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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Questions regarding moving money internationally via wire
 
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Adar
Jul 27, 2001

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.

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.

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.)

* # ¿ Feb 22, 2015 14:40
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# ¿ May 11, 2024 06:34
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Adar
Jul 27, 2001
 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.

* # ¿ Feb 22, 2015 20:29
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Questions regarding moving money internationally via wire