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Author Topic: Sending Money from Russia to the US  (Read 163 times)

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Online Steamer

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Sending Money from Russia to the US
« on: August 14, 2018, 12:10:18 PM »
Is it possible to send large amounts of money (over 10K) from Russia to the US?
Is this legal and how is this done? What are the limits?
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Offline Manny

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Re: Sending Money from Russia to the US
« Reply #1 on: August 14, 2018, 02:00:35 PM »
Is the reporting limit $10k in the US? IIRC with an incoming wire transfer above that limit from abroad your bank will ask you to fill out an IRS snoop form and name or demonstrate source.

From what I recall, transferring less than $100k out of Russia does not present an issue if the named accounts are the same, ie, you to you. Each bank will have slightly differing rules. I'd ask the bank for any specific rules before you do it. They may make you open a 'foreign currency account' if a lot and transfer to dollars in Russia before its sent.

You can also break it up into a number of smaller transactions to avoid bureaucracy perhaps, but if done to evade reporting requirements in the US they call that an offence of "structuring" there.

If the money is legitimate I can't see any issues, but consult both banks before you do it to avoid surprises.
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Online Confederate

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Re: Sending Money from Russia to the US
« Reply #2 on: August 14, 2018, 03:33:23 PM »
As I recall 10K is the limit and a higher amount must be declared to the IRS.

Attempting to circumvent this amount by sending smaller amounts (with a higher aggregate total than 10K) would be foolish and would invite an audit and seizure of funds to pay for a fine.


Online Steamer

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Re: Sending Money from Russia to the US
« Reply #3 on: August 14, 2018, 04:27:46 PM »
As I recall 10K is the limit and a higher amount must be declared to the IRS.

Attempting to circumvent this amount by sending smaller amounts (with a higher aggregate total than 10K) would be foolish and would invite an audit and seizure of funds to pay for a fine.

That's why I'm looking for the legal way. The younger Steamer would have tried to sneak a suitcase full of money thru the airport, not any more.
Life ain't nothing but a poker game
And no two hands are quite the same
But I've never seen a winner that didn't bet

Online Steamer

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Re: Sending Money from Russia to the US
« Reply #4 on: August 14, 2018, 04:37:47 PM »

From what I recall, transferring less than $100k out of Russia does not present an issue if the named accounts are the same, ie, you to you. Each bank will have slightly differing rules. I'd ask the bank for any specific rules before you do it. They may make you open a 'foreign currency account' if a lot and transfer to dollars in Russia before its sent.


 Thanks Manny. There's a lot of Russian lawyers around me in Michigan and other money professionals (because of the Canadian border) so I know this kind of thing is done regularly I just don't know anyone that has actually done it.
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But I've never seen a winner that didn't bet

Offline dcguyusa

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Re: Sending Money from Russia to the US
« Reply #5 on: August 14, 2018, 05:54:55 PM »
As I recall 10K is the limit and a higher amount must be declared to the IRS.

Attempting to circumvent this amount by sending smaller amounts (with a higher aggregate total than 10K) would be foolish and would invite an audit and seizure of funds to pay for a fine.

Here is the IRS description of structuring deposits.  I read some people got flagged as abusing the deposits they made to an account and had to prove where the money originated from prior to being deposited to the account.

https://www.irs.gov/irm/part4/irm_04-026-013