POE with more than $10k....do we need documentation?

[IcezMan_IcezLady 582]

There barclays bank in Russia and USA... you could use them

[Amy_and_Victor 159]

Just now, IcezMan_IcezLady said:

There barclays bank in Russia and USA... you could use them

Depends on city. Like the city in Russia I'm from has no branches of any banks located in the US and most of the cities in Russia don't. For large wire transfers you need a physical branch accessible in Russia since online banking there has a lot of limitations and tbh I simply wouldn't trust Russian online banking with a lot of money.

 

- Victor from Russia

[millefleur 5,046]

Just now, IcezMan_IcezLady said:

There barclays bank in Russia and USA... you could use them

Not in our city in Russia unfortunately. Like @Amy_and_Victor said, it's iffy with Russia and online banking. The only US bank here is Citibank and you cannot just transfer money easily between the US and Russian branches. Despite it having the same logo and name, it actually operates differently from the US branch.

 

1 minute ago, Amy_and_Victor said:

Myself I've never had any issues with Sberbank. I know many people don't like this bank, and Sberbank doesn't offer the best currency exchange rates (so it may be better to convert money somewhere else before the transfer but then you may have to pay higher transfer fee) but as long as you follow all of the rules and have proper documentation, I've never had any issues with wire transfers made from Sberbank to the US. I've done several recent SWIFT transfers from Sberbank and they all went through within 2-4 business days, my Dad also used Sberbank in the past years to send us some money gifts and everything went fast and smooth every time. Again, it's my personal experience and I've read someone had troubles with Sberbank here but I have no idea if it's a gamble and I was lucky or may be whoever had issues did something wrong with paperwork or supplemental documents.

I see. My husband hates Sberbank so he is looking around for other banks here first but if we have any issues with them, then we'll try Sberbank. Thanks again!

[geowrian 22,337]

2 hours ago, IcezMan_IcezLady said:

Another option is to use PayPal. Send the money to your Paypal account. And when you arrive, have your spouse set up a Paypal account connected to a US bank account. Then send the money to her account then you can transfer to her bank account on Paypal then you have your money.

To avoid hefty fees on Paypal, do a SEND not Request (request has a charge since it is seen as payment for a transaction).

PayPal has a history of freezing accounts with that type of behavior (fairly new account / bank account linked, "large" transaction, international, sent without a request, etc.).

[WandY 430]

23 hours ago, millefleur said:

 What should I do to make sure that my mom doesn't have to pay taxes since it's our money?

Send to her bank in amounts smaller than $10,000 until all of the money has been transferred. The $10,000 mark triggers federal reporting rules, so amounts less than $10,000 go through with little notice. She won't have to pay taxes on it. However, make sure to remove the money from her account ASAP.

[millefleur 5,046]

Just now, WandY said:

Send to her bank in amounts smaller than $10,000 until all of the money has been transferred. The $10,000 mark triggers federal reporting rules, so amounts less than $10,000 go through with little notice. She won't have to pay taxes on it. However, make sure to remove the money from her account ASAP.

I've read that if you send repeated transactions just slightly under $10k that the bank can view this as suspicious activity. I'm hoping that's not the case especially since my mom asked them about this when opening the account and the teller said it was fine to send international transfers so I'm assuming they must have some experience with this, despite it being a regional US bank.

 

We will absolutely remove the money as soon as we get there. We need to buy a car for one! And furniture.

[WandY 430]

8 minutes ago, millefleur said:

I've read that if you send repeated transactions just slightly under $10k that the bank can view this as suspicious activity. I'm hoping that's not the case especially since my mom asked them about this when opening the account and the teller said it was fine to send international transfers so I'm assuming they must have some experience with this, despite it being a regional US bank.

 

We will absolutely remove the money as soon as we get there. We need to buy a car for one! And furniture.

Yes, repeated transfers of $9xxx or so would be suspicious. But if you're transferring less than $30k, I don't think it will be noticed. However, it is a good idea for your mom to tell the bank about the situation. They can advise accordingly. I've done it and never had an issue. One thing I've done is to Western Union (or similar) money to myself and pick it up when I get there. Travelers and bank/cashier checks is another method. I highly recommend any method other than traveling POE with a lot of cash - especially today.

[Michael and Ganna 104]

6 hours ago, IcezMan_IcezLady said:

I think it is better to bring the cash, declare it and deal with the interrogation. so long as you can prove the source of the money.

Wire transfer are expensive. Even external bank transfers done among US banks  cost $15 to $25 and with that amount of money. I doubt they would take $25.

The money is going to be reported to IRS regardless. 

