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Contact an accountant with experience in both countries. Getting this wrong could be expensive. While you are still a US person (i.e. at least to the end of this tax year), you do not want to be self-employed and overseas. The ~13% employers contribution to social security and Medicare taxes are not covered by reciprocal taxation agreements or by the ...


It turned out that the best way was to open a dollar account with a UK bank. I went with Lloyds, and now have a international USD account based on the Isle of Man, which is very cheap to run.


First, this is NOT how Hawala works. Hawala merchants don't carry cash around as an easy target by robbers. Second, your family should use P2P money transfer port which imitates the Hawala to your bank account. Because those portals are recording the transaction and abided to destination country jurisdiction, thus save everyone the hassle. About Hawala ...


The hawala system does not involve banks at all, and it does not involve any transportation of currency across political boundaries. The way it works is that if you want to send money from City A to a payee in City B (which may, or may not, be a different country), you give cash money X in currency C to your friendly neighborhood hawala broker in City A who ...


Normally it is completely legal for your family to send you money from their country directly to you in the US. (Are you in a country that doesn't have a banking relationship with the US?) They can do this in a variety of ways, all of which probably have a nominal fee. It sounds like instead of doing that, the plan is for your family to give $3-5k in cash to ...


There is no law that prevents you from receiving money from your family, unless the money is somehow associated with an illegal activity. However cash transaction over $10000 need to be reported. Cash transactions under $10000 do not need to be declared or reported to the IRS. Make sure that your relative does NOT carry a total of $10000 or more in cash (...


Don't do it. Maybe help her do her own fundraising but don't get involved, financially.


There really isn't a direct answer to the question in your headline. There are several mechanisms and networks via which you can make an "international wire transfer" and, essentially speaking, there isn't one single all-powerful org balancing everyone's books all at once for all possible transfer mechanisms. But that's OK, because the systems are built to ...


There would be automatically conversion of USD to EUR. This is pretty standard in international transfer.

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