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What's the best way to deposit money into your bank account?

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Boner_Jones
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What's the best way to deposit money into your bank account?

Post by Boner_Jones » August 24th, 2009, 7:38 am

I've done some research on teaching abroad, and I've found out that some schools either pay you in cash in the local currency, or they deposit your salary in a local bank account that you set up there.

If you don't want to set up a foreign account, and you're working abroad, what's the best way to deposit money into your bank account in the US with minimal hassle and fees?

Someone told me about using traveller's checks from your local bank, like if you get paid in cash, you could convert the cash into TC's to transfer to your bank account in the US.




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momopi
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Re: What's the best way to deposit money into your bank acco

Post by momopi » August 24th, 2009, 8:01 am

Boner_Jones wrote:I've done some research on teaching abroad, and I've found out that some schools either pay you in cash in the local currency, or they deposit your salary in a local bank account that you set up there.

If you don't want to set up a foreign account, and you're working abroad, what's the best way to deposit money into your bank account in the US with minimal hassle and fees?

Someone told me about using traveller's checks from your local bank, like if you get paid in cash, you could convert the cash into TC's to transfer to your bank account in the US.


Use an international bank with local branches. Talk to them and see what services they can offer you.

I used HSBC, they have branches in US, Mexico, Asia, etc.

Boner_Jones
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Re: What's the best way to deposit money into your bank acco

Post by Boner_Jones » August 24th, 2009, 8:22 am

momopi wrote:
Boner_Jones wrote:I've done some research on teaching abroad, and I've found out that some schools either pay you in cash in the local currency, or they deposit your salary in a local bank account that you set up there.

If you don't want to set up a foreign account, and you're working abroad, what's the best way to deposit money into your bank account in the US with minimal hassle and fees?

Someone told me about using traveller's checks from your local bank, like if you get paid in cash, you could convert the cash into TC's to transfer to your bank account in the US.


Use an international bank with local branches. Talk to them and see what services they can offer you.

I used HSBC, they have branches in US, Mexico, Asia, etc.



Yeah, but I just want to minimize the hassles, and keep only one account (here in the US) for now, without adding another one, even if it's an international one. I just want to know if I can transfer most of my overseas salary to my US bank account, with minimal fees, and without setting up an additional bank account. Plus, what will this mean when I have to file my US taxes?

momopi
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Post by momopi » August 24th, 2009, 9:58 am

If you live and work abroad, you can claim US income tax exemption up to $87,600 USD for 2008.

There are some requirements, such as number of days you must be physically abroad to qualify. I recommend consulting an accountant on this subject.

As for banking, HSBC provides offshore banking and global fund transfers in some 200 countries. Find a branch near you and have a chat with them.

Boner_Jones
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Post by Boner_Jones » August 24th, 2009, 11:00 am

momopi wrote:If you live and work abroad, you can claim US income tax exemption up to $87,600 USD for 2008.

There are some requirements, such as number of days you must be physically abroad to qualify. I recommend consulting an accountant on this subject.

As for banking, HSBC provides offshore banking and global fund transfers in some 200 countries. Find a branch near you and have a chat with them.



Yeah, but the question is, does the benefit of setting up an account outweigh the cost of NOT setting up one if I want to transfer any overseas money to the US?

momopi
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Post by momopi » August 24th, 2009, 5:33 pm

Boner_Jones wrote:Yeah, but the question is, does the benefit of setting up an account outweigh the cost of NOT setting up one if I want to transfer any overseas money to the US?


If you just want to bring money into the US, you're allowed to take up to $10,000 cash without declaration.

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Winston
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Post by Winston » August 25th, 2009, 9:23 pm

Boner Jones, what is wrong with opening a new account? If you have a US based account like Bank of America, you have to open another account in a foreign country. Just pick a bank you trust like HSBC or Citibank. I use Citibank, but their minimum balance requirements have been increased a lot.

Most expats here do that. When they transfer balances, they just write a check from one bank to another and deposit it that way. If you use an ATM abroad for a US based bank, you will be hit with multiple fees from both sides.

That's the only way to do it.

It isn't hard to get used to having two banks. You will get used to it.

Remember that part of being successful abroad requires flexibility and adaptability, not rigidness. Darwin said that it's not the strong that survive, but those who adapt best.
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Travel Dude
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Post by Travel Dude » February 3rd, 2010, 4:15 am

Or...you can just Western Union your money back to your friend or family back home and they can deposit it into your local bank.

globetrotter
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Post by globetrotter » February 3rd, 2010, 5:25 am

Or convert the local currency at the bank or the blackmarket booth in front of the bank and have the bank wire it to the States.

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