What are the laws and restrictions you need to comply with when it comes to international transfers or taking your money abroad?
Any recommendations?
Do not use cash:
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Are you American? If so, I cannot answer your question.
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Yeah, I heard that. The limit should be around 10k US, I think it’s something commonly known.
I’m however curious as for what the regulations are for wiring money abroad. I talked to one of my banks today about doing this with their online banking app and they said I can’t just do that, I need to fill out some form in advance, etc. I wonder if that’s the case for all the banks due to some regulation, etc.
No, I don’t wear XXXL.
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I dont think there are many rules about it, may depend on how vast your funds are.
Have you moved money overseas? how did you do it?
When you wire money out you have to declare the reason on a form. I haven’t had any trouble. I just wired 500k USD a few weeks ago to Interactive Brokers and wrote for investment purposes, and wire arrived at the foreign bank a few hours later.
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I was going to write a lengthier reply, but this ^^^.
Wired it out, weren’t a whole lot of questions just usual cumbersome expensive process in banks here.
have paperwork to back up its legitimacy, and wiring is easy. I found it easy and cheap from Taiwan (just slow as per taiwans norm). The expensive bit was in canada.
Is it not allowed to do this online without previously filling out the said form? it’s a bit annoying and I might know whether or not I want that money when I’m abroad, and not here with physical access to that form.
Not sure, I never trust online for important things, not worth the risk nor the hassle.
Wiring out money has just required filling in some basic details, but shouldn’t be an issue. It’s worth checking for potential charges and/or any limits with the receiving bank in whatever country you’re sending it to.
The hassle usually comes when you want to spend it at the other end. Money laundering checks, for example when buying property.
Yes you need to fill out a SWIFT transfer. Taiwan is still in the 90s with this. I can easily do that online from my home bank to Taiwan but in Taiwan I have to go into the bank and fill out forms and stamp my Chinese name and then process the transfer.
Which bank and how much money?
I transfer money online using Cathay’s app. I have a multi currency account with them but I can transfer from either.
I had to go in to the branch just to have them add the overseas bank account details to my online banking (this takes a few days) after that, no problem.
There’s a daily/monthly limit but I can’t remember how much it is, I never do big transfers.
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