Transferring savings from Italy to US

[RamiZest 41]

Hello all. My fiancée is an Italian resident and he wants to know, what is the best way to transfer his savings to the US? I know of Wise, Remitly but not sure about transferring more than $10,000.

 

Appreciate your advice in advance. 

 

Thanks 

[DaveAndAnastasia 2,092]

For large amounts of money, maybe a bank wire transfer is actually the best thing to do? I'd check, at least.

[Chancy 6,241]

*** Moved from Off Topic to Tax & Finances During US Immigration, where similar topics are discussed ***

 

[qrk 104]

He can transfer any amount he wants to. The financial institution is obligated to report to IRS and US treasury any amount over 10,000. https://www.cashero.com/blog/are-wire-transfers-over-10000-reported-to-the-irs/

[Wuozopo 4,293]

21 hours ago, RamiZest said:

Hello all. My fiancée is an Italian resident and he wants to know, what is the best way to transfer his savings to the US? I know of Wise, Remitly but not sure about transferring more than $10,000.

 

Appreciate your advice in advance. 

 

Thanks 

I have used Wise to transfer over $10k. It went flawlessly. What is your specific concern about $10k? If it is because that has to be reported, any institution will have to report it no matter which you choose. It doesn’t affect him and he isn’t involved in the reporting. 
 

20 hours ago, DaveAndAnastasia said:

For large amounts of money, maybe a bank wire transfer is actually the best thing to do? I'd check, at least.

 

There is no difference is there except banks have higher fees?  Curious why you think the bank transfer would be better?  

[DaveAndAnastasia 2,092]

3 minutes ago, Wuozopo said:

There is no difference is there except banks have higher fees?  Curious why you think the bank transfer would be better?  

I thought (perhaps incorrectly) that wire transfer fees were usually a flat amount, whereas most services like Wise charged more the more you transferred, so they were cheaper for smaller amounts of money but for large amounts of money it was different.

[RamiZest 41]

2 hours ago, Wuozopo said:

I have used Wise to transfer over $10k. It went flawlessly. What is your specific concern about $10k? If it is because that has to be reported, any institution will have to report it no matter which you choose. It doesn’t affect him and he isn’t involved in the reporting. 
 

 

There is no difference is there except banks have higher fees?  Curious why you think the bank transfer would be better?  

Perfect 👌🏾I wanted to know how others have transferred their money to the US from another country. Looks like Wise allows large transfers which is good news because I've used it before and I like it. It's quite fast too! 

 

Thanks Everybody! I got the answer I was looking for. 

[Wuozopo 4,293]

9 hours ago, DaveAndAnastasia said:

I thought (perhaps incorrectly) that wire transfer fees were usually a flat amount, whereas most services like Wise charged more the more you transferred, so they were cheaper for smaller amounts of money but for large amounts of money it was different.

 Oh, I see. My experience when I inquired at my bank was less favorable exchange rates (which become significant with bigger amounts) and  tack on service fees (several) and a big hassle.  I found the same issues when I received a cheque in the mail from a UK solicitor (lawyer) written in pounds sterling £ worth $30-40 thousand US dollars. The fees and exchange rate to accept that cheque were going to be crazy expensive. I ended up mailing it back to the UK to be deposited in my bank account there. Then used Wise to transfer some to my US bank. 

[Palawan 131]

On 7/21/2022 at 1:47 PM, DaveAndAnastasia said:

For large amounts of money, maybe a bank wire transfer is actually the best thing to do? I'd check, at least.

Yes, It's best for sure

 

I use Charles Schwabb and it's $15 per transaction online, upto 100k per day.  Incoming international wires are free

They have great exchange rates, and if you do open an account they offer free ATM usage worldwide, any charges you get will be credited to your acct at the end of the day. 

 

 

[Palawan 131]

On 7/22/2022 at 9:59 AM, qrk said:

He can transfer any amount he wants to. The financial institution is obligated to report to IRS and US treasury any amount over 10,000. https://www.cashero.com/blog/are-wire-transfers-over-10000-reported-to-the-irs/

Depends on the transfer company, some won't do more than 10K US Dollars.

[Palawan 131]

On 7/22/2022 at 8:36 PM, Wuozopo said:

 Oh, I see. My experience when I inquired at my bank was less favorable exchange rates (which become significant with bigger amounts) and  tack on service fees (several) and a big hassle.  I found the same issues when I received a cheque in the mail from a UK solicitor (lawyer) written in pounds sterling £ worth $30-40 thousand US dollars. The fees and exchange rate to accept that cheque were going to be crazy expensive. I ended up mailing it back to the UK to be deposited in my bank account there. Then used Wise to transfer some to my US bank. 

Wire won't allow me to tranfer more than 10,000 US Dollars, It seems it is dependent upon the country.

[Lil bear 4,217]

On 7/21/2022 at 12:47 PM, RamiZest said:

Hello all. My fiancée is an Italian resident and he wants to know, what is the best way to transfer his savings to the US? I know of Wise, Remitly but not sure about transferring more than $10,000.

 

Appreciate your advice in advance. 

 

Thanks 

I use OFX rather than my bank. Conversion rate is better and fees are lower than banks and wire transfer services 

[CaLi90 56]

Wise is the best to transfer that amount, they show you the fee and give you the actual exchange rate, whereas my bank (UK) would charge a fee and give a lower exchange rate and on $10k and that works out to be alot extra! 
 

In my experience, Wise have got the money to the US account in under 2 days, they give the best value against other sites/direct bank wire internationally and provide a great service. 

[CaLi90 56]

On 7/22/2022 at 9:36 PM, Wuozopo said:

 Oh, I see. My experience when I inquired at my bank was less favorable exchange rates (which become significant with bigger amounts) and  tack on service fees (several) and a big hassle.  I found the same issues when I received a cheque in the mail from a UK solicitor (lawyer) written in pounds sterling £ worth $30-40 thousand US dollars. The fees and exchange rate to accept that cheque were going to be crazy expensive. I ended up mailing it back to the UK to be deposited in my bank account there. Then used Wise to transfer some to my US bank. 

Same with me! UK bank exchange rates are not good and end up costing more. Wise all the way.