220

Stop doing this. If your friend contacts you, don't answer until you've followed through on step 2. Go get a lawyer. They might advise you to contact the police and tell the police what's been going on before you get a knock on the door with a warrant behind it. Here is why: you are almost certainly inadvertently participating in money laundering. The funds ...


114

Scam/Criminal. There is no limit how much money he can send into the world, so the excuse is BS. Of course, nobody can say for sure, but the chances are that it is money laundering: Illegally acquired cash is paid in, and the receiver sends it right back as a clean electronic transfer. When the FBI (or the DEA or another alphabet-soup agency) catches up ...


34

I am from Germany and occasionally avoid Umlauts because I use a non-German keyboard layout. So I might share some experience here. Usually, the German financial institutions are ok with ue, ae, oe, sz/ss in upper- and lower-case variant. In the wild, even minor variants of the account holder name seem to be ok. What's most important is the IBAN, and the ...


24

"For some reason can't transfer it directly to his account overseas (something to do with security codes, authorized payees and expired cards)." Don't become someone's financial intermediary. Find out exactly why he can't transfer the money himself, and then if you want to help him, solve that problem for him. Helping him fix his issue with his expired card,...


22

Chances are umlauts are ignored/implicitly converted anyway. SWIFT symbols It is important to remember that cross-border payment form can only be filled in with SWIFT symbols. If illegal symbols are used, the system will give an error message and it will not be possible to confirm the payment. SWIFT symbols include the following: SWIFT symbols ...


13

Typically, a transfer of money isn't taxed in and of itself. If they send you $1000 and you send them goods, your profit is what would be taxed, not the full amount sent to you. You need to keep track of all money you spend to acquire the goods, and all money coming in, so you can declare the profit you've made as income. Your question appears to be less ...


13

Source: Investopedia: Do non-U.S. citizens living outside the U.S. pay taxes on money earned through a U.S. internet broker? From the sounds of it, you will be considered a non-resident alien, and will be subject to no US capital gains taxes as such. That being said, as you already noted, you will be subject to capital gains in your home country. Note that ...


12

There isnt such site. Get hold of a Travel agency and inform your friends that this agency will give them a good deal on airfare and hotel stay. Inform the travel agency on the arrangement that you are working out. They have better way to explain to your friends. Pay the difference to the Travel agency. If you hire a reputed agency, they will not cut you ...


12

Some suggestions. First ask your bank if it is possible to accept a cheque in US dollars. Some won't but some will, possibly for a fee. Second ask your bank if there is an account you can open that would take a US dollar cheque. Lots of banks can set those up, again possibly for a fee. Try another bank in your country off they won't. This is your most ...


10

You have a variety of options depending on the specifics of your situation. I would recommend the first option if you live in an area served by TD Bank (you can also research similar banks who have both a US and Canadian presence such as RBC). The ATM: TD Bank doesn't charge ATM fees for use at a TD Bank/TD Canada Trust ATM (this is true for both TD Canada ...


10

This is not a problem. SWIFT does not need the Beneficiary Account Currency. The settlement account [or the Instruction amount] is of interest to the Banks. As I understand your agreement with client is they pay you "X" EUR. That is what would be specified on the SWIFT along with your details as beneficiary [Account Number etc]. Once the funds are received ...


10

It's got every sign of a scam. Signatures are needed on contracts, so you should only place them on below one. Free money sounds too good to be true. Money evading banks is a typical sign of money laundering; why are they trying to avoid paper trails? The normal way to gift money is to just hand it over or pay it to a bank account. If anything, you sign a ...


9

I'm not familiar with the laws in the Philippines, but I know that there are no taxes or restrictions in the US on transferring money between accounts. Just wire-transfer it from your bank in Philippines to your bank in the US (or directly to the escrow, they'll provide instructions). Why would you send $10K at a time? Are you laundering money? The 10K ...


