Is there is limit to how much money can be send outside US. I mean are the rules different for Asylee sending money to home country. I need to buy house for my parents back home. Do you think IRS or INS with cause problem. And how could i send it. I mean most of agencies like western union have limit of $3000 or so. ???
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Sending money to home country
- Thread starter Asylee13
- Start date
wantmygcnow
Volunteer Moderator
I think its ok to transfer money from your bank account...Money coming into bank accounts is usually that raises concern..Maybe others can chime on it..!
You should have no problem doing the money transfer(s) from your account but get a copy of the sales receipt (invoice) of what you bought overseas for you records and for the bank in case they ask..also check with your bank some banks limit the amount to be send abroad..
Asylee13 said:Is there is limit to how much money can be send outside US. I mean are the rules different for Asylee sending money to home country. I need to buy house for my parents back home. Do you think IRS or INS with cause problem. And how could i send it. I mean most of agencies like western union have limit of $3000 or so. ???
Asylee13,
You can do wire transfer thru your bank. Most banks will charge you a flat fee regardless of the amount. HSBC, for example, charges $25 per transfer.
If you are planning on wire transfer a large sum of money, you should avoid western union. The fees will be subtantial if you use western union.
Wire transfer is fast and easy. You parents can withdrew the money within 2 - 3 business days. You need your parents's bank account number and the address of their bank when you do the transfer. Some banks might ask you for the routing number of your parents' bank.
Ask your local bank for information about the fees, limit, and procedures.
it is totally fine. Make sure you check the bank you will transfer the money to and ensure that it is not in America's black listAsylee13 said:Is there is limit to how much money can be send outside US. I mean are the rules different for Asylee sending money to home country. I need to buy house for my parents back home. Do you think IRS or INS with cause problem. And how could i send it. I mean most of agencies like western union have limit of $3000 or so. ???
Asylee,all will depend to which country you are sending the money.
If you are sending money to one of the countries suspected of breeding nets for terrorists,believe me they will track you down even you will never know it until they indict you.So becareful where you send the money?????
Gebre
If you are sending money to one of the countries suspected of breeding nets for terrorists,believe me they will track you down even you will never know it until they indict you.So becareful where you send the money?????
Gebre
Asylee13 said:Is there is limit to how much money can be send outside US. I mean are the rules different for Asylee sending money to home country. I need to buy house for my parents back home. Do you think IRS or INS with cause problem. And how could i send it. I mean most of agencies like western union have limit of $3000 or so. ???
You might want to find out about the laws in receiving country. In my case in Belarus, they charge some rediculous percentage (40% tax) on wire transfers from USA. So it is better to open a free checking account, and send the ATM card.
dade,
I prefer that but when i contacted one of the banks that allows you to send ATM , i was freeked out looking at the list of documents they are asking for, specially:
Copy of passport with valid unexpired visa
Copy of immigration status i.e GC or H1B or F1 etc..
Copy of passport of the person in other country receiving the ATM
First of all, i don't have valid visa any more and if i show them my EAD or RTD ,what is the grantee, that govt is not going to use it to harrase my family.
I prefer that but when i contacted one of the banks that allows you to send ATM , i was freeked out looking at the list of documents they are asking for, specially:
Copy of passport with valid unexpired visa
Copy of immigration status i.e GC or H1B or F1 etc..
Copy of passport of the person in other country receiving the ATM
First of all, i don't have valid visa any more and if i show them my EAD or RTD ,what is the grantee, that govt is not going to use it to harrase my family.
Asylee13 said:dade,
I prefer that but when i contacted one of the banks that allows you to send ATM , i was freeked out looking at the list of documents they are asking for, specially:
Copy of passport with valid unexpired visa
Copy of immigration status i.e GC or H1B or F1 etc..
Copy of passport of the person in other country receiving the ATM
First of all, i don't have valid visa any more and if i show them my EAD or RTD ,what is the grantee, that govt is not going to use it to harrase my family.
Asylee13,
Have you looked into the Bank Draft and American Express TravelFunds Card options.
When I first came to the US for College many years ago, I carried a bank draft and some American Express Traveler Checks with me. Once I got here, I opened a bank account and deposited the bank draft into my checking account. While I was waiting for the check to be cleared, I used American Express Traveler Check. I used them for Apartment Deposit and rent as well. The amount of the bank draft was large, the bank charged me US$100 fee. My friends from my home country did the same thing together, but they did not incur any fees. I was very upset with the bank becuase of the $100 fee.
You can send the TravelFunds Card to your parents and they can withdraw money from ATMs. Although there is a limit of how much money you can put on your TravelFunds card, but you can re-load more money on it. Below is the link:
http://www10.americanexpress.com/sif/cda/page/0,1641,22395,00.asp?aexp_nav=travcheques
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