I have been told that these two banks are good to xfer large sums of money (tax paid) from one country to another. I plan to transfer quite a large sum(100k+) from usa to India. I have Citibank accounts in both countries and they are linked. Has anyone done it before? Is it safer and faster than one us bank to an indian bank like icici? Also is the other way round possible? If I want to bring in some money From India to here? I know us customer care is good, i am concerned about the indian side lest things go wrong.
100k+ is a lot of money, i don't know if I can't trust 3p. Citi to citi is safest. Followed by wellsfsrgo to icici, right?
Yes I know I will get better rates outside though, but once I leave the country it can e hard to follow up if things get messed up
Is there some secret to money transfer. I simply went to my credit union and did an international wire for something like $50. Did I pay too much?
50 dollar fee, what was the amount?
Just curious - Will you owe additional taxes?
I am being told, no. Because it is tax paid and self to self transfer. Again, different countries might have different tax laws, cases may vary
No tax on transfer that's true. Watch out for other currency related taxes. If you discharge a foreign mortgage IRS will want to know if you "gained" on a change in the US value of the debt . For example if it was a 200k USD debt but when you discharged it only had to pay 150k USD because USD increased against the local currency then IRS thinks you made 50k and owe them tax even though no actual USD was used in the discharge (because you sold the home and used the proceeds to pay the mortgage). Nasty. But there is no tax on the exchange of money itself.
This would be a simpler case, cash from my bank account to aNither one. No liquidation of equity
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Don't take posted rates. Negotiate like you were buying a car, and take the best rate. Also look into OFX and TransferWise and such.
+1 for TransferWise, used it for lots of transactions both big and small without issue.