9

PayPal is generally a pretty safe way to send money, because not only is there a money trail, but PayPal has pretty good fraud and buyer protection. Furthermore, if you fund your PayPal account with a credit card, then you get the additional protection provided by your credit card bank too. If you use PayPal, there isn't really a way for her to take more ...


8

There are several ways to minimize the international wire transfer fees: Transfer less frequently and larger amounts. The fees are usually flat, so transferring larger amounts lowers the fee percentage. 3% is a lot. In big banks, receiving is usually ~$15. If you transfer $1000 at a time, its 1.5%, if you transfer $10000 - it's much less, accordingly. If ...


8

I prefer to use a Foreign Exchange transfer service. You will get a good exchange rate (better than from Paypal or from your bank) and it is possible to set it up with no transfer fees on both ends. You can use an ACH transfer from your US bank account to the FX's bank account and then a SEPA transfer in Europe to get the funds into your bank account. ...


8

how are the ways he could scam me? There are hundreds of different ways the scam can progress ... broadly; Getting you to part money: The next steps would be money is transferred and you need to pay tax / stuck in customs / fee etc to get this free money. Getting you to launder money: i.e. you send something back by keeping a percentage. Apart from it ...


7

The limit, if any, would be established by your financial institutions. You would need to contact both your sending and receiving bank to ascertain any limitation they impose on wire transfers. Generally, taxes aren't imposed on transference of funds between accounts you own, but I'm not familiar with tax in Thailand and I could be wrong on that half of the ...


7

The Option 2 in your answer is how most of the money is moved cross border. It is called International Transfer, most of it carried out using the SWIFT network. This is expensive, at a minimum it costs in the range of USD 30 to USD 50. This becomes a expensive mechanism to transfer small sums of money that individuals are typically looking at. Faster ...


7

It doesn't matter, no amount of security on your end will improve the inherent security flaws in the banking system (just like being cautious about who hears your social security number doesn't help you in the more likely situation where a bank or government database gets leaked and yours + a million other social security numbers are sold multiple to ...


7

He is doing this so you will go to jail when he finances terror with his money. Or any other unsavoury thing he wants to send money for. Paying for child porn. Laundering money. None of us know, but you'll be the one hanging for it.


7

It's a scam. Why else would a stranger contact you and ask you for money?


6

This is a reasonable requirement which many banks probably have. The reason is that after you deposit a check, ACH or direct deposit - they may be reversed after a couple of days (check bounced, payment canceled, etc). If you wire the money out, and then the check by which you got the money gets bounced - the bank is left hanging because money wired out is ...


6

I faced something similar for travel or work reasons, and as for me I preferred wire transfer over credit card withdrawals because my bank has huge fees. My thoughts so far are: the fee can vary a lot for credit card. As for me, I can expect 5% fees on foreign withdrawals. But I considered changing bank and I think a Gold (or premium) card might be a good ...


6

Today I called Deutsche Bank. They said that for an international transfer I need to specify IBAN and SWIFT-BIC. The ACH specific information is irrelevant. Later I called e-gold claims process customer service, +1.8887647519: "ACH Coordinator at Financial Institution", "ACH Coordinator Telephone Number": Just a contact at the bank, in case there are ...


6

The first question I have to ask is, why would your "friend" even be considering something so ridiculous? There are so many variations of the banking scam running around, and yet people can't seem to see them for what they are -- scams. The old saying "there's no such thing as a free lunch" really comes into play here. Why would anyone send you/your ...


6

In the US, currency transactions of more than $10,000 require a Currency Transaction Report (CTR) to be filled out and submitted to the Financial Crimes Enforcement Network (FinCEN). Note than FinCEN is a sister bureau to the IRS, both of which fall under the umbrella of the Treasury Department. A CTR is required only when dealing with monetary instruments, ...


6

Replace ä with ae, ö with oe, ü with ue, and ß with ss. If possible, use the correct letters. It may not be printed on the keyboard, but for example on a Mac, you press and hold the a key and after a second or so a little window comes up letting you pick various variants of the letter a. Use ae if the website doesn't accept it.


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