How to Transfer Funds to an Offshore Bank Account
As more people are traveling the world today, there are real needs for bank accounts in the countries and regions where they travel. Investors also like to maintain bank accounts in other currencies to use in their investment strategies. Setting up a bank account in foreign countries is fairly straightforward and perfectly legal. To transfer funds into one of these "offshore" accounts is also reasonably easy.
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Instructions
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Get all of your banking information together. You will need to know all the pertinent information of the accounts involved, such as the account numbers and bank names. Each bank will have a routing number or other identifying number that describes that exact bank in the myriad of banks that exist around the world.
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Make a phone call to each of the banks that will be involved. Talk to a representative in each bank that handles money transfers, particularly international transfers. Ask how long the bank will require before the money is available in the account and double check all the wiring instructions. This should be done with each bank representative.
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Check with each bank as to the fees that will be needed to accomplish the transfer. Most banks charge fees not only to send money transfers but also to receive money transfers. Make sure you know what these will be and make arrangements for the funds to be paid to accomplish the transfer.
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Be aware of any regulations in effect about transferring sums of money to banks abroad. Different countries have banking laws and regulations that people living in other countries may not know. Check with the banking officials at each bank so that you will be informed of any of these laws.
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Arrange to have your U.S. bank transfer the money to your account offshore. Talk to your local banker and make all the arrangements to accomplish the transfer and pay all the fees. Schedule the transfer for a particular day and then notify the bank that will be receiving the funds that they are coming and when.
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Report or fill out the appropriate forms if the amount is over $10,000. In the post-911 world, many laws have been enacted to limit or make known to the government transfers of large amounts of cash out of the country. The reason is to keep tabs on terrorist activities or as a way for the government to ensure they get their tax dollars from its citizens.
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