How to transfer 100k?

[gnud]

I'd like to transfer 100k from my account in one country to my other account in another country without triggering any reporting or investigation from anyone. What's the best way to approach this?

Doing it through crypto would immediately trigger alarm.
Doing it through cash too. I don't believe the receiving bank wouldn't care if I start depositing 5k sums every other day.
Direct bank transfers between two CRS accounts in small sums would probably too look suspicious and requesting account holder information shouldn't be too difficult.
Going through EMIs? Wouldn't that trigger some investigation on either side if I suddenly start sending small sums to EMIs or receiving from EMIs?
How about going through a Mercury account owned by a Delaware LLC? It will be reported to the IRS as far as I know, and the IRS will report it to the country of residency.

Any ideas?

 

[RealDude]

Invoice from receiving firm so it looks like ur paying the receiver

Let me know how it went

 

[gnud]

Invoice from receiving firm so it looks like ur paying the receiver

That's probably the worst way.

Company registers are public ... on top of administrations sharing non-public information
And then it will get taxed too.

 

[NicolasMaduro]

Well what kind of bank accounts is it? And are they both in your own name?
Then just transfer. Whats the problem lol.

 

[gnud]

Well what kind of bank accounts is it? And are they both in your own name?
Then just transfer. Whats the problem lol.

The problem is that I have two residencies, and a running business in one of them, both of which is legal, but I don't need some clueless bureaucrat or a bank backoffice 9-5er to start digging into it, wondering why do I have accounts in two countries, and dragging me through procedures to justify my setup and my declared tax residency, and me having to prove to the other country that it really has no right to steal the company and its profits for taxation. So that's why. I don't need to make my life harder if I don't have to. I want to fly under the radar and avoid hassle.

 

[fshore]

What kind of transfer? If sepa them I believe the address is not sent, only the name.
Even if address doesn't match for swift this is normally not an issue, but could maybe be for some banks.

 

[NicolasMaduro]

Just open a Wise account in your own name. Sent money to Wise from an account, in your own name, and sent the money from Wise to your other account in your own name.

Wise do not do CRS reporting yet.

Complicating it by sending, already taxed money, trough Delaware, seems like a very bad idea.

 

[gnud]

Just open a Wise account in your own name. Sent money to Wise from an account, in your own name, and sent the money from Wise to your other account in your own name.

Wise do not do CRS reporting yet.

Complicating it by sending, already taxed money, trough Delaware, seems like a very bad idea.

I doubt it's that easy. That'd make Wise a a prime tool for money laundering and that'd hardly be tolerated by any authorities. There has to be some kind of a reporting or security provisions.

 

[Sols]

I'd like to transfer 100k from my account in one country to my other account in another country without triggering any reporting or investigation from anyone. What's the best way to approach this?

Easy. Frequently transact in the millions with plenty of supporting documents available if/when a questions come in. Then there's a chance that no one will flinch at 100,000.

You can avoid reporting by being able to fully satisfy investigations. Have supporting documents (SOF/SOW, agreements, invoices, statements) for each transaction, if/when a financial institution asks. Don't give them a reason to be suspicious and file a report.

Amount alone is not always what decides whether a transaction is reported, but certainly a 100,000 transaction is more likely to be reported than a 100. The overall risk profile of the transaction and customer account (including transaction history) matter just as much.

Splitting it into smaller transactions is not a good idea. Every financial institution should be using some sort of software to detect that pattern, and treat the smaller transactions as one large. The more convoluted you make this web of transactions, the worse it will be for you in the future if you have to explain where the money came from. Not only do you need to disclose each account, you also need to explain the purpose of each such transaction, and provide supporting document for each one.

There is no difference in reporting requirements between banks and EMIs. They have the same AML laws and same reporting obligations.

What you are doing is — or sounds an awful lot like — money laundering. Financial institutions will treat it like that. Adjust your expectations and plans accordingly.

 

[gnud]

Easy. Frequently transact in the millions with plenty of supporting documents available if/when a questions come in. Then there's a chance that no one will flinch at 100,000.

You can avoid reporting by being able to fully satisfy investigations. Have supporting documents (SOF/SOW, agreements, invoices, statements) for each transaction, if/when a financial institution asks. Don't give them a reason to be suspicious and file a report.

