Int'l wire transfer 10K, but no exchange rate, from USD to USD

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I'm having trouble finding the best way to transfer $10,000 to my parents abroad. In El Salvador, they use the US Dollar as their national currency. I've seen posts about XOOM and OFX for example. The one wont let me transfer enough, cut off is less than $10K, and the other (OFX) I can't transfer USD to USD, has to be different currency. Any advice??? I looked through 45 posts and replies with no luck on my specific problem. As an aside, this should fall under "gifts" in regard to IRS right? If they were to pay me back, I can always put together documents saying it was a loan and that should take care of it I hope.

Thanks for any help/info/feedback you guys can provide, very much appreciated.

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You can do a wire transfer from most banks, but there are fees invovled. Appx $40

jessicatnewman said:   I'm having trouble finding the best way to transfer $10,000 to my parents abroad. In El Salvador, they use the US Dollar as their national currency. I've seen posts about XOOM and OFX for example. The one wont let me transfer enough, cut off is less than $10K, and the other (OFX) I can't transfer USD to USD, has to be different currency. Any advice??? I looked through 45 posts and replies with no luck on my specific problem. As an aside, this should fall under "gifts" in regard to IRS right? If they were to pay me back, I can always put together documents saying it was a loan and that should take care of it I hope.

Thanks for any help/info/feedback you guys can provide, very much appreciated.

  $10,000 would be under the annual gift exclusion. There's no reason to worry about loans -- if your parents choose to give you $10,000, that would also be a gift (unless there are rules for gifts from foreign nationals that would apply here).

Wow OP doesn't want to pay $40? On $10,000?

Check out Transferwise

Wire transfer is best, unless the fees would be higher than doing multiple Xoom or MoneyGram type transfers.

Only other option would be if you live in a large city like Los Angeles, and your parents have account at Agricola or Citi, for example, and you can make deposit at USA branch into your parent's account.
 

Ask in the appropriate expat forums. I am sure there are many folks from El Salvador in the US who have dealt with this kind of issue before.

GenericName said:   Check out Transferwise
  I use it for transfers to Europe. I'm unsure if Transferwise is available for El Salvador.  I don't see it in their list of countries, but worth checking out.  Fees for transfers are only $3, but there are limits.

Transferwise countries. 

forbin4040 said:   Wow OP doesn't want to pay $40? On $10,000?
  
Man, I sure wouldn't want to pay $40 on $10,000.

GenericName said:   Check out Transferwise
Unfortunately, El Salvador isn't on the list.
https://transferwise.com/help/article/1570071/basic-information/...

Do you happen to have a Wells Fargo account?
https://www.wellsfargo.com/jump/international-remittances/celebr...
We'll reimburse your first transfer fee when you sign up and send your first transfer with the ExpressSend service by June 30, 2017.1

For USD to USD just use a bank wire. Or for on the cheap, call the recipients bank and find what paper instrument is easy to negotiate. Maybe a cashiers check drawn on their us correspondant bank or postal money orders. Or even a personal check. 

After you do all that, $40 for a intl wire will seem like a bargain

amd555 said:   You can do a wire transfer from most banks, but there are fees invovled. Appx $40
  $40 is about the lowest at major banks - most are typically higher.

So the best answers are - 

  1. Cheapest but slowest method- send a bank cheque or draft.
  2. Most convenient method but with moderate fee- bank wire.

Don't forget incoming wire fees on the recepient's account.



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