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  1. #1
    Regular
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    Aug 2008
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    Default Banking Question Need Advice

    Hello, a friend of mine needs to cash a 10,000 USD check but doesnt have a bank. She wants to get a bacnk account in Gazcue SD, and she wants to send 5,000 USD to her kids bank account in the states and keep 5,000 USD here for herself what bank do you recommend and how would you recommend her doing these type of transactions in a safe manner, since this is a good amount of money, she would like to make all of these transactions in one place if possible, she banks with Chase bank in the states.

  2. #2
    Bronze
    Join Date
    Sep 2009
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    Default

    Ok. I'm sure my friend Tamborista just can't wait for my response but here goes:

    you need open a dollar savings account with bhd BanReservas leon or popular. Deposit the check. It will take anywhere between 30 and 60 biz days to clear depending on the bank.

    Step 2: if you are a US citizen you need to declare any/all off shore Bank accounts with the IRS. Some do, some dont

    if you wire even 500 dollars into the US from a bank account that has not been declared it MAY set off a red flag. It may not...

    Once the money is clear you go down to the bank and fill out the form. You need the receiving banks SWIFT code among the other account holders details.

    Hint: you can bring 10k Cash on the plane legally.

    The IRS doesnt look so hard for transactions under 10gs or so, but better to be in compliance than not.

    Sloppiness dud to my iPhone

  3. #3
    Retired Ussername
    Join Date
    Jan 2002
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    Default

    Mom first needs to open a USD bank account here in the DR, and it normally takes US$300 to $500 to open a DR account.

    Is the USD $10k check drawn on a US account? It may be much faster to send the check for deposit in her US Chase account (using UPS or FedEx to the bank), transfer the kids $5k from there to the kids account, and then wire her money from her US account to her DR USD account.

    The funds from a wire will be available to mom here in the DR much faster, but will incur a wire transfer fee and the FedEx costs. The check only need be endorsed and then written below the signature " For deposit only to Account # xxxx-xx at Chase Bank". This will protect the check in transit.

    Actually, a US citizen must only declare offshore accounts if the aggregate value of all accounts outside the US is more than $10,000 at any point in a given tax year. If not reported to the Treasury (not the IRS), and prosecuted, this is a felony which can cost you your passport. (this is one of those things noted in the ICE computers at any port of entry to the US).
    Here's the reporting form: http://www.irs.gov/pub/irs-pdf/f90221.pdf

    If the total value of the offshore accounts never exceed $10,000 this report is not required by US law.

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