 

Another option is to use PayPal. Send the money to your Paypal account. And when you arrive, have your spouse set up a Paypal account connected to a US bank account. Then send the money to her account then you can transfer to her bank account on Paypal then you have your money.

To avoid hefty fees on Paypal, do a SEND not Request (request has a charge since it is seen as payment for a transaction).

Paypal is blocked in Ukraine. I would assume the same for Russia. We have brought large sums of cash both directions with never a problem. Just make sure you have the supporting paperwork and we have never paid "duty" on it

[millefleur 5,046]

20 minutes ago, Michael and Ganna said:

Paypal is blocked in Ukraine. I would assume the same for Russia. We have brought large sums of cash both directions with never a problem. Just make sure you have the supporting paperwork and we have never paid "duty" on it

PayPal isn't blocked here (yet) but it's very user unfriendly when it comes to anything other than rubles. But LinkedIn is blocked here! It's like whac-a-mole with whatever random website they will block next.

[Suss&Camm 2,213]

2 hours ago, WandY said:

Send to her bank in amounts smaller than $10,000 until all of the money has been transferred. The $10,000 mark triggers federal reporting rules, so amounts less than $10,000 go through with little notice. She won't have to pay taxes on it. However, make sure to remove the money from her account ASAP.

Absolutely what NOT to do!!

You are perfectly in your right to bring all the money you like as long as it has a paper trail - there will still be no taxes on money already earned. It doesn't matter that you sent small amounts - that is definitely more likely to cause suspicion. You can't avoid them "noticing". Pls do not do this (to anyone reading.)

[WandY 430]

4 hours ago, Suss&Camm said:

Absolutely what NOT to do!!

You are perfectly in your right to bring all the money you like as long as it has a paper trail - there will still be no taxes on money already earned. It doesn't matter that you sent small amounts - that is definitely more likely to cause suspicion. You can't avoid them "noticing". Pls do not do this (to anyone reading.)

Go ask your bank. You are wrong. It may cause suspicion - lots of things do - but it is absolutely not illegal. Bringing large sums of cash into the U.S. during POE is far more likely to result in a confiscation and/or nightmare interrogation. It is perfectly legal to wire funds to U.S. banks or even yourself. If you want to look like a terrorist or drug smuggler, bring a big wad of cash into POE. Have a lawyer ready.

[Suss&Camm 2,213]

1 hour ago, WandY said:

Go ask your bank. You are wrong. It may cause suspicion - lots of things do - but it is absolutely not illegal. Bringing large sums of cash into the U.S. during POE is far more likely to result in a confiscation and/or nightmare interrogation. It is perfectly legal to wire funds to U.S. banks or even yourself. If you want to look like a terrorist or drug smuggler, bring a big wad of cash into POE. Have a lawyer ready.

I wasn't referring to the "cash part". I'm in full agreement with you there. Definitely not a good idea. I did talk to both banks and currency brokers in the US as well as back in Sweden - no it's not illegal to wire/send smaller sums of money in portions but to divide money up in that way is exactly how money is laundered and is far more likely to attract attention than a large one time transaction as it can look as if you are attempting to conceal something. There is absolutely no reason to do it that way if you are just transfering your legally attained money.

[samaab87 20]

On 5/26/2017 at 7:20 PM, Randyandyuni said:

deposit the cash in an international bank with US branches where you will be living, then draw on the account as needed

So deposit in one country and withdraw it in the US?

 

Don't you need to transfer it from one country to US bank account/branch? 

[mallafri76 1,012]

Sounds like some people are making this really complicated.

 

The safest way to move large amounts of cash is through wire transfer. I know I wouldn't risk my money by carrying it.

 

I've transferred about $70,000 since I moved to the US last year. All of the large, national banks accept international wire transfers, although their fees vary. Bank of America take $16 per international wire transfer. A small price to pay when it means you can safely transfer large amounts of cash. 

 

The bank will report the transfer to the IRS but you have nothing to hide, so who cares, right?! And there's no tax on it.

 

 

Edited June 5, 2017 by mallafri76

[mallafri76 1,012]

On 5/26/2017 at 2:35 PM, WandY said:

Send to her bank in amounts smaller than $10,000 until all of the money has been transferred. The $10,000 mark triggers federal reporting rules, so amounts less than $10,000 go through with little notice. She won't have to pay taxes on it. However, make sure to remove the money from her account ASAP.

That's wrong, dangerous and illegal. Several smaller amounts in a short amount of time, clearly made to circumvent the $10,000 limit, will still be reported to the IRS as a transfer above the $10,000 and may result in the IRS seizing the money. 

 

And there are no taxes on it, period.