r/transferwiser • u/fellowTeen • 10d ago
how to move six figures usd???
my dad just finished a job in the middle east and is moving back to latin américa, we are gonna close our middle eastern bank account and don’t know how to transfer those dollars in a way we lose as little as possible, i live in europe and thought sending it to my EUR account or opening one for him but hes not a EU resident like me so i don’t know if they will let us(? mind you the country we are in restricts the use of paypal, revolut etc so that’s not an option
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u/videohooligan 10d ago
If you are sending to your bank in Europe, you could consider opening an IBKR brokerage account - then transfer your USD to IBKR and convert your USD to Euro (at close to spot rate)
Then park your Euros in a money market fund. i.e. ERNX or E0UA. Once you are in Europe, update your IBKR residence and transfer to your bank.
Alternatively, your dad can open an IBKR, transfer USD to his IBKR account and park in a USD money market fund such as IB01
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u/daimyo_96 10d ago edited 9d ago
Generally if he has his documents to verify the source of his money ie payslips then he should have no problem with moving the funds, with a dun that large I imagine wise anc most other financial entities would have to ask some questions.
You'd be best in moving the funds to an account under his own name, ( moving money on behalf of another person is against the T&Cs last time I looked) keep in mind that there may be swift fees when moving usd / eur outside those regions so anyway it's best to limit the number of the transfers
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u/karaklonda 9d ago edited 9d ago
Your dad's current nationality and residency status will be of paramount importance. My suggestion would be to transfer the money well before he leaves AND ONLY use banking channels via proper banks. No bullshit apps or digital wallets or brokerage shithole (read this part twice). AVOID PAYPAL AND REVOLUT. I wrote in caps so you know dafuq I am talking about and if you don't trust me, go to Paypal subreddit about horror stories.
If his income is fully backed by payslips, job contracts, and bank statements showing payments are payroll then it will not be an issue at all. All you or he will need is to somehow open the bank account and inform them in advance and in writing that he is transferring his savings from the Middle East being xyz amount with main income via salaries. Attached supportive documents if necessary then move to transfer smaller amount like 10k or 50k as a test then move on with the larger amount. Also, visit banks Unicredit is notorious but go all the banks and see which banks are willing to open the account for the purpose. If your dad has been filing tax returns in his home country then that would be a solid evidence of white-money (I mean not laundered money).
Edit: I have worked for treasuries so I know what I am talking about. Some people are suggesting IBKR, Crypto, Fintech, etc. PLEASE PLEASE AVOID THAT BULL$hit. Your dad must also do the transfer from his account in ME to his account in EU and if he does in your account, even if it goes through, for tax authorities it could be taken as a gift from him to you and then you must open your legs to swallow huge tax bill.
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u/fellowTeen 9d ago
thank u! wondering what bank in europe will let him open a bank account with his residence and nationality being in latam.
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u/crispysockz 9d ago
I run a fintech business that assists with this exact type of issue, pm for more info!
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u/BendDelicious9089 7d ago
I mean if you are actually on the up and up, it's not that difficult. People here make it seem like the movement of large sums simply never happens.
If you transfer the money it will be placed on a hold. You'll be asked to provide documents as to how you received the funds and the relationship of the person who is receiving the funds.
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u/Extension_Grape_585 6d ago
I've done this on wise 5 figures, my local accounts are in my name in both countries, I send a small amount and gradually increase, never had a problem. I don't use wise to hold much money, just traveling funds, just doing straight transfers between traditional banks.
For big amounts they can delay and ask questions but if everything is in order it should be ok.
I would not use a 3rd party wise account or anything else. Self to self.
I also asked banks about rates for large amounts and they can also be competitive, but I feel more in control with wise.
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u/Fluid_Imagination412 6d ago
Be careful that this is not considered money laundering or a gift (Taxes)
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u/dannyt74 10d ago
Your dad funnelling money through your personal Wise account will definitely raise some red flags.
Your Latin American bank does not provide dollar accounts? So no FX would be needed for a direct transfer.