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Transferring money questions...

Transferring money questions...

Old Feb 16th 2002, 12:45 am
  #1  
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Location: Dallas, TX
Posts: 276
Harry is a jewel in the roughHarry is a jewel in the roughHarry is a jewel in the roughHarry is a jewel in the rough
Default Transferring money questions...

Hi all,
Well I'm getting close to receiving my K-1 visa, and we're looking into ways of transfering my money (shaping up to be about $13000) over the big pond.

1. Can anyone give me names of banks that will allow me (the foreign fiance) to be added to my fiancee's account, without being present and w/o a SS# yet. This is the ideal scenario, we do this, and I just wire the money before I leave. My fiancee's current bank will not do this. Alvena, you mentioned in an old thread that you and Arnoldo did this...who do you bank with if you don't mind me asking?

2. If we can't do this, and I transfer into my fiancee's account, are there any tax implications, since technically she is receiving the money from me, rather than a person simply moving their existing money around?

Thanks in advance for any replies!

-Harry
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Old Feb 16th 2002, 12:59 am
  #2  
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smldnabjp is an unknown quantity at this point
Default Re: Transferring money questions...

have your fiancee check with other banks the area, to find out their policies. My bank allowed me to add my fiance with out to many questions all we need to do was come back when we had his social security number. We also transfered alot less money so i'm not sure about issues with that.
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Old Feb 16th 2002, 1:25 am
  #3  
Donna Maindraul
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Default Re: Transferring money questions...

    > 1. Can anyone give me names of banks that will allow me (the foreign fiance) to be
    > added to my fiancee's account, without being present and w/o a SS# yet.

I did that with a Chase checking account in New York City with no hassle at all.

-Donna
 
Old Feb 16th 2002, 5:45 am
  #4  
Gentledoe
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Default Re: Transferring money questions...

I got travellers check for $20.000 and declared at he POE, no tax, no hasle..

Harry <[email protected]> wrote in message
news:[email protected]...
    > Hi all, Well I'm getting close to receiving my K-1 visa, and we're looking into
    > ways of transfering my money (shaping up to be about $13000) over the big pond.
    >
    > 1. Can anyone give me names of banks that will allow me (the foreign fiance) to be
    > added to my fiancee's account, without being present and w/o a SS# yet. This is
    > the ideal scenario, we do this, and I just wire the money before I leave. My
    > fiancee's current bank will not do this. Alvena, you mentioned in an old thread
    > that you and Arnoldo did this...who do you bank with if you don't mind me
    > asking?
    >
    > 2. If we can't do this, and I transfer into my fiancee's account, are there any tax
    > implications, since technically she is receiving the money from me, rather than
    > a person simply moving their existing money around?
    >
    > Thanks in advance for any replies!
    >
    > -Harry
    >
    >
    >
    > --
    > Posted via http://britishexpats.com
 
Old Feb 20th 2002, 12:25 am
  #5  
Michael Voight
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Default Re: Transferring money questions...

Harry wrote:
    >
    > Hi all, Well I'm getting close to receiving my K-1 visa, and we're looking into
    > ways of transfering my money (shaping up to be about $13000) over the big pond.
    >
    > 1. Can anyone give me names of banks that will allow me (the foreign fiance) to be
    > added to my fiancee's account, without being present and w/o a SS# yet. This is
    > the ideal scenario, we do this, and I just wire the money before I leave. My
    > fiancee's current bank will not do this. Alvena, you mentioned in an old thread
    > that you and Arnoldo did this...who do you bank with if you don't mind me
    > asking?

Why not just wire it to her account, then get added to it when you come?

    > 2. If we can't do this, and I transfer into my fiancee's account, are there any tax
    > implications, since technically she is receiving the money from me, rather than
    > a person simply moving their existing money around?

That depends on whether simply being in the account can be construed to mean she has
ownership of it. If it is simply being held there because you can't get an account
until you come here, that is one area of possible dispute. By the way, gift tax is
payable by the donor. There is a $10000 per recipient exclusion, per year. Any
amount over $10000 generally reduces the estate's exclusion amount for estate tax
(the death tax)
 
Old Feb 20th 2002, 6:06 am
  #6  
Michael Voight
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Posts: n/a
Default Re: Transferring money questions...

smldnabjp wrote:
    >
    > have your fiancee check with other banks the area, to find out their policies. My
    > bank allowed me to add my fiance with out to many questions all we need to do was
    > come back when we had his social security number. We also transfered alot less
    > money so i'm not sure about issues with that.

Well, if it is a joint account, there is no tax issue for funds transfer. If it is an
account in another person's name, then if IRS believe the money was transferred to
the other person as a gift, then it would be subject to the gift tax. Gift tax is
normally paid by the giver, but generally anything over the $10000 exclusion limit
per recipient per year would be applied against the estate tax exclusion. I don't
know how the IRS would handle this if the gift actually came from outside of the US.
So, in this case, since the immigrant is the real end recipient of the money, that is
probably not an issue here. Even if he wasn't the one getting the money, the person
receiving the money would not have to pay tax on the gift.

M
 

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