-US transfers as well. As for a monthly cap, you might have heard people talking about structuring. That's actually pretty crazy. I know people at work that do that but had no idea there was an industry term for it. I'll probably just call a financial advisor. I was hoping someone in here had run into this before.
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Feb 21, 2015 11:37
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davey4283 posted:2) Grammatical errors davey4283 posted:A lot of this is needing clarification with all the hear say guys at work have told me.
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Feb 21, 2015 16:52
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davey4283 posted:I'm a US citizen who recently took a job overseas. I work for a foreign company, live in an Arabic country and make close to 100k non-taxed. Like the other guy said, none of the flags mean anything unless you're cheating on your taxes (don't cheat on your taxes.) There is no cap of any kind and acting as if there is a cap could trigger a structuring report anyway. Also, don't actually send a wire. You'll get charged by the sending bank, possibly your own bank and any number of useless intermediaries on the way if you have to convert currencies. A large wire might cost $35 or $200, no real way to know in advance. Use transferwise or even bitcoins (yes, an actually legit use case for bitcoins, provided you have a way to immediately cash them out on the other end so you're not exposed to price fluctuations.)
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Feb 22, 2015 14:40
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I would suggest trying a multinational banking corp like HSBC, where you are more likely to encounter branches of it in multiple countries (definitely USA, maybe not so much your locality.) It's less about skirting government regulations and more about reducing fees associated with transferring your funds. You should be able to find a bank that can print you a cashier's check in USD from whatever currency you're being paid in. Print, mail, be merry. E: PLEASE DO NOT USE BITCOINS FOR THE LOVE OF GOD
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Feb 22, 2015 19:41
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I have HSBC Premier, their top end service. This in no way makes bank wires better. The last time, Transferwise saved me $250 on a 15K or something similar wire.
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Feb 22, 2015 20:29
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Wickerman posted:E: PLEASE DO NOT USE BITCOINS FOR THE LOVE OF GOD It's funny because some of the guys I work with do actually use bitcoin.
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Feb 22, 2015 21:55
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Don't loving use bitcoin especially if you're already worried about the IRS looking at you.
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Feb 23, 2015 00:24
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davey4283 posted:That's actually pretty crazy. I know people at work that do that but had no idea there was an industry term for it. I'll probably just call a financial advisor. I work abroad and transfer large sums back to the US on occasion. As other people have said, don't worry about the amounts unless you are doing something illegal. If you are earning the money legally and are filing the proper tax forms (actually not as important as like you won't owe any taxes anyways, hence shouldn't have any fines for not-reporting - though you are still technically required to) then there is absolutely nothing for you to worry about. Your bank will have to send in some extra paperwork, but you shouldn't even notice. Lots of people do this every year, nothing will happen unless you randomly get audited or whatever automatic system they use flags you for some reason. At any rate, as the person above said, even if you do get audited, it's simple to show you earned the money legally, so there's no problem. You should be more concerned with trying to save a few bucks during the actual transfer by checking out various banks/services than the amount you transfer. A much bigger issue to to make sure you are filing your local bank information with the US (FBAR) every year. GTGastby fucked around with this message at 08:02 on Feb 23, 2015 |
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Feb 23, 2015 07:32
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Another question- I live in the UK and am paid in USD. I've been paying my rent through Currencyfair.com. I'd transfer money to a US-based bank account they have, and they'd convert it and do a UK bank transfer. Easy, fast, and cost $5 for my rent payment. Now Currencyfair emailed me saying they no longer have the US bank account, and can only do international wire transfers. I looked into this, and WTF? It takes 15 days, my bank charges me $35, currencyfair charges me an undisclosed additional amount, and I have to do it through a phone call. Is there a better way? There's a DoDCommunity Bank on base that has a ripoff exchange rate I was using before currencyfair, but it still might be better. Any trustworthy Currencyfair alternatives? Dominoes fucked around with this message at 19:12 on Jun 3, 2015 |
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Jun 3, 2015 19:10
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Penfed has some of the best wire transfer fees around so if youre a military dude you should use them for wires if no other options look better.
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Jun 4, 2015 20:09
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Tautologicus posted:Penfed has some of the best wire transfer fees around so if youre a military dude you should use them for wires if no other options look better. Dominoes fucked around with this message at 01:46 on Jun 5, 2015 |
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Jun 5, 2015 01:43
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