How to receive monetary family inheritance from abroad?

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September 14, 2018, 02:26 PM

benny6

How to receive monetary family inheritance from abroad?

My wife is Brazilian. Her father died a few years ago, followed by her mom 2 years ago. Her sister sold the house and wants to send my wife her half. It's Brazil, so the sale of a house is not what we'd be accustomed to here. My wife's share is about $10,000 USD.

What's the process of receiving that kind of cash from a family member outside the country? I'm sure there are fees but I'd like to pay as little fees as possible.

TIA,

Tony.

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September 14, 2018, 02:35 PM

Aeteocles

Bank wire.

Call your wife's bank and ask them for "wire instructions". They should give you a sheet with the specific routing and account number, name of the bank and recipient, and the bank's address that should show up on whatever computer system banks use for wires.

Then, you give that sheet to your wife's sister in Brazil, and have her go to the bank and give the instruction sheet to the banker there, and they arrange to have the money sent.

September 14, 2018, 02:36 PM

chellim1

Have them go to their bank and say: "I'd like to initiate a wire request".
They will need to bring your bank's routing number and your account number.

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible."
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September 14, 2018, 03:25 PM

TigerDore

She's not just a broad, she's your sister-in-law. Have some respect.

I agree with having the bank wire the money. Make sure it is done as a wire, not just an ACH transfer, the ACH can be clawed back. In fact, just to be safe, open a new account at your bank to accept the wire. Once it arrives, transfer to whatever account you want to use and then close the account that received the funds.

.

September 14, 2018, 03:45 PM

pbramlett

quote:
Originally posted by TigerDore:
She's not just a broad, she's your sister-in-law. Have some respect.
.

LOL that's funny.

September 14, 2018, 04:03 PM

benny6

Thanks guys. I just didn't know if there was any laws that slap fees on international bank wires. I'm not a politician, so I'm not familiar with international accounts and such. I don't know if Brazil or the US cuts any off the top to get your money.

She mentioned possibly bringing it on her next visit but isn't there a limit on how much cash you can bring on an international flight? I don't like that option, especially if the flight originates in Brazil. She may not make it on the plane if she does that.

Tony.

Owner, TonyBen, LLC, Type-07 FFL
www.tonybenm14.com (Site under construction).
e-mail: tonyben@tonybenm14.com

September 14, 2018, 04:10 PM

JALLEN

Typical bank fee for a wire is $40. That is waived for Really Good Customers usually.

Currency exchange is what it is. The most efficient way is wire.

There is no tax on these. You must report currency in or out of the country of $10,000 or more, I think it is. Currency moving in that part of the world is suspicious, and what do you do with currency once it is safely here, assuming it makes it? How much is the travel?

Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown

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--Benjamin Franklin, 1759--

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September 14, 2018, 04:58 PM

jimmy123x

Nothing, just a wire fee....usually $40-60, an the sending bank charges a little, some intermediary bank takes a little for exchanging the money, and your bank takes a little. Have her wire the money under $10k and tell the IRS it is a gift from her sister, which it is technically.

September 14, 2018, 05:14 PM

jhe888

If it is over 10K, your bank will file a currency transaction report, which is nothing at all, unless you start getting 10K two or three times a week, and someone at the ATF begins to wonder why. For a one time transfer, so what?

The fish is mute, expressionless. The fish doesn't think because the fish knows everything.

September 14, 2018, 07:08 PM

rocket72

quote:
Originally posted by jhe888:
If it is over 10K, your bank will file a currency transaction report, which is nothing at all, unless you start getting 10K two or three times a week, and someone at the ATF begins to wonder why. For a one time transfer, so what?

You might be thinking SARs or UARs. Receipt and initiating wires aren't CTR reportable events. If you deposit the threshold amount of cash to make a wire or withdraw the threshold amount of cash in receiving a wire, that's what triggers a CTR event. In this case, for a one off event such as this, he will be good to go.

September 14, 2018, 07:16 PM

Skins2881

I got this buddy in Nigeria that can help you out. He is about to wire me $12.2 million from an relative I never even knew I had. Just send them a copy of DL, SS Card, and a few other essential bits of tax info and they should get you all set up.

Jesse

Sic Semper Tyrannis

Duty is the sublimest word in the English Language - Gen Robert E Lee.

“So in war, the way is to avoid what is strong, and strike at what is weak.”

September 14, 2018, 09:39 PM

TigerDore

quote:
Originally posted by Skins2881:
I got this buddy in Nigeria that can help you out. He is about to wire me $12.2 million from an relative I never even knew I had. Just send them a copy of DL, SS Card, and a few other essential bits of tax info and they should get you all set up.

Man, what a coincidence.

.

September 17, 2018, 09:53 AM

jhe888

quote:
Originally posted by rocket72:
quote:
Originally posted by jhe888:
If it is over 10K, your bank will file a currency transaction report, which is nothing at all, unless you start getting 10K two or three times a week, and someone at the ATF begins to wonder why. For a one time transfer, so what?

You might be thinking SARs or UARs. Receipt and initiating wires aren't CTR reportable events. If you deposit the threshold amount of cash to make a wire or withdraw the threshold amount of cash in receiving a wire, that's what triggers a CTR event. In this case, for a one off event such as this, he will be good to go.

I didn't know that. Thanks.

Even if there is a CTR, who cares?