Options to transfer personal funds

[Hoviland 1]

What options did you guys take to transfer your own personal funds from a bank of your country of origin to one in the USA? These funds are just saving funds i had from my country of origin before being a resident in the US. How much will tax will i be imposed with?

[Chancy 6,241]

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

 

8 minutes ago, Hoviland said:

How much will tax will i be imposed with?

 

No US tax when transferring money from abroad.  But there's usually a service fee charged by the bank or service company you use to transfer the funds.

 

[Hoviland 1]

3 minutes ago, Chancy said:

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

 

 

No US tax when transferring money from abroad.  But there's usually a service fee charged by the bank or service company you use to transfer the funds.

 

ok thank you, i was under the impression that if i transfer all my life's saving it would be taxed. Thank you again!

[Chancy 6,241]

1 minute ago, Hoviland said:

ok thank you, i was under the impression that if i transfer all my life's saving it would be taxed. Thank you again!

 

You're welcome!  Note that there might be reporting involved, depending on the amount transferred, but there won't be taxes imposed.  Financial institutions are required to report to the US government about fund transfers $10,000 or higher.  This would be done automatically, no action required from the sender or recipient of the funds.

 

[Crazy Cat 41,981]

59 minutes ago, Hoviland said:

What options did you guys take to transfer your own personal funds from a bank of your country of origin to one in the USA? These funds are just saving funds i had from my country of origin before being a resident in the US. How much will tax will i be imposed with?

Bank wire.  No taxes.  My wife as wired as a LOT of money in a single transaction. 

Edited September 16, 2022 by Crazy Cat

[Wuozopo 4,293]

21 hours ago, Hoviland said:

What options did you guys take to transfer your own personal funds from a bank of your country of origin to one in the USA? These funds are just saving funds i had from my country of origin before being a resident in the US. How much will tax will i be imposed with?

I have used Wise, formerly Transferwise, to transfer money. Wise. com

When comparing rates, look at the service fees and the exchange rate offered. 
 

Income tax is based on income earned in a tax year. Your entire savings balance was not “earned” in one tax year just because you change the bank that holds it. If you were paid $10 interest into that savings account in the tax year, then you “earned” $10 which is reported on the tax return, no matter if earned in the US or abroad.

[Palawan 131]

21 hours ago, Chancy said:

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

 

 

No US tax when transferring money from abroad.  But there's usually a service fee charged by the bank or service company you use to transfer the funds.

 

If your US bank is charging you a fee for international wire then you need to get a new bank, I use BOA and Chase and fees are waived for incoming wires.

[Wuozopo 4,293]

3 minutes ago, Palawan said:

If your US bank is charging you a fee for international wire then you need to get a new bank, I use BOA and Chase and fees are waived for incoming wires.

I believe that comment you quoted was speaking of fees charged by the sending bank or transfer service, not the US bank which should be pleased to get a big incoming deposit already converted to USD.  Also the exchange rates offered when sending need to be compared because that is not a standard rate. 

[Palawan 131]

55 minutes ago, Wuozopo said:

I believe that comment you quoted was speaking of fees charged by the sending bank or transfer service, not the US bank which should be pleased to get a big incoming deposit already converted to USD.  Also the exchange rates offered when sending need to be compared because that is not a standard rate. 

I agree on the exhcange rate for sure, but I was using dollar to dollars account sending and receiving from Philippines which I have a US Dollar bank Account over there not a Peso.

 

Many US banks also charge for incoming international wire fees, some are cheaper if you do it online.  Even BOA and Chase charges but if you have a certain account, they will waive it.

 

 

Edited September 17, 2022 by Palawan

[Palawan 131]

1 hour ago, Wuozopo said:

I have used Wise, formerly Transferwise, to transfer money. Wise. com

When comparing rates, look at the service fees and the exchange rate offered. 
 

Income tax is based on income earned in a tax year. Your entire savings balance was not “earned” in one tax year just because you change the bank that holds it. If you were paid $10 interest into that savings account in the tax year, then you “earned” $10 which is reported on the tax return, no matter if earned in the US or abroad.

Wise would only let me tranfer less than $9,000 from USA to Philippines, Not a fan.

[Wuozopo 4,293]

6 hours ago, Palawan said:

Wise would only let me tranfer less than $9,000 from USA to Philippines, Not a fan.

I guess maybe it varies by country or currency. I transferred about 3 times that much from the UK. Don’t know if there is a limit or not. Sounds like you have worked out a plan that fits your situation. 👍

[CaLi90 56]

On 9/16/2022 at 12:08 PM, Hoviland said:

What options did you guys take to transfer your own personal funds from a bank of your country of origin to one in the USA? These funds are just saving funds i had from my country of origin before being a resident in the US. How much will tax will i be imposed with?

Wise has been great with our money, saved a lot in fees and exact exchange rates compared to bank wires. If in the 1,000s, I always find Wise gives the best value and have never received a charge from the US bank for receiving these funds, we’re with CHASE. All amounts we’ve sent UK to USA have cleared to our accounts within 2 days. 
 

And as others have stated, you won’t pay tax on this. 

Edited September 18, 2022 by CaLi90

[Palawan 131]

14 hours ago, Wuozopo said:

I guess maybe it varies by country or currency. I transferred about 3 times that much from the UK. Don’t know if there is a limit or not. Sounds like you have worked out a plan that fits your situation. 👍

Yep it seems to be country specific, pretty standard for a 3rd world country like Philippines to have low limit due to lots of fraud and corruption in the country.