OT: Transferring money to the US

[huskypantz]

My family is receiving a gift from FIL in asia. Transferwise is not an option, not available. Speed of money transfer is really not important. I am trying to get cost estimates for WU but they're giving me a hard time since I'm in the US and need the rates/fees in the reverse direction. I'm trying to research wire transfer but the problem will be in my family just accepting whatever fee/rate is applied at their bank. Does anyone have experience/recommendations on this?

 

[8893]

I know a Nigerian prince who can help you. Let me know and I will forward you the e-mail.

 

[uconNYC]

Honestly there are no ideal options and you're bound to lose a nice chunk of cash on fees and exchange rates. I use Transferwise as its easy and the rates tend to be the most competitive. Usually the likes of WU, MoneyGram are the worst options - that's why they target migrant workers and are all over poor neighborhoods.

Best is for FIL to get a exact quote from his local bank on what the exchange rate will be and the transfer fees so there are no surprises. If he does a lot of business with the bank then he can even negotiate a few fractions of a percent on the exchange rate and have them waive or discount the transfer fees.

By the way - not the best time to send money as the US Dollar is quite strong.

 

[huskypantz]

I know a Nigerian prince who can help you. Let me know and I will forward you the e-mail.

Thanks. They’re in Zamunda, which is Nigeria’s biggest rival. Will have to pass.

 

[Scot-e]

Buy crypto.
Then cash in what you need here in the USA as you need it. Minor fees and it spends the same everywhere.
If you -do my advice would be convert your money over a period of a few months to avoid buying on an uptick in the market.

 

[methodology]

Check monito.com they will give you a few options and what's the least expensive

 

[TerryA88]

Citibank , Bank of America, or Chase. If over $10 k US , split the wires ( taxes)

Transferwise is great as well.

 

[gtcam]

Most bank wire transfer fees for foreign wires are between $25 - $60 incoming/outgoing
Its the exchange fee that is the real issue
Also there are some countries on the prohibitive list - better check
Good Luck

 

[UConnSwag11]

Honestly there are no ideal options and you're bound to lose a nice chunk of cash on fees and exchange rates. I use Transferwise as its easy and the rates tend to be the most competitive. Usually the likes of WU, MoneyGram are the worst options - that's why they target migrant workers and are all over poor neighborhoods.

Best is for FIL to get a exact quote from his local bank on what the exchange rate will be and the transfer fees so there are no surprises. If he does a lot of business with the bank then he can even negotiate a few fractions of a percent on the exchange rate and have them waive or discount the transfer fees.

By the way - not the best time to send money as the US Dollar is quite strong.

IDK, I heard moneygram is very fast as it is using Ripple and has a very low cost

 

[WestHartHusk]

Citibank , Bank of America, or Chase. If over $10 k US , split the wires ( taxes)

Transferwise is great as well.

LOL. Love the boneyard, terrible advice mascherading as a hot tip. Hint: splitting payments to stay below $10k looks like a drug money wire and will surely raise flags.

 

[Edward Sargent]

My family is receiving a gift from FIL in asia. Transferwise is not an option, not available. Speed of money transfer is really not important. I am trying to get cost estimates for WU but they're giving me a hard time since I'm in the US and need the rates/fees in the reverse direction. I'm trying to research wire transfer but the problem will be in my family just accepting whatever fee/rate is applied at their bank. Does anyone have experience/recommendations on this?

I get paid from overseas entities in Israel, India, China and Japan by wire transfer all the time. I used to get charged a fee of $50 which I charged back to the client.

 

[TerryA88]

LOL. Love the boneyard, terrible advice mascherading as a hot tip. Hint: splitting payments to stay below $10k looks like a drug money wire and will surely raise flags.

I'm not doing Estate Planning / Probate Law on the Boneyard. I get paid for that. Nobody other than yourself thought I was recommending counting out $9, 999.00 multiple times at the same location, with the same teller/ clerk, on the same day, at the same institution.

 

[huskypantz]

Citibank , Bank of America, or Chase. If over $10 k US , split the wires ( taxes)

Transferwise is great as well.

From what I can find, I only need to file form 3520 if it's over $100k - total is less. And it's not subject to tax. I will probably file the form anyways if I'm even allowed to.

 

[formerlurker]

Thanks. They’re in Zamunda, which is Nigeria’s biggest rival. Will have to pass.

 

[huskypantz]

Check monito.com they will give you a few options and what's the least expensive

This looked great, but of course they don't transfer funds in that direction. Thanks

 

[TerryA88]

From what I can find, I only need to file form 3520 if it's over $100k - total is less. And it's not subject to tax. I will probably file the form anyways if I'm even allowed to.

North of 16k you'll be able file the 3520 form.

 

[White Dwarf]

Bitcoin would be so easy

 

[Jaker]

paypal.............





















j/k