Having to move a large amount of money!
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maryellen
Apprentice
Joined: 14 Jan 2004
Posts: 18
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 Posted: 12/31/07 - 07:40 Post subject: |
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| My brother wants to send me a large amount of money overseas and he’s not sure how to do it without paying huge fees. He says it way to much complicate because of the currency diversification and costs. Are there any taxes and restrictions he should be careful of? I supposed he sold some property there and he wants to move money to buy something here. |
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emmy
Apprentice
Joined: 03 Oct 2005
Posts: 16
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| Posted: 01/30/08 - 00:08 Post subject: |
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| I think if it’s just the money he’s sending to you for your purpose then it’s one type of procedure, but if he plans to invest then I think it has something to with whether he has a citizenship or not. Wire transfers are ok and depending on citizenship he would pay the tax. When it comes to huge money amounts then it’s better to go through the banks not to do it by services. Although banks claim they don’t charge fees they do so he has to ask them to explain him every detail. |
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