Money transfer /New immigrant

[Tahadahabra 0]

Recently, my daughter got the immigrant visa stamped and needs relocate next month. What is the best safe and legal way to transfer her money to USA its about $600,000 savings in home country bank.

[Liam2021 561]

$600k is a ton of money. The best way, go to the bank and talk with them how to do that. It just the matter to prove that money is legal.

[geowrian 22,336]

For that large of an amount, my instinct is to do a bank to bank transfer. That said, it's something where looking at various options to get the best rate is really prudent.

[Ed&Midori1031 330]

bank to bank would be the idea way at the moment. 

[Carpe Vinum 2,310]

Let me give you my routing and account number. I'll be glad to hold it for her)))) Seriously, you need the advice of banking professionals with that much money.

Edited September 23, 2019 by boris64

[payxibka 10,044]

2 hours ago, boris64 said:

Let me give you my routing and account number. I'll be glad to hold it for her)))) 

Are you now a Nigerian prince as well?

[kiwibean 42]

23 hours ago, geowrian said:

For that large of an amount, my instinct is to do a bank to bank transfer. That said, it's something where looking at various options to get the best rate is really prudent.

And plus one on check the rates carefully!

I transferred a large sum of money.  It came from my home country back to Bank of America (if I remember correctly) before coming to my local bank.  And although I'd carefully checked out the rates, that second (middle) bank really screwed me over on the rate.  Your best bet to really know what you're going to get, is to get the first (local) bank to send the money in USD.

[DylanandLaura 46]

On 9/23/2019 at 12:43 PM, Tahadahabra said:

Recently, my daughter got the immigrant visa stamped and needs relocate next month. What is the best safe and legal way to transfer her money to USA its about $600,000 savings in home country bank.

I'm a licensed Financial Advisor. I recommend your daughter open a bank account at a large financial institution such as JP Morgan, Citi Bank or another large institution and seek the services of a international wire house. Big banks have a currency trading desk and can help you with most major currency pairs. Depending on the currency you are transferring, you should get a preferable (less than 1% to 2%) difference from the quoted exchange rate with an amount as large as $600,000. If the currency isn't heavily traded in the international foreign exchange markets, there may be currency restrictions on moving all of the money to the United States in one transfer, or the change rate will be unfavorable for her.

 

For my investment clients, they use a brokerage service called Interactive Brokers and there is a foreign exchange application to sell most currencies in the world and buy US dollars. If you have any questions, please message me directly and I can guide you through the process.