Transferring money to the US from Australia

mister83 · 21 February 2012

Hi Guys,

I need input from someone who have had recent experience in transferring money (somewhere in the vicinity of $150K) to a bank in the US from Australia. This amount is for purchasing a property in the US.

I was wondering what are some of the best options out there are in terms of great exchange rates, low fees, etc. Also, Do I need to notify any government authorities in Australia/US?

Thanks

Glen48 · 21 February 2012

Is that A property or several 150 large should get you a few.

McLovin · 21 February 2012

mister83 said:
Also, Do I need to notify any government authorities in Australia/US?

Thanks

IANAL, but I believe a W-8BEN is your friend.

http://www.irs.gov/pub/irs-pdf/fw8ben.pdf

Regarding FX rates, I use World First, never had a problem and they seem cheap enough. Certainly far cheaper than a bank!

bellenuit · 21 February 2012

mister83 said:
Hi Guys,

I need input from someone who have had recent experience in transferring money (somewhere in the vicinity of $150K) to a bank in the US from Australia. This amount is for purchasing a property in the US.

I was wondering what are some of the best options out there are in terms of great exchange rates, low fees, etc. Also, Do I need to notify any government authorities in Australia/US?

Thanks

As this is over $10K, who ever you use to do the transfer will have to report it to the government. I don't know which department. But it is done to try and detect money laundering. So make sure everything is done legit.

Dowdy · 21 February 2012

Well, when I transfer money to purchase stock from China, I use OzForex. No fee over a certain amount and great exchange rates.

When you're looking at money as big as yours a good exchange rate will save you thousands.

Tyler Durden · 21 February 2012

Any transaction over $10,000 will trigger the attention of the authorities.

sptrawler · 22 February 2012

mister83 said:
Hi Guys,

I need input from someone who have had recent experience in transferring money (somewhere in the vicinity of $150K) to a bank in the US from Australia. This amount is for purchasing a property in the US.

I was wondering what are some of the best options out there are in terms of great exchange rates, low fees, etc. Also, Do I need to notify any government authorities in Australia/US?

Thanks

Purchase the property on your visa card think of the ff points.

prawn_86 · 22 February 2012

I work for an FX Broker so can get you good exchange rates with low fees. Feel free to PM me

Dowdy · 22 February 2012

Tyler Durden said:
Any transaction over $10,000 will trigger the attention of the authorities.

Jezz, you make it sound like they'll come knocking on your door ready to ask questions.

If it's declared on your tax then it's not even a worry

Glen48 · 22 February 2012

The Yanks have dogs at the airport trained to sniff out $ notes.

Transferring money to the US from Australia

mister83

Glen48

Money can't buy Poverty

McLovin

bellenuit

Dowdy

Tyler Durden

sptrawler

prawn_86

Mod: Call me Dendrobranchiata

Dowdy

Glen48

Money can't buy Poverty

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