Money transfer from Egypt to USA?

This is a discussion on Money transfer from Egypt to USA? within the Tax Issues forum, part of the Other Business & Finance Law Issues category; Hello everybody, As you may know, the current situation in Egypt is awful. I live in the US and my ...

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Old Feb 8th, 2011, 01:16 AM   #1
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Default Money transfer from Egypt to USA?

Hello everybody,

As you may know, the current situation in Egypt is awful. I live in the US and my brothers living in Egypt would like to deposit their money in a bank account in Egypt with my name and then I should transfer that money to my US bank account? The amount is significant because all my brothers want to transfer their savings to me because they are concerned about their money in Egyptian banks at the moment. The money is their savings (3 brothers).

My question is:

Do you think there will be a problem wiring such significant amount to my US bank checking account?

Their money will be transferred to my US checking account and once things settle down in Egypt, I should wire them back to them.

Is there any legal complications on my part if I did that? Would be any problem with taxes?

Please let me know your professional answer and advice.

Thanks,
Diaa
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Old Feb 8th, 2011, 03:54 AM   #2
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Default Re: Money transfer from Egypt to USA?

I wish to inform you that the transfer of funds from the accounts of your brothers to your account in Egypt, the transactions are subject to the local laws in Egypt on the subject matter of transfer of funds from brother to local account of overseas sibling. From Egypt, the funds may be transferred to your account by bank wire transfer to your account in USA. Any bank wire transfer greater than $10,000 will be reported by your US bank to the authorities in USA. You may transfer back the funds at opportune moment to Egypt by Western Union, MoneyGram or bank wire transfer. The transfer back of funds to Egypt will be subject to scrutiny in Egypt under local laws.

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Old Feb 8th, 2011, 08:32 PM   #3
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Default Re: Money transfer from Egypt to USA?

Thanks AFA for your reply. I appreciate it.

What about taxes in the US? Do you think this will cause me any troubles with IRS or any other authority in the US? I want to make sure that I am doing the right thing.

Do you advise me to go ahead with the transfer?

Thanks again

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Originally Posted by AFFA View Post
I wish to inform you that the transfer of funds from the accounts of your brothers to your account in Egypt, the transactions are subject to the local laws in Egypt on the subject matter of transfer of funds from brother to local account of overseas sibling. From Egypt, the funds may be transferred to your account by bank wire transfer to your account in USA. Any bank wire transfer greater than $10,000 will be reported by your US bank to the authorities in USA. You may transfer back the funds at opportune moment to Egypt by Western Union, MoneyGram or bank wire transfer. The transfer back of funds to Egypt will be subject to scrutiny in Egypt under local laws.

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Old Jul 24th, 2013, 04:45 AM   #4
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Default Re: Money transfer from Egypt to USA?

Quote:
Originally Posted by memoday View Post
Hello everybody,

As you may know, the current situation in Egypt is awful. I live in the US and my brothers living in Egypt would like to deposit their money in a bank account in Egypt with my name and then I should transfer that money to my US bank account? The amount is significant because all my brothers want to transfer their savings to me because they are concerned about their money in Egyptian banks at the moment. The money is their savings (3 brothers).

My question is:

Do you think there will be a problem wiring such significant amount to my US bank checking account?

Their money will be transferred to my US checking account and once things settle down in Egypt, I should wire them back to them.

Is there any legal complications on my part if I did that? Would be any problem with taxes?

Please let me know your professional answer and advice.

Thanks,
Diaa


Hello Diaa,

I am welling to give you some advises regarding your case, specially because of the situation now in Egypt is not predictable at all.

Please check my linkedin profile (ae.linkedin.com/pub/ahmed-saeed/29/8a1/18a/) and contact me if you have any further inquiries.

Regards,
Ahmed Saeed
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Old Jul 24th, 2013, 05:40 AM   #5
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Default Re: Money transfer from Egypt to USA?

Determine the amount to be sent to the United States. The transaction fees will depend on the money being transferred. When sending money to the United States, be aware that sending any amount larger than $10,000 will be reported to American authorities. Non-bank customers can make use of a bank's Western Union services. However, if you opt to send a wire transfer from your own bank instead, go to your bank to complete the transaction. Fill out the necessary transfer forms. Complete MoneyGram's "Send Form" and include a 10-word message for the recipient. If wiring from your bank, complete a wire transfer form and include the recipient's name, his bank's name, branch code and account number. Submit the completed form and the money to be transferred to the teller. Also, present a valid form of personal identification when requested. A processing fee will then be charged, and the teller will state how much it costs. To complete the transaction, pay the teller. At the bank, the teller will issue a confirmation number that can be used to track the transfer from the sender's bank account to that of the recipient.
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