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How to send money overseas without paying tax? - abcdef - 04-03-2018 02:57 AM

Is it possible to send money overseas without the tax agency finding out? The only option I can think of is by mail!


RE: How to send money overseas without paying tax? - Windom Earle - 04-03-2018 04:26 AM

We have a whole sub-forum dedicated to Cryptocurrencies.


RE: How to send money overseas without paying tax? - Ice Man - 04-03-2018 04:49 AM

Yes it is possible- Be an illegal alien and use Western Union.


RE: How to send money overseas without paying tax? - lookslikeit - 04-03-2018 08:16 AM

There is no "tax" for international transfers. unless you mean the fee for the wire that the bank takes?


RE: How to send money overseas without paying tax? - jamaicabound - 04-03-2018 03:28 PM

(04-03-2018 04:26 AM)Windom Earle Wrote:  We have a whole sub-forum dedicated to Cryptocurrencies.

I'm a crypto supporter and user, and I agree crypto fills this need of moving money without borders interferring, that said lets not pretend its not volatile as fuck. I'd much rather pay 15% or even 30% in taxes as opposed to losing 80% of my value in crypto over a couple weeks. It sounds like OP is trying to stash this money for the longterm, crypto could face some huge swings in that time.


RE: How to send money overseas without paying tax? - qwertyuiop - 04-03-2018 08:37 PM

(04-03-2018 03:28 PM)jamaicabound Wrote:  
(04-03-2018 04:26 AM)Windom Earle Wrote:  We have a whole sub-forum dedicated to Cryptocurrencies.

I'm a crypto supporter and user, and I agree crypto fills this need of moving money without borders interferring, that said lets not pretend its not volatile as fuck. I'd much rather pay 15% or even 30% in taxes as opposed to losing 80% of my value in crypto over a couple weeks. It sounds like OP is trying to stash this money for the longterm, crypto could face some huge swings in that time.

Nahhhh...

Go to Bitmex. Put 10% of btc in there. Open a short position at 10x leverage.

Bam you've covered your downside


RE: How to send money overseas without paying tax? - sonoran_ - 04-04-2018 12:27 PM

Do a 1x short to preserve usd value no matter if btc price goes up or down.

Then when you want to withdraw you could probably convert it to monero if additional privacy is needed.


RE: How to send money overseas without paying tax? - jamaicabound - 04-06-2018 02:03 PM

(04-03-2018 08:37 PM)qwertyuiop Wrote:  
(04-03-2018 03:28 PM)jamaicabound Wrote:  
(04-03-2018 04:26 AM)Windom Earle Wrote:  We have a whole sub-forum dedicated to Cryptocurrencies.

I'm a crypto supporter and user, and I agree crypto fills this need of moving money without borders interferring, that said lets not pretend its not volatile as fuck. I'd much rather pay 15% or even 30% in taxes as opposed to losing 80% of my value in crypto over a couple weeks. It sounds like OP is trying to stash this money for the longterm, crypto could face some huge swings in that time.

Nahhhh...

Go to Bitmex. Put 10% of btc in there. Open a short position at 10x leverage.

Bam you've covered your downside

Goodpoint never thought of that however your still trusting an exchnage to hold your money and hoping some exchange glitch doesn't cause your position to sell, heard some nightmares about that. I could be wrong but I got the impression from the post OP was more looking to be able to stash something away and not worry about it except in case of emergency, I coudl be wrong though. Does Bitmex accept US customers and/or can I singup with a VPN?


RE: How to send money overseas without paying tax? - amustunderecel - 04-06-2018 11:21 PM

I use these crypto
DGB(favorite)
NEO(zero fee)
GAS(zero fee)


RE: How to send money overseas without paying tax? - blowupCNN - 04-08-2018 08:28 AM

Is Crypto the only option??


RE: How to send money overseas without paying tax? - Il Bersagliere - 04-08-2018 09:19 AM

Western Union....and I guess crypto.


RE: How to send money overseas without paying tax? - Dragan - 04-08-2018 09:57 AM

Western Union, probably crypto as well.


RE: How to send money overseas without paying tax? - JohnQPublic - 04-08-2018 11:44 AM

It depends how much money you're sending and where you're sending it. US banks don't report transactions to the IRS unless then are $10,000 or more. So if it's less than that, the government won't know unless at some point in the future they decide to go after you and subpoena your bank accounts or something. But that doesn't happen much unless you are doing lots of stuff.

