What can I use for international money transfer?

[mhbin]

Hello,

Although we live together, my wife is from another country and we have our savings there in her country. We need to transfer around $20K to the country where we will now and put it to my bank account as POF. What is the best and cost effective way to do this?

And when we have the money, it will be a spike in my back account, so should I also get a gift deed (Money is not in the bank as of now)?

 

[DelPiero07]

No need for a gift deed. What you're basically trying to prove is that the funds are not a loan.

If the funds are coming from an account under your name to another then simply get bank statements from both accounts to match that transfer. This way you will be able to prove that the funds belong to you.

Cheers

 

[mhbin]

Thanks for the info, but unfortunately the money is not in a bank account. So our relative will send it to us by hand. I'm thinking of having it sent by a service like Western Union and then get a gift deed from the sender pointing the Western Union transaction.

Is that a good plan, or am I thinking too much?

 

[DelPiero07]

Thanks for the info, but unfortunately the money is not in a bank account. So our relative will send it to us by hand. I'm thinking of having it sent by a service like Western Union and then get a gift deed from the sender pointing the Western Union transaction.

Is that a good plan, or am I thinking too much?

As long as you have the gift deed and proof that the funds are coming from a relative to you then you're good to go.

 

[mhbin]

Thank you.

 

[sunchaser]

I would suggest deposit in the bank account in home country and use a service like TransferWise to transfer funds; it's a cost efficient way to transfer funds between two countries. I am not sure if one can carry the amount you mentioned in cash while entering another country. Plus, if it is an account to account transfer, you can trace it and explain it on LOE easily.

 

[mhbin]

Thanks sunchaser. I will keep that as an option.

 

[sunchaser]

Cheers!