Tip: Wiring money back to America

Business Money
41

So heres the breakdown of what I was charged to send to wells:

400 NT----$12.52 Bank of Taiwan
$18.00 Either Wells Fargo, a 3rd party, or a combo of Wells and 3rd party

Total: $30.52

Way too much in my opinion, but maybe there are no other reliable and secure options. $360 dollars for a year if I send once a month! That’s two months rent!

Not sure how much western union would charge or how secure that is, but I will surely be looking into it.

42

I think I would be just a bit careful about wires right now. As all have heard the banks in the U.S. are currently undergoing vast changes and the apparent plan is to gather and refuse or delay distribution. I have seen it already. A request for a wire from my trusted hometown bank has been delayed from corporate for unkown reasons. I am still trying to sort it out but when I call my local branch, I am referred to HQ. When I get somebody there, after staying up till the wee hours, I am ultimately disconnected.
I know the banking situation is dire but this is not that much money, less than 50,000 U.S., yet I run into difficulties.
How would I do it now? I really don’t know but I don’t think it will get better soon. Now my funds are sitting in a non-interest bearing account, guaranteed by my government that brought me a housing and banking crisis and all I can do is hope for the best. Be careful.

43

tw.knowledge.yahoo.com/question/ … 8081806982

tw.knowledge.yahoo.com/question/ … 8081702547

44

Doesn’t anything over US$10,000 get additional scrutiny?

45

[quote=“Homey”]So heres the breakdown of what I was charged to send to wells:

400 NT----$12.52 Bank of Taiwan
$18.00 Either Wells Fargo, a 3rd party, or a combo of Wells and 3rd party

Total: $30.52
[/quote]

Wells Fargo only charges us 10.00 Not sure why you are getting charged more.

Plus, that is a flat fee. Since we send back around 40k-50k NT every month, 20 bucks is doable for us.

We are going to try the international ATM trick, so we’ll see how that goes.

46

Doesn’t anything over US$10,000 get additional scrutiny?[/quote]

Not if it’s wired. The $10,000 figure applies to cash, checks and traveler’s checks that you physically carry into the US.

source: http://help.cbp.gov/cgi-bin/customs.cfg/php/enduser/std_adp.php?p_faqid=447&p_created=1043364939&p_sid=AkG2qQej&p_accessibility=0&p_redirect=&p_lva=&p_sp=cF9zcmNoPSZwX3NvcnRfYnk9JnBfZ3JpZHNvcnQ9JnBfcm93X2NudD02NDAsNjQwJnBfcHJvZHM9JnBfY2F0cz0mcF9wdj0mcF9jdj0mcF9zZWFyY2hfdHlwZT1hbnN3ZXJzLnNlYXJjaF9ubCZwX3BhZ2U9MQ**&p_li=&p_topview=1

47

[quote=“Homey”]

Not sure how much western union would charge or how secure that is, but I will surely be looking into it.[/quote]

I have no doubt that Western Union’s fees are higher than charged by the Taiwanese banks, but the company has its own niche. I’m not in Taiwan, or else I’d call. This is Western Union’s Website, with a phone number: http://www.westernunion.tw/en/how_to_send.php

This is Western Union’s locator: http://www.westernunion.tw/en/location_search.php
Hope this helps.

48

If you have HSBC Premier in Taiwan and in the US then it’s free to transfer, and it arrives the same day if you transfer in the morning.

I do it from China and I assume it’s the same from Taiwan. I checked and you need a NT$3 million balance to get HSBC Premier without a fee.

49

[quote=“BAH”]If you have HSBC Premier in Taiwan and in the US then it’s free to transfer, and it arrives the same day if you transfer in the morning.

I do it from China and I assume it’s the same from Taiwan. I checked and you need a NT$3 million balance to get HSBC Premier without a fee.[/quote]

I have a multicurrency account with HSBC in HK. I just do my online banking from there.

If I wire money to Australia from HK in the morning it is usually in my Australian account within 30 - 60 minutes.

Alos saves a trip to the banks… lol

50

hi guys I am going to sell this house in Taiwan to my cousin, we are thinking he will just wire me the payment from his USA account to my USA account. but will I have to pay any kind of tax or will IRS or police come ask me where did I get the money from or anything? anything else I need to know? thanks guys

51

There is nothing wrong or illegal with the transfer of money that way, from a US account to another US account or trans-border. If I’m not mistaken, if the amount is over US$10K, there’s some extra paperwork, but that’s it. The paperwork just assures that you will ultimately and correctly declare it on your taxes.

Of course the IRS is interested in where you got the money. Earnings from overseas assets is taxable. If you sell a house in the US for more than you paid for it, you may be liable for capital gains tax. If it’s property overseas, while I would assume the same as it is an asset, but you should consult a tax attorney in the US.

irs.gov/publications/p523/index.html

irs.gov/pub/irs-pdf/p54.pdf

irs.gov/localcontacts/articl … 92,00.html