How to TT money from country to country

Discussion in 'Free Thoughts' started by Saint, Jun 2, 2019.

  1. Saint Valued Senior Member

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    If I work overseas, how to TT money back to my saving account in my home country Malaysia, the easiest way?
    Is Western Union good?
     
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  3. Seattle Valued Senior Member

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    What is TT?

    It probably depends on the countries but interbank transfers are the most direct way.
     
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  5. RainbowSingularity Valued Senior Member

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    telegraphic transfer / telex transfer

    https://www.investopedia.com/terms/t/telegraphic-transfer.asp

    they are very wide spread so have many places.
    they cost about 4 times the price of a big bank

    big banks charge a single fee
    Western union charge a % or minimum fee

    people who send small amounts often spend huge amounts in fees compared to sending a larger amount less often via a bank.

    if you want to save hundreds of dollars on fees, save it up for 6 months then send it via a bank to bank transfer.
    if you want it sent directly to cash for someone to collect, send it western union.

    western union allows you to send it as cash so anyone can come and collect it.
    banks only allow you to send it to a registered bank account.

    if they have no bank account then you can only send it western union.

    the difference is simple
    western union accept your money in one location.
    then allow the person you sending to, to take money from the other location.
    the money doesn't move around the world.
    it stays inside western unions accounts in each country(not long term but they dont need to wait for it to move).

    banks physically move the money from one country to another and to other banks in other countries.

    places where corruption is high like asia, moving money into a small bank where they can charge you extra fees(extortion) for taking it out can be very expensive.
    some smaller banks will refuse to allow you to take the money out if they cant charge you an extortion fee.

    i know people who have been charged a US$ 100.00 fee for withdrawing money from their own account because the bank staff/manager are corrupt and have seen the big transfer of a few thousand dollars and so target them and hold the money to ransom.
    this is typical behavior for asia.
    they will do this if they can get away with it.
    they make up things like "fast transfer fee" and just skim cash off the amount and threaten to send the money back saying they will lose money as it is sent back anyway and they will have no money.


    safest option
    big banks
    western union

    people like Indian president Narendra Modi have managed to do something that very very few other world leaders would have been capable of achieving.

    https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation


    by doing this he has wiped out a lot of corruption and secured a more stable currency system allow for better tax collection to pay for more services for the poor and working class.
     
    Last edited: Jun 3, 2019
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  7. Saint Valued Senior Member

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    how about through pay pal?
    Can money in pay pal account be transferred back to normal bank account?
     
  8. Seattle Valued Senior Member

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    Yes. PayPal costs you 3% though.
     
  9. Michael 345 New year. PRESENT is 69 years old Valued Senior Member

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    How many bank accounts do you have in country you are working in?

    I have 3

    Credit card - Basic Account - Bali account

    Bali account is NOT linked to Basic or Credit and has totally different PIN

    Bali card lives in Bali (we have been separated soon after came into the world)

    I put money into Bali account from time to time as my spending money when I go holiday

    Ask the bank to make arrangements so I can use card oversea

    When I ask friend overseas to buy something for it to be ready for me on arrival they use card on my behalf for the money

    Perhaps such arrangement might be suitable for your needs?

    Be aware I think banks frown on YOUR card being used by other people

    Also there are limits by law to amounts (reasonably large) to put into such account and above said law must be declared as it is counted as taking money overseas, which it is

    My system has only low level amounts and I had small low cost items to bring back

    A computer data transfer cable and protective cover for tablet about $20 there more than $100 here

    Two other considerations
    Perhaps your bank has a no fee exchange partner ie my bank X has no fee exchange if withdraw money from bank G overseas and likewise G using Bank X here

    If overseas however I use bank Y they do charge a fee

    X and G do make money from the exchange rate

    Y from exchange rate and fee

    Hope that helps

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  10. Saint Valued Senior Member

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    If you transfer 1 million USD, will bank ask you why do you have so much money?
     
  11. Saint Valued Senior Member

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    If someone from overseas transfer 10 million USD to your local account, as a receiver, will Bank ask you to explain why do you have such money?
     
  12. Michael 345 New year. PRESENT is 69 years old Valued Senior Member

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    In all probability YES

    It might also be a requirement of the bank to report such a transfer to the Taxation Department

    The sender of such an amount might also be required to account for the source of the money BEFORE it is sent

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  13. Seattle Valued Senior Member

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    There will be less questions than if you walk into that same bank with $1 million in cash to deposit.

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  14. billvon Valued Senior Member

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    Sort of. They have to file a currency transaction report with the federal government, and the _government_ may start asking questions.
     
  15. Michael 345 New year. PRESENT is 69 years old Valued Senior Member

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    In Australia no

    Lots and lots questions and again be prepared for a visit from Mr Taxation Man

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  16. Seattle Valued Senior Member

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    In the U.S. it's going to be more about money laundering. $10k in cash deposited into a bank means the bank has to fill out a form and report it to the government. Wire transfers are traceable so less questions asked.
     
  17. RainbowSingularity Valued Senior Member

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    someone you dont know has sent you a letter saying you have a mystery relation who has died and they need to quickly send millions of dollars into your bank account to avoid it being lost and they will pay you 10% for doing so and you just have to forward the money on to another account ?

    sounds great !

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    https://www.scamwatch.gov.au/types-of-scams/buying-or-selling/overpayment-scams
     
  18. James R Just this guy, you know? Staff Member

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    Where are you overseas? Don't they have any branches of your Malaysian bank in the country where you are?

    Why would you want to transfer to yourself via Western Union, when a bank-to-bank transfer would work just fine? I don't understand.

    Are you trying to hide something?
     
  19. Saint Valued Senior Member

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    Let's say I go to UK, I bought a lottery and hit jackpot, can I transfer 10 millions pounds back to Malaysia?
    If my bank ask me how do I get the money, I tell them I hit lottery, show them evidence, will that exempt me from paying tax?
    Is my money legal?
     
  20. Michael 345 New year. PRESENT is 69 years old Valued Senior Member

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    In that situation I am more than willing to think the lottery people would help

    Of course the money is legal. As for the tax payment that really depends on the various laws both of the country where you won the money and the country of your citizenship

    Congratulations if you HAVE won any sort of jackpot

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  21. Saint Valued Senior Member

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