Well I Did It

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Mike S
Posted
Posted (edited)

 

We set up new bank accounts in J's name and closed the ones that were joint accounts

 

Just wondering what would happen if she dies, are you able to get that money? 

 

 

 

With proof of death the bank will release 1/2 of the account to me (we asked) and the rest held for the BIR to drool over .... but as I said we are only talking about $1100 US and approx 10,000p so no big deal .... we withdraw our monthly living expenses as soon as they clear the bank each month so no accrual of funds the rest stays in my US banks .... but then I would have to set up a $ account so I could continue to transfer my checks or send money by other means .....

 

Trying to find another method to transfer funds .... wanted to use World Remit but Florida is not one of the places they will send money from so may once again try Remit-to-home .... Xoom seems to (for some people) not be so reliable .... lots of complaints on the web about them lately .... WU as a last resort .... to expensive

Edited by Mike S
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MikeB
Posted
Posted

I've heard the complaints but in more than 2 years no problems yet with Xoom.

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Thomas
Posted
Posted

 

Cuba comes to mind when I read that. I think that it is allowed but within limits and only to family.

There are limits as to the amount of US dollars sent to family members. The limits will increase soon. The tax when converting US currency is 10%. None for Canadian. Go figure.

TAX at currency CONVERTING ??!!   

That's theft...   :bash:

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DavidK
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Reply to Hounddriver Dave. Sorry I can't give you quotes from anywhere as banks are rather sensitive about making certain things public. You can decide if I'm making it up or not but I can say until the 31st December I was working in a large international bank and we spent a lot of man hours working out how the FATCA legislation would affect us and how we should handle transactions to make sure we didn't fall foul of it.

Apologies I couldn't respond before now.

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GregZ
Posted
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Xoom seems to (for some people) not be so reliable .... lots of complaints on the web about them lately .

Using Xoom regularly since 2012.  No problems.  I even over-drafted my account, due to math error, once and the fund pickup in RP had already happened.  They only wanted the original amount to go through without penalty.  We scheduled it for 3 days later so I could make a deposit and they processed it then.  LIKE THAT! ! !  :thumbsup:

 

I REALLY liked that I could get free transfer codes but do not find any of them anymore.  The old transfer for free codes should still work if you have never used them against your account.  I've considered making another account and trying the codes all over again myself. Look for them in a separate thread here or do a web search.  :cheersty:

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  • 1 year later...
az09
Posted
Posted
On 1/9/2015 at 8:12 AM, JJReyes said:

There are limits as to the amount of US dollars sent to family members. The limits will increase soon. The tax when converting US currency is 10%. None for Canadian. Go figure.

Sorry to bring up this oldish thread, but I just want to be sure that you are talking about Cuba, and not the Philippines, right? Are you saying that for every $100 sent, the U.S. will tax $10 on top of that? Is it only money sent to family members, i.e. those with the same legal surname/bound by marriage, or the tax still applies when sent to anyone including yourself?

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Dave Hounddriver
Posted
Posted
7 minutes ago, az09 said:

Sorry to bring up this oldish thread

The trouble with bringing up an old thread is that the original posters are often inactive and thus will not reply to your question.  As a moderator, I approved the post, (pending JGF's decision), because someone else may have the answer for you.

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Sander Martin
Posted
Posted (edited)
1 hour ago, az09 said:

Sorry to bring up this oldish thread, but I just want to be sure that you are talking about Cuba, and not the Philippines, right? Are you saying that for every $100 sent, the U.S. will tax $10 on top of that? Is it only money sent to family members, i.e. those with the same legal surname/bound by marriage, or the tax still applies when sent to anyone including yourself?

Its been a while since my trip to Cuba, but the 10% tax on USD was (is?) for everyone wanting to change USD into local currency. I was changing Euros and got the spot exchange rate, where people with USD paid the tax (some guys from Russia that i spent some time with in Cuba). The Tax was (is?) collected by Cuban Goverment. The smart people changed their USD into CAD or Euros before flying to Cuba.

Edited by Sander Martin
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JJReyes
Posted
Posted

Yes. My post dated 01/08/2015 was specific to Cuba. This country remains very expensive for American citizens, but it should change for the better because of the new diplomatic ties. I recently looked into cruise prices to Cuba. The prices are nearly doubled compared to other destinations like the Dominican Republic.  

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