Need to send 50K to Nepal
Folks, I need to send 50K to Nepal to invest on a property but am not sure how to. Researched a bit on the transfer matter and found it's difficult to send that amount of money. Has anyone here sent that much of money? How about sending as a gift to 4 different people? I think any sum less than 14K is exempt to gift tax, right? Or, how frequent I can transfer sum less than 10K, can I do 5x 9999 transfers in a month? Pleas share your experiences. Thanks and Jay Nepal!!
It should not be difficult if its white money. Gift tax is only annual reporting requirement for 14k and lifetime exemption is in millions. If you are buying yourself, its not a gift, its an investment.
As far as I know, banks do report the transactions, so it won't help if you do 5 x 9999 transfers. IRS will know that. However, if you send 14000 to four different people, then you are fine. You can gift 14000 each to as many people as you want without any gift tax implications. However, if you have a bank account in Nepal, you can transfer it to that account, you can transfer all at once. I'm not an expert in this matter, just a disclaimer. I suggest you spend a couple of hundred bucks and schedule an appointment with a tax attorney. He/she will tell you the ways to legally avoid troubles with IRS.
Bank of America can transfer that amount of money on single transaction.
Thanks mates for inputs. BTW, can I send "gift" as a regular money transfer process via IME or moneygram or muncha? Can I make all 4 transactions at the same day or there should be an interval for each transaction? Thanks!
If your money is not illegal , you should not be worry about IRS.
9999 rules may not apply as it shows a pattern and within a short span of time.
It also applies the same rules who ever individual receiving money in US. Indi
Inbox me with your number. I need to bring significant $$ from Nepal, perhaps we can work something out.
year 2013 - transferred 45K to Nepal via BoA to just one person without a trouble. It will ask you a reason and i simply put "Family help". Also many other smaller transaction between 22k -2k ..no issues .....Why people worry when you know you have not done any wrong...
When you send, send money in the currency of sender (that is $) not receiving party currency. They will give you very low exchange rate. When the currency is send in $$$, the bank in Nepal gives you the equivalent Nrs at their bank rate which is much higher. Don't send money as investment otherwise you will have to report in tax filing (not sure how it works but during tax filing it always ask this question); just send as family help. BoA charged me $48.00 and I believe it is flat rate. so if you do smaller transactions its not worth it. Go to Walmart send via MOneyGram and the charge is $ 9 for upto 8-9K
hope this helps
Thank you Stupida. I will do the same. Thanks again!
inbox me your email. may be i can help you with.
Just send it thru bank or money transfer agents. For 50k, u don't wanna go thru the risk dealing with the strangers. Anything above 10k has to be reported by the bank or agents, it has nothing to so with the tax. They might need just your income source details to prove that it's not about money laundering.
@raj.pkr I just inbox you ..
I tried to send money few days ago through bank but it did not went through. The Bank told me i also need to have Intimidatory bank information (A/c no). I did not understand we they need intimidatory bank since i provide them the direct a/c no. could someone explain me how these works. which bank in nepal acts as an Intimidatory bank. Thank you
U need Swift code for the bank and the account number. That should be enough for transfer. I had the same issue with bank asking for secondary AC number. But that is not right. Later I insisted again to check the procedure, and it went through. Make sure u talk to someone in the bank that knows abt Swift code transfer. Regular bank employees seem to lack those info.
Please log in to reply to this post
You can also log in using your Facebook