I am a US citizen. I lend some money to my dad back in 2009 and 2011 as he had no source of income so I send my savings to him so he could use the annual interst as his income. I have a loan agreement signed between us stating he would return the money when he does not need anymore. It is my W2 earned money on which I already paid interest to the US govt. and my dad paid interst on that money to India govt when he recd it from me. The money was lent at no interest owed to me as it was a favor to my parents. Now my dad is ready to send that money back to me. How can he do it and in how much amounts can he do so.
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1 Answer
The best, cheapest and safe way is to wire transfer that money from their Bank Account to yours.
Ask your bank about information regarding inbound international wire transfer and provide those details to your dad.
About how much amounts can he do so : if the amount is more than $10K, you need to provide enough information about where the money is coming from, sources and other legal details.
Whatever way you chose, never do transfers in small chunks (which is called structuring), to avoid the legal hassle - as that might result in more issues and every bank has checks in place to find out this way of structuring.
I would suggest wire transfer all the money, through proper channel, through the banks. It's better to pay some fees, follow the law and live peacefully than to go through some improper channels to avoid paltry fees and get into serious issues.
