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what's the best way to wire money from oversea to buy house
Jing,
As far as wiring the money is concerned just have her overseas bank wire the money. You obviously want to pick up a good exchange rate when the dollar is weak in comparison to the currency you currently have the funds in. The wiring costs are insignificant (probably about $25 to $50 depending on your bank) when in comparison to the $200,000 you are wiring. Make darned sure that you know the routing number of the bank you are sending the money to, the account name, the account Number, the mailing address etc. It's a good idea to check with the overseas bank the exact exchange rate you will be getting (look at www.oanda.com for a guide). When I did this I wrote to my bank and asked them to hold the money in the foreign account and transfer it only when they received my confirmation phone call, which they were happy to do (gave me the chance to double-check the exchange rate had not gone bad overnight). They may not be prepared for your mother to transfer such a large amount of money to an account in your name! (I don't know I'm just guessing). As regards whose name the house is purchased under. IF it is her money and being purchased under your name, this maybe considered a 'gift' to you in which case there maybe major tax implications (check with your Tax advisor). As a green card holder there shouldn't be any reason as far as I know why she shouldn't own a house in the USA. However when she comes to sell it I 'believe' I am correct in saying that the escrow company has to withhold some of the proceeds until any capital gains taxes have been paid (again check with your Tax Advisor). This house will be considered investment property if your mother owns it because she will not have lived in it for 2 of the past 5 years when it comes to be sold and hence any proceeds will be subject to capital gains tax. If you own it and live in it then capital gains taxes will not apply when it is sold. Please take all this with a touch of salt, I am rather old you know and I could be mistaken, but in summary....don't worry too much about doing a wire transfer just make sure you get a reasonable exchange rate and have the details you will need like account numbers correct . Also check on the implications of what you are doing with a good Tax advisor. Good Luck. Mark "Jing" wrote in message om... hi, recently my mom is thinking about buying a house at the states, but she is actually living oversea. she wants to buy a townhouse for my sister and me to live. she has green card and my sister and me are u.s. citizen. what's the best way to wire money from oversea to buy house without hassle fees ? she is thinking about to wire $200,000. and shoud we buy house under her name or our name? thanx for all ur help... |
#2
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what's the best way to wire money from oversea to buy house
"Jing" wrote in message om... hi, recently my mom is thinking about buying a house at the states, but she is actually living oversea. she wants to buy a townhouse for my sister and me to live. she has green card and my sister and me are u.s. citizen. what's the best way to wire money from oversea to buy house without hassle fees ? she is thinking about to wire $200,000. and shoud we buy house under her name or our name? thanx for all ur help... Ooh this is gonna set off all the drug dealer/terrorist/money laundering alarms.... I'd look for a home country bank that has offices in the states (or a 'corresponding bank' agreement with a stateside bank), either to handle the money transfer, or the handle the closing with an overseas check drawn against a dollar account wherever the money is. Typical small-town bank will likely be clueless on how to handle this. As to whose name to put the house in, that is a seperate issue that your mother's financial/tax/inheritance advisors will have to answer- the best course of action depends on many variables. If the house is put in JUST your name, paid with offshore cash, that will set off all sorts of money laundering and tax evasion alarms, and you can almost count on a visit from IRS. Standard disclaimer- IANAL, or a CPA, but had to deal with many of the same issues going the other direction when my mother retired back to 'the old country' to recover the family properties the USSR stole back in the 40s. Fortunately, her stateside bank was owned by the same guy who owned a local multinational company, so that bank actually had people who knew how to move money across borders. aem sends... |
#3
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what's the best way to wire money from oversea to buy house
On Thu, 24 Jul 2003 23:27:21 GMT, someone wrote:
Ooh this is gonna set off all the drug dealer/terrorist/money laundering alarms.... No reason why it should. The laundering occurs at the stage where cash gets into the banking system. The suspicion comes when someone is trying to move or spend a large amount of cash (as in physical currency). Legitimate money moves by banks and wire transfers which can be audited. It is not that big a big deal. Typical small-town bank will likely be clueless on how to handle this. Any bank should "know how" to receive a wire transfer!!!!! -v. |
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