transferring money
May 25th 2001, 7:39 pm
#1
Guest
Posts: n/a
I will move to the US in just a little more than a week, and there is one thing I
wonder about... What would be the best way to transfer my money to the US? It is not
a great deal of money (less than $10,000) and I was thinking to just transfer it
directly to my fiancées bank account. And then we will make the account joint once we
are married. (am I not brave for entrusting all my money to her like that? ;o)) Is
this a good way to do it? Because I would not like it if I end up having to pay tax
or custom or somethink like that.
thank you
)
Donald Johansson
wonder about... What would be the best way to transfer my money to the US? It is not
a great deal of money (less than $10,000) and I was thinking to just transfer it
directly to my fiancées bank account. And then we will make the account joint once we
are married. (am I not brave for entrusting all my money to her like that? ;o)) Is
this a good way to do it? Because I would not like it if I end up having to pay tax
or custom or somethink like that.
thank you
)Donald Johansson
May 26th 2001, 7:28 pm
#2
Guest
Posts: n/a
DPJ wrote:
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Here is what we did:
1. I added Arnaldo's name to my checking account.
2. He wired the money to the account. You can wire up to $10,000 without it ever
being reported to the IRS, by the way, from what I was told at the bank.
Another person here reported that he had the money made into a cashier's check, made
out to himself, and then carried the unsigned check into the US, signed it, and
deposited it at the bank. Because the check is not signed when it enters the country,
it has no value and therefore is not subject to customs at all.
alvena I am not a lawyer and this is not legal advice, I am just a nurse and this is
what I have experienced and seen posted in this group previously, to be used as
discussion material.
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Here is what we did:
1. I added Arnaldo's name to my checking account.
2. He wired the money to the account. You can wire up to $10,000 without it ever
being reported to the IRS, by the way, from what I was told at the bank.
Another person here reported that he had the money made into a cashier's check, made
out to himself, and then carried the unsigned check into the US, signed it, and
deposited it at the bank. Because the check is not signed when it enters the country,
it has no value and therefore is not subject to customs at all.
alvena I am not a lawyer and this is not legal advice, I am just a nurse and this is
what I have experienced and seen posted in this group previously, to be used as
discussion material.
May 26th 2001, 9:23 pm
#3
Guest
Posts: n/a
We were told by the bank another alternative would be to write a check from your
account there, payable to yourself, than deposit into the account here once you are
on the account. We looked into wiring it, but found we would be charged a fee on
boths ends.
account there, payable to yourself, than deposit into the account here once you are
on the account. We looked into wiring it, but found we would be charged a fee on
boths ends.
May 26th 2001, 11:18 pm
#4
Guest
Posts: n/a
Donald,
I've been checking the same thing. First of all, there should be no tax or anything
on the money. . .even if you are hand-carrying it into the US, you can bring up to
$10,000 without even declaring it. We have decided to wire the money to my account,
and only have the bank charges to deal with, maybe $50 total or less. Seemed the
easiest for us, though others might have some alternatives.
Dave
"DPJ" <[email protected]>
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I've been checking the same thing. First of all, there should be no tax or anything
on the money. . .even if you are hand-carrying it into the US, you can bring up to
$10,000 without even declaring it. We have decided to wire the money to my account,
and only have the bank charges to deal with, maybe $50 total or less. Seemed the
easiest for us, though others might have some alternatives.
Dave
"DPJ" <[email protected]>
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May 27th 2001, 8:55 am
#5
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Posts: n/a
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great
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having
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Donald,
One thing you should check is what restrictions your own country has on taking large
sums of money out of the country. For example, in Australia, you have to declare it
if you are taking more that $10,000 Australian (or equivalent value in foreign
currencies). $10,000 Australian is about $5,000 US.
Ken
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having
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Donald,
One thing you should check is what restrictions your own country has on taking large
sums of money out of the country. For example, in Australia, you have to declare it
if you are taking more that $10,000 Australian (or equivalent value in foreign
currencies). $10,000 Australian is about $5,000 US.