Amount alone is not always what decides whether a transaction is reported, but certainly a 100,000 transaction is more likely to be reported than a 100. The overall risk profile of the transaction and customer account (including transaction history) matter just as much.

Splitting it into smaller transactions is not a good idea. Every financial institution should be using some sort of software to detect that pattern, and treat the smaller transactions as one large. The more convoluted you make this web of transactions, the worse it will be for you in the future if you have to explain where the money came from. Not only do you need to disclose each account, you also need to explain the purpose of each such transaction, and provide supporting document for each one.

There is no difference in reporting requirements between banks and EMIs. They have the same AML laws and same reporting obligations.

What you are doing is — or sounds an awful lot like — money laundering. Financial institutions will treat it like that. Adjust your expectations and plans accordingly.

Thanks a lot Sols, you're the MVP of this forum!

I'll simply transfer the money and hope for the best, rather than risk being seen as a money launderer.

 

[JackAlabama]

Thanks a lot Sols, you're the MVP of this forum!

I'll simply transfer the money and hope for the best, rather than risk being seen as a money launderer.

Its your own cash. Just transfer it and you have good chances it goes thru without any problems.

You can mention country A to country B, there are certain countries which makes a fuss just because of that. E.g. wire from eu into panama for example or back.

 

[lory]

Wise do not do CRS reporting yet.

That does not mean that when they start reporting that they don't report accounts say back 5 years!

You can't avoid tax unless you find a way to move in crypto, gold, art or something else then bank transfer. What I would do is to setup something in the UAE, Cyprus or Romania and tax the money as per the tax regulations there, it is only corporate tax at least.

 

[Marie Manila]

What kind of transfer? If sepa them I believe the address is not sent, only the name.

That is not correct.
The senders address is included in SEPA transfers.

I know at least one bank in Luxembourg who print the whole address of the sender on bank statements. So it has to be included.

 

[gnud]

If I transfer a sizable amount of money from my account in country A to my account in country B (both EU), and I will prove my ownership of both of those accounts in case either of those banks asks, will it still be reported to financial authorities? Or will the authorities start investigating where the money went by themselves if the balance at the end of the year is way less than it was the year before?

 

[fshore]

Thanks, good to

That is not correct.
The senders address is included in SEPA transfers.

I know at least one bank in Luxembourg who print the whole address of the sender on bank statements. So it has to be included.

Thanks, good to know! It could maybe be different with the regular vs instant transfer. Anyway, I've never had any issue with incorrect address of recipient or sender for sepa transfers.

 

[NicolasMaduro]

If I transfer a sizable amount of money from my account in country A to my account in country B (both EU), and I will prove my ownership of both of those accounts in case either of those banks asks, will it still be reported to financial authorities? Or will the authorities start investigating where the money went by themselves if the balance at the end of the year is way less than it was the year before?

Imagine if the authorities had to investigate how individuals spent their money. Its 100.000 eur. I mean many individuals spent this amount in a year.

Sounds like you have done some tax evasion with your 2 residencies, so perhaps dont even sent the 100.000 eur.

Is it worth the risk.

 

[gnud]

Imagine if the authorities had to investigate how individuals spent their money. Its 100.000 eur. I mean many individuals spent this amount in a year.

Sounds like you have done some tax evasion with your 2 residencies, so perhaps dont even sent the 100.000 eur.

Is it worth the risk.

I haven't done any tax evasion. As I explained, I have a company in one country, it has an economic substance there and I run it there, but I don't want the other country to drag me through investigations because their usual tactic is to simply appropriate the company and put all the obligation of proof on the owner, and seeing how they behave otherwise and that the process is not exact but relies simply on their judgement I don't wish to be put in that uncertain and risky situation.

 

[BlueMist]

I think you are worried more than you should be. It it is "just" €100k transfer between your own accounts. No bureaucrat will even look at this kind of transfer, unless you are living in some poor, war-zone country from which you are remitting money to the West. It is not like you are sending €100m which could trigger some alarms.

 

[wonderfulboy]

I think you are worried more than you should be. It it is "just" €100k transfer between your own accounts.

Fund to read such replies 2 years old. Today it is nonsense, ALL transactions in this amount will be put into the attention of Risk Managers if there is the slightest suspicious behave behind it.