International Money Transfer

[Egor 13]

What is the best way to transfer money (50-60K) from Eastern Europe? Not trying to launder anything. Money is from selling property there.

[TexasHeartsIndia 371]

We used Xoom, which is a PayPal company. The fees were really cheap and the conversion was better than what was offered at our bank. I'm not sure what kinds of paperwork you'll need or if Xoom will allow transactions that big. You'll definitely need to claim that on taxes, so I would also ask a CPA or tax attorney for advice as well. Good luck!

[Egor 13]

4 minutes ago, TexasHeartsIndia said:

We used Xoom, which is a PayPal company. The fees were really cheap and the conversion was better than what was offered at our bank. I'm not sure what kinds of paperwork you'll need or if Xoom will allow transactions that big. You'll definitely need to claim that on taxes, so I would also ask a CPA or tax attorney for advice as well. Good luck!

Already talked about details. The money is from private party - my parents sent as a gift. No need to claim anything on taxes if under 100K. Unfortunately Xoom does not work in Belarus, where money is being sent from.

Edited April 17, 2018 by Egor

[T_P 872]

I used to use TransferWise which is also similar to Xoom. Fast and fair price.

[Ivy. 113]

I don't know if this is a viable option for you, but I just flew into the US with a lot of cash and reported it at the airport and via some form after that. We looked at bank transfers, Paypal, Western Union, etc. and this ended up being the best option in our situation.

Compare air plane tickets to the fees you would pay to see if it would be worth doing personally.

[T_P 872]

@Ivy. If you dont mind me ask, why would you bring money from a different country to US (Im assuming its not US Dolar correct) ? 

[Ivy. 113]

3 minutes ago, T_P said:

@Ivy. If you dont mind me ask, why would you bring money from a different country to US (Im assuming its not US Dolar correct) ? 

I brought US dollars, but ... why not? If I live in the US, one would think I would need the money in the US, not back home, right?

[T_P 872]

Just now, Ivy. said:

I brought US dollars, but ... why not? If I live in the US, one would think I would need the money in the US, not back home, right?

Right, I just thought it was a different currency. Thanks for explaining.

[Californiansunset 336]

33 minutes ago, Egor said:

What is the best way to transfer money (50-60K) from Eastern Europe? Not trying to launder anything. Money is from selling property there.

I had the same problem with my German savings account which had slightly less money than yours. I looked into transferwise and other services but it actually ended up being the cheapest to just use the transfer service of my German bank account and send it as a foreign transaction. The annoying part was that I always had to send it in 10k packages. So had to transfer 4 times 10k. Each time I paid a 15Euro fee. Was still the cheapest option.  

 

Sometimes the most obvious option ends up being the best option...I was surprised. I'm sure you've asked your bank about this right?!

Edited April 17, 2018 by Californiansunset

[Loren Y 2,755]

Travelers entering the United States may take as much money as they wish into the country. You may bring up to $10,000 in currency, coin and specific monetary instruments without reporting it to customs. If you bring more than $10,000 into the country, notify this to customs to avoid fines or, worse yet, losing the money. Certain monetary instruments also require reporting, even if their total amount reaches less than $10,000.        I have personally come in to the US with over 100,000 dollars cash before from basically the same thing you did, a sale of property. Just declare it and show proof where it came from and you will have no problems. You will get some strange looks for sure, you may want to request they take you to a private room so there are no problems. They probably will anyway, then you fill out a form, sign, and your on your way.

[Egor 13]

 

9 minutes ago, Californiansunset said:

I had the same problem with my German savings account which had slightly less money than yours. I looked into transferwise and other services but it actually ended up being the cheapest to just use the transfer service of my German bank account and send it as a foreign transaction. The annoying part was that I always had to send it in 10k packages. So had to transfer 4 times 10k. Each time I paid a 15Euro fee. Was still the cheapest option.  

 

Sometimes the most obvious option ends up being the best option...I was surprised. I'm sure you've asked your bank about this right?!

Yes. So far regular wire transfer is the most viable option. Only about $150 fee to get the whole amount wired. Just looking for options and opinions.

[Egor 13]

5 minutes ago, Loren Y said:

Travelers entering the United States may take as much money as they wish into the country. You may bring up to $10,000 in currency, coin and specific monetary instruments without reporting it to customs. If you bring more than $10,000 into the country, notify this to customs to avoid fines or, worse yet, losing the money. Certain monetary instruments also require reporting, even if their total amount reaches less than $10,000.        I have personally come in to the US with over 100,000 dollars cash before from basically the same thing you did, a sale of property. Just declare it and show proof where it came from and you will have no problems. You will get some strange looks for sure, you may want to request they take you to a private room so there are no problems. They probably will anyway, then you fill out a form, sign, and your on your way.

Thank you. I am aware of this and this is also a consideration for me. 

[OutOfThisWorld 87]

Nitrogen and potash fertilizers are the biggest exports of Belarus. United States imports more than half of nitrogen and over 80% of potash fertilizers used in the country.

 

You could make some good money there.

 

Thank me later.

[Chris Duffy 1,257]

2 hours ago, Egor said:

 

Yes. So far regular wire transfer is the most viable option. Only about $150 fee to get the whole amount wired. Just looking for options and opinions.

I wired $25K to Philippines form USA it was only a $25 wire fee charge from Bank of America,  I would thing wiring money to USA would be cheaper.

[Egor 13]

17 minutes ago, Chris Duffy said:

I wired $25K to Philippines form USA it was only a $25 wire fee charge from Bank of America,  I would thing wiring money to USA would be cheaper.

Not necessarily. Most US banks have on set fee for international transaction ($15-45). Foreign banks may have whatever fees they chose to impose on the transactions they initiate.