Ken
May 27th 2001, 9:05 am
#6
Guest
Posts: n/a
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If you can control your non-US bank account on the 'net, here's an idea. You need a
bank account with a credit card, an ATM card (one usable in Plus or Cirrus compatible
machines... most of them, then) and a home computer.
Pay NEARLY all your existing money into your credit card (leave some in your bank
account in case of an necessary emergency payment). Buy any large items (or do
Christmas shopping in one store so you get a humungous bill in one place instead of
lots of semi-humungous bills in lots of places) using this credit card in the US. The
exchange rate is favourable and you don't incur any unexpected fees, as a rule. If
you don't want to feel like you're living beyond your means, have an identical amount
put in your US bank account. Debits and credits, it's all accrual accountancy.
Keep tabs on the level of your credit card on-line closely. If you go slightly into
the red, use the cash left in your bank account to pay the credit card off until the
balance is at zero. Then cut up the card and send to the issuing bank, asking them to
cancel the credit card side of your account. Any money left in the bank can be
withdrawn in sizeable chunks from an ATM in the US, normally subject to a small fee.
If the amount of cash you have is only a few thousand dollars equivelent or less, you
should incur less than $50 in charges and may benefit from a favourable exchange
rate. Oh, and you still have that money of identical value in your savings account if
you were living within means.
Shawn. www.shawnseabrook.com
Disclaimer- it wasn't me. I didn't do it, you can't prove a thing.
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If you can control your non-US bank account on the 'net, here's an idea. You need a
bank account with a credit card, an ATM card (one usable in Plus or Cirrus compatible
machines... most of them, then) and a home computer.
Pay NEARLY all your existing money into your credit card (leave some in your bank
account in case of an necessary emergency payment). Buy any large items (or do
Christmas shopping in one store so you get a humungous bill in one place instead of
lots of semi-humungous bills in lots of places) using this credit card in the US. The
exchange rate is favourable and you don't incur any unexpected fees, as a rule. If
you don't want to feel like you're living beyond your means, have an identical amount
put in your US bank account. Debits and credits, it's all accrual accountancy.
Keep tabs on the level of your credit card on-line closely. If you go slightly into
the red, use the cash left in your bank account to pay the credit card off until the
balance is at zero. Then cut up the card and send to the issuing bank, asking them to
cancel the credit card side of your account. Any money left in the bank can be
withdrawn in sizeable chunks from an ATM in the US, normally subject to a small fee.
If the amount of cash you have is only a few thousand dollars equivelent or less, you
should incur less than $50 in charges and may benefit from a favourable exchange
rate. Oh, and you still have that money of identical value in your savings account if
you were living within means.
Shawn. www.shawnseabrook.com
Disclaimer- it wasn't me. I didn't do it, you can't prove a thing.
May 27th 2001, 2:17 pm
#7
Just Joined
Joined: May 2001
Posts: 17
I came across this same problem and our bank gave us a fairly simple solution even for people who don't have any existing accounts in the US.
Just set up an account in the US at a bank in your name/joint account whatever! Then wire the money through a bank transfer. It will cost you probably something in the area of £20-£25 in commission but she told us it really is the safests, cheapest way to do it. It doesn't take very long to transfer the money either.
Any other money you would need that you wouldn't want transferred immediately (spending during your moving period) you could just do whatever you would normally do as a traveller.
It is very simple; especially in your case where your fiancee has an account already.
Just set up an account in the US at a bank in your name/joint account whatever! Then wire the money through a bank transfer. It will cost you probably something in the area of £20-£25 in commission but she told us it really is the safests, cheapest way to do it. It doesn't take very long to transfer the money either.
Any other money you would need that you wouldn't want transferred immediately (spending during your moving period) you could just do whatever you would normally do as a traveller.
It is very simple; especially in your case where your fiancee has an account already.
