Sending money to Nepal from Bank of America
I send money to Nepal from bank of America ( wire transfer to Nepal). It has been more than a week, but the recipient has not received yet. Beneficiary account is in KTM (prabhu bank limited). Please share your experience! why does it take so long time? Does anyone have wire transfer recently?
THANKS
Not BoA but sending through other online services like prabhuremit and transfast would usually take 1 week even longer for the first time. So, I think its normal.
You will lose a lot of money if you send through BOFA.
@mancini,
You don't if you send the amount in US $. You will only lose if you send in Rs.
The wire transfer fee for $ is 45 whereas Rs. is $35. So, next time anybody wanna send through BofA, send in US $ for $45.
Yes if you send in US $, BOA will charge $45. However, the bank in Nepal deducted $12 before depositing the money in the account.
@Ip Man, thank you. Thank you furke for the clarification. I read previous thread on sajha and looks like furke knows better, see link below. @furke, do you remember after how many days money was deposited on the recipient account?
http://sajha.com/sajha/html/index.cfm?threadid=112382
I sent some money last week from BOA to Ktm and it just took 3 /4 days to be available in nepal.
transaction was so smooth n easy. it was my first time sending through any bank and I did it online.
@Santosh,
I sent money through BofA to NMB bank in Nepal. The money first went to the main branch in Kathmandu. Then the Kathmandu branch deposited the money in my dad's account which was a branch office. It took only 24 hours. I think the bank deducted about $10 which was just fine as he got the Rastra Bank's exchange rate. Moneygram, western union and other transfers don't honor Rastra Bank Rate so it was beneficial even after paying $55 in fees.
@furke ;
what do think about sending 10k+ $ would matter in any means?
I mean, is there gonna be any trouble with irs or bank account if we send 10k+ amount few times in a year??
@ furke, thank you for sharing the information.
@ Raam Raam,
In my opinion and based on earlier thread posted on Sajha, It does not sound good idea to send 10K amount several times in a year. Of course, they will track to make sure where is the money going and they could ask the source of income and tax information etc. If you have valid source, it might be okay. Probably, someone from sajha community who knows more about this can provide better answer, I believe.
By the way, did the bank in Nepal deducted the amount? I hope, this will provide information to all the sajha community too. Personally, I did not know about this and maybe not discussed in the sajha forum before.
Thanks guys!
yeah! I also read smth like that in another sajha thread so sent little less than 10k. but I need to send some more again so I was trying to be clear. Thinking that there must be 1000s of ppl doing huge sum wire transfers from bank everyday and I doubt irs would be interested in all of them?? so lil confused if I should do it again or look for someother form of tranfers..
@santosh, no amount was deducted in bank in nepal. BOA charged 45$ for service that's it. money was in familys bank account in nepal after 3 days
You will not run into any issues while sending more than 10K. Any transfer exceeding 10K has to be reported by the associated bank or money transfer agent, that's it, just for reporting purpose. You will not be taxed or be summoned into anyting. The bank or agent might ask you to provide the proof of source of income for reporting purpose.
It is equivalent to declaring currently at US custom if one has more than 10K while entering or exiting US. That one is also just for reporting purpose, no tax issues or nothing.
If the money sent has legal source of income and reported with irs, then there is no problem sending 10k or more multiple times.
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