Bringing money to US from selling Russian Apartment

[John24689 0]

My wife is selling her apartment in Russia. How does she get the money back to the US? If you bring it on the plane, you have to fill out the customs form since it is over $10,000. If she does, what happens? Taxed, fee assessed ??

Only 1/3 of it is hers. 2/3's is her son's and daughter's.

Can she wire it to the US through a bank?

Please help. Thanks.

[kylejb 0]

Put it in a bank, and then paypal it. Cheaper than bank fees.

[Chris_Жанна 11]

My wife is selling her apartment in Russia. How does she get the money back to the US? If you bring it on the plane, you have to fill out the customs form since it is over $10,000. If she does, what happens? Taxed, fee assessed ??

Only 1/3 of it is hers. 2/3's is her son's and daughter's.

Can she wire it to the US through a bank?

Please help. Thanks.

Send it to my address and I'll hold it until she gets here.....

Seriously, if you can do an international money order I would do that. Or like the last posted said pay pal. If you do decide to claim it (which I think legally you should) make sure she's not carrying lumps sums of cash on her, if for some reason she is stopped anywhere carrying that kind of money (not that she is doing anything wrong) she will probably be asked why she is carrying so much money on her person and possibly be delayed.

[John24689 0]

I talked to her earlier and she was going to get an American Express Traveler's Check and declare it on the custom's form. I checked PayPal, but they did not list Rubles. Thanks for the suggestion. I hope she will not have any problems. I was just scared that there may be some kind of "penalty" for either leaving Russia or entering the US.

I will keep my fingers crossed that there will not be any problems. I can't wait until she returns. She will be back Wednesday night around midnight and she will have been gone 33 days. It seems like an eternity without her.

Chris_Жанна, send my your address and you can be assured the check will be in the mail.

[slim 1,523]

Have her go to an American bank in one of the larger Russian cities. Deposit the cash (in Rubles) and then make a withdrawal (in dollars) once she gets back here. Or, if you already have an account in a larger bank, just put it in your account.

If you don't have an account at one of the larger banks in Russia, get one! Or, have them do an electronic funds transfer to your American bank. It's going to cost you a pretty penny, but there are no security risks and you'll probably cover it based on the current exchange rate.

In all seriousness, since the dollar is going down the crapper, she may want to just keep it in Rubles and keep it in Russia. Or buy some gold!

[SMR 368]

I know that Citi-bank has branches in Moscow and St. Petersburg. She can deposit it there and then access it here. Also, some Russian banks have very good CD's. Last year you could get over 13% in rubles on a 1-year CD or 10.5% in dollars. It's gone down somewhat, but it is still 8%+.

[john_and_marlene 162]

Seriously, if you can do an international money order I would do that.

The requirement to claim amounts over $10,000, is not for cash only. Any financial instruments totalling over that amount (including a money order) must be claimed.

Edited October 20, 2009 by john_and_marlene

[1HappyGuy 45]

The safest way is by bank transfer and generally one fee covers up to very large amounts. But before you do that you need to know if Russia is going to tax her to remove it from the country. As to America, if she sold it at a gain then she may have to pay US taxes on the profit. However, you might be able to claim an exclusion for sale of a personal residence. Get professional advice.

[Neonred 3,553]

I know that Citi-bank has branches in Moscow and St. Petersburg. She can deposit it there and then access it here. Also, some Russian banks have very good CD's. Last year you could get over 13% in rubles on a 1-year CD or 10.5% in dollars. It's gone down somewhat, but it is still 8%+.

Things must have changed because a few years ago I checked with CitiBank and learned that the Russian CitiBank would not allow me to access the money through the US CitiBank. They were acting as separate entities.

[LvivLovers 39]

I know that Citi-bank has branches in Moscow and St. Petersburg. She can deposit it there and then access it here. Also, some Russian banks have very good CD's. Last year you could get over 13% in rubles on a 1-year CD or 10.5% in dollars. It's gone down somewhat, but it is still 8%+.

Things must have changed because a few years ago I checked with CitiBank and learned that the Russian CitiBank would not allow me to access the money through the US CitiBank. They were acting as separate entities.

I've wired money to banks in Ukraine from Bank of America here in the states with no problem, so I would assume you can go the other direction too. I think it was $50 flat fee for any amount. You might want to think about sending a small amount first to make sure it works.

[Oksana81 0]

I know that Citi-bank has branches in Moscow and St. Petersburg. She can deposit it there and then access it here. Also, some Russian banks have very good CD's. Last year you could get over 13% in rubles on a 1-year CD or 10.5% in dollars. It's gone down somewhat, but it is still 8%+.

Things must have changed because a few years ago I checked with CitiBank and learned that the Russian CitiBank would not allow me to access the money through the US CitiBank. They were acting as separate entities.

you are absolutely correct. There is no American banks in Russia.

Russia laws prohibit having foreign banks branches on Russian territories. It is one of the obstacles on the way to join WTO.

CitiBank in Russia may have the same name, but it is a Russian organization, a separate independent entity from CitiBank USA.

[kylejb 0]

I have transferred money from Bank of America to my SO in Russia. It cost me $35.00 flat fee. No minimum or maximum. You can set it up online as long as you have all the proper information.

[Master5 12]

Wire transfer works fine both ways, any big Russian bank will wire money for you for $30-$40

[John24689 0]

I want to thank everyone for the information. I talked to my wife earlier and she decided to bring $10,000 cash and an American Express check. She will claim it on the customs form. She said this is what her sister did about four years ago and did not have any problems. I regret I did not find out about the sale until the last minute. She sold it Monday afternoon.

The apartment had been vacant for about 5 months with no prospects of renting it or selling it. She was there for 3 1/2 weeks before she sold it. I think her bing there had something to do with it.

Now to pray that there will not be any problems. I out tomorrow night around 11:30 PM when her plane is scheduled to arrive.

Thanks again and have a great evening.

[Master5 12]

I would worry more about Russian customs, not American. They will require a document about legality of the money over $10k (Amex checks included). I'd rather wire the money, it's very easy to do.

Edited October 20, 2009 by Master5