If you send the money to an account you have overseas, then you are required to report that account to the IRS if all overseas accounts combined have over $10,000 at any point during the year.

If you're sending more than $10k, then you would need to find some creative ways. By mail isn't as bad as it sounds. I read that when they had to shp the Hope diamond they did a lot of research and decided that regular postal mail was the safest way.


RE: How to send money overseas without paying tax? - blowupCNN - 04-08-2018 06:35 PM

(04-08-2018 11:44 AM)JohnQPublic Wrote:  It depends how much money you're sending and where you're sending it. US banks don't report transactions to the IRS unless then are $10,000 or more.

Only a couple thousands. Does anyone know if it's the same for Australian banks?

I heard Western Union report to tax agencies...


RE: How to send money overseas without paying tax? - bigswingingdick - 04-11-2018 05:35 PM

Your asking how to commit tax fraud in a public forum???


RE: How to send money overseas without paying tax? - Tiger Man - 04-11-2018 10:13 PM

I have yet to hear a question that ventures in to illegality. So, I'll bite.

Both the US and Australian tax authorities are extremely militant about tracking all international transfers in and out. In fact, Australia is notorious for having one of the craziest tax agencies short of the IRS. FYI.

To answer your question... If you are a member of certain ethnic minorities or you have someone in your trusted inner circle who is, you might consider Hawala banking. This is an informal transfer in which you would give some money to a "friend" in your country and your "friend" would instruct their "friend" in another country to give a slightly smaller amount to whomever you want. The slightly smaller amount is less a handling fee. It sounds sketchy as hell, but these networks operate on reputation alone. If you find one with some decent word-of-mouth support, it might be worth considering.

As always, I'm not advising anyone to do anything illegal.


RE: How to send money overseas without paying tax? - Modsaresnowflakeshere - 05-15-2018 06:48 PM

Has anyone looked into a Prepaid Credit Card? I can't find one with a limit over $1000!


RE: How to send money overseas without paying tax? - randomA - 05-15-2018 10:26 PM

(04-03-2018 02:57 AM)abcdef Wrote:  Is it possible to send money overseas without the tax agency finding out? The only option I can think of is by mail!

I use Transferwise.
Pretty cool, check it out.


RE: How to send money overseas without paying tax? - Lovinglife - 07-14-2019 03:15 AM

Has anyone used Orbit Remit, InstaRem or WorldRemit? I find their rates are cheaper than Transferwise.


RE: How to send money overseas without paying tax? - Lovinglife - 07-14-2019 04:55 AM

I found InstaRem to be the cheapest but I've found some review saying it can take 4-6 business days to receive. Some reviews say it's faster than Transferwise?

I've sent money with Transferwise from Australia
Thailand 1-2 business days
Malaysia 2 business days.

If anyone has used InstaRem, I would like some feedback. Preferably from Australia.


RE: How to send money overseas without paying tax? - randomA - 07-15-2019 02:56 AM

so which one has the cheapest fees and most honest conversion rate?


RE: How to send money overseas without paying tax? - Lovinglife - 07-15-2019 03:26 AM

(07-15-2019 02:56 AM)randomA Wrote:  so which one has the cheapest fees and most honest conversion rate?

I find InstaRem is the cheapest. I'm getting my account verified at the moment. You can get the rate on their homepage.


RE: How to send money overseas without paying tax? - Lovinglife - 07-15-2019 03:55 AM

(07-15-2019 03:26 AM)Lovinglife Wrote:  
(07-15-2019 02:56 AM)randomA Wrote:  so which one has the cheapest fees and most honest conversion rate?

I find InstaRem is the cheapest. I'm getting my account verified at the moment. You can get the rate on their homepage.

I'm going back to Transferwise! InstaRem wants 3 points of ID and now they are asking 5+ questions on why I'm sending the money, etc... From reading reviews, it can be a painful process where they also ask for a bank statement when you send money so your money will take an extra day or two. I'll lose $4 but it's better than a headache every time!


RE: How to send money overseas without paying tax? - Lovinglife - 07-15-2019 03:56 AM

I'm going back to Transferwise! InstaRem wants 3 points of ID and now they are asking 5+ questions on why I'm sending the money, etc... From reading reviews, it can be a painful process where they also ask for a bank statement when you send money so your money will take an extra day or two. I'll lose $4 but it's better than a headache every time!


RE: How to send money overseas without paying tax? - Dr. Howard - 07-15-2019 06:32 AM

I use transferwise at work, I find the platform to be less secure than I'd want for my personal use but it is low cost and easy to use.