Wire transfer from USA

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  1. #1

    Join Date
    Aug 2008
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    25

    Wire transfer from USA

    Hey guys,

    Say I make money online, around 50K USD a week, and they wire transfer it to my bank then I need to wire 25K USD to my partner back at the US. I'm under 18 I don't know if this will raise alarms or get into issues as locking accounts. I currently put these transfers on hold.

    MystiK


  2. #2

    Join Date
    Mar 2006
    Posts
    4,043

    You raised the issue yourself. Yes, they always are on the look out for large sums of money transferring around the world.

    The Office of Foreign Assets Control - OFAC - monitors to make sure money is not going to terrorist groups or tax evasion or money laundering and narcotics. The banks are obliged to stop funds if they believe them to be banned organizations and report over $10,000US per day. When you go to financial exchanges here in HK, they take all your information if that amount is exceeded.

    You could also go to JP Morgan as I think you can transfer funds online to your foreign account without using SWIFT.

    Fifty thousand US per week and half going back to the USA to someone else each week is a lot of money for an individual to be sending so I'd be surprised if they didn't look at that.

    Not sure this helps but speaking to your bank might help and maybe a JP Morgan account if they still have that transfer service.

    OFAC says this:

    "Pursuant to the Bank Secrecy Act, a bank is required to file a Currency Transaction Report for each transaction in currency of more than $10,000 by, through, or to that bank.3 Additionally, multiple currency transactions totaling more than $10,000 during any one business day must be treated as a single transaction if the bank has knowledge that they are by or on behalf of the same person.4

    Nonetheless, a bank may exempt certain customers from currency transaction reporting requirements providing that those customers meet criteria specified in the governing regulation.

    Go here for more details at the US Treasury's OFAC site and read the bulletins:

    http://www.fincen.gov/news_room/advisory/

    http://www.fincen.gov/statutes_regs/...2009-g001.html

    Last edited by Football16; 07-06-2009 at 10:54 AM.

  3. #3

    Join Date
    Aug 2008
    Posts
    25

    Thanks for your reply, I'm under 18. I don't know - these money is made legitimately from affiliate networks (I do internet marketing)... would JP Morgan accounts cost alot or anything?

    thanks
    MystiK


  4. #4

    Join Date
    Jun 2005
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    Hong Kong
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    You won't have a problem so long as everything is legitimate and you are able to explain to the bank what the source of these funds is. If Law Enforcement Agencies are going to take an interest then it doesn't matter whether you bank with JP Morgan or anyone else - they are all subject to the same rules about reporting transactions over US$10K.


  5. #5

    Join Date
    Jan 2007
    Posts
    4

    This is interesting...

    But do you still have to report and pay any tax in HK if the affiliate commissions are made outside of HK (the affiliate networks are in the US and you get commissions from US purchases) ?

    You don't get paid by HK companies and you don't get commissions from HK purchases/people but you just receive money to your HK bank because you live in HK.

    Does this kind of income be considered not "derived from HK" and therefore not taxable?

    The only "work" you do in HK is just to keep track of your websites, buy some ads and do a few updates. And there are no paper signed contracts with the affiliate networks.

    Thank you.

    Missia


  6. #6

    you're under 18 and making US$200,000 a month?

    flipping heck!


  7. #7

    Join Date
    Jan 2007
    Posts
    4

    Maybe 100K as he needs to share half with his partner but still lot of money...


  8. #8

    Join Date
    May 2005
    Location
    Hong Kong, from UK
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    3,838
    Quote Originally Posted by leedseagle:
    you're under 18 and making US$200,000 a month?
    And you're asking for advice on how to move money around on a random Internet forum? The whole thing sounds pretty dodgy to me, anyway...

    flipping heck!
    Indeed!

  9. #9

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    Jun 2005
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    in my home
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    I smell shananigans

    and what's the reason you are afraid of someone looking into it? if it's a legit business then it doesn't matter. or are you just asking how to hide large sums if money being thrown around the world so you can avoid taxes?
    Posted via Mobile Device


  10. #10

    Join Date
    Mar 2006
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    Quote Originally Posted by BenderBends:
    I smell shananigans

    and what's the reason you are afraid of someone looking into it? if it's a legit business then it doesn't matter. or are you just asking how to hide large sums if money being thrown around the world so you can avoid taxes?
    Posted via Mobile Device
    I thought the OP is not saying he is afraid but asking about how it can be done and if it would get stopped and his accounts locked up. I think he is asking how it can be 'legitly'. It is a freaking heckuva pile of money he is making if true.

    If this is true, he should be going to a company like ICS Trust who will take care of all of this for him thus ensuring he has no problems.

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