Can please someone tell me the best way to transfer money from Pakistan to USA. I am buying a home and I am taking about $40,000 from my uncle living in Pakistan. Also I wanted to know if the IRS would involve in it for tax. Your help is appreciated.
2007-01-12 10:28:56 · 0 answers · asked by Farah 2 in Business & Finance ➔ Personal Finance
Western Union is a popular choice for wiring money. Or you could consider setting up a joint account in a neutral country in case it is a frequent event. All financial entities are required to report transactions exceeding $10,000 to the IRS. If the amount exceeds $12,000 (per giver and receiver), then the gift tax will kick in. If there are multiple givers and multiple receivers (ex. your uncle is married and you are married), then he could give up to $48,000 without incurring the gift tax.
2007-01-12 10:33:51 · answer #1 · answered by Carter 3 · 0⤊ 0⤋
Hello,
If you are buying a home in the USA, then the best way is bank to bank transfer, if you live in the USA, then presumably you have a bank account there. Ask your bank for the international IBAN number and their swift code to give to the Pakistan Bank making the transfer for you, along with the recieiving banks name address and one fo the banks officers name, your personal account number and your name and address. The Bank in Pakistan will then send the $40,000 transfer and the reason for its issue will also be advised to the recieiving USA bank to ensure that they dont think you are involved in money laundering..
2007-01-12 10:34:57 · answer #2 · answered by Latin Techie 7 · 0⤊ 0⤋
Hmmm. Gifts above $11,000 are usually taxable to the giver. I'm not sure how this applies to a foreign citizen not resident in the US.
As for transferring the money, I would contact my bank and ask about setting up a wire transfer. Be advised, banks report large deposits (above $9,000, I think) to federal authorities as part of the scheme to prevent money laundering.
Good luck and congrats on the new house!
2007-01-12 10:34:29 · answer #3 · answered by fdm215 7 · 0⤊ 0⤋
Hello Gan.. Did you find answer? I also need to transfer small amount from Pakistan to USA..
2015-07-31 14:51:49 · answer #4 · answered by ? 1 · 0⤊ 0⤋
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well i think the safest and cheapest would be to get a cash advance and than use a bank to bank account transfer -- it will cost about 10.50 and take up to 7 business days!!!
2016-04-11 05:14:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