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Receiving Money from Abroad

  • 11-06-2020 3:27pm
    #1
    Mervyn Skidmore
    Registered Users, Registered Users 2 Posts: 3,167 ✭✭✭


    I have a question about receiving money from abroad, specifically an Asian country. My wife and I are looking into buying a house and her family could send us a fairly significant amount of money to help us. What is the best way to receive this in terms of safety or taxation?


Comments

  • #2
    SaatanaArctica
    Registered Users, Registered Users 2 Posts: 16 ✭SaatanaArctica


    By bank transfer and pay the relevant taxes.
    Though if its received from a parent, I think you can get up to 300k tax free.


  • #3
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,815 ✭✭✭GerardKeating


    Mervyn Skidmore wrote: »
    I have a question about receiving money from abroad, specifically an Asian country. My wife and I are looking into buying a house and her family could send us a fairly significant amount of money to help us. What is the best way to receive this in terms of safety or taxation?

    In terms of cost, avoid using a retail bank for the transfer, people recommend transferwise here a lot.

    There are a lot of "remittance transfers" companies operating here for transfers to Asian/African countries, some might do a tranfer "the other way"...


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,669 Mod ✭✭✭✭Jim2007


    GerardKeating wrote: »
    In terms of cost, avoid using a retail bank for the transfer, people recommend transferwise here a lot.

    There are a lot of "remittance transfers" companies operating here for transfers to Asian/African countries, some might do a tranfer "the other way"...

    Would not recommend it: a large sum of money coming from Asia.... money laundering could see it locked up for months if you've to try and negotiate it over the internet.


  • #5
    Mervyn Skidmore
    Registered Users, Registered Users 2 Posts: 3,167 ✭✭✭Mervyn Skidmore


    Thanks for the replies so far. Would we be hit with capital gains tax?


  • #6
    Ogham
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭Ogham


    Mervyn Skidmore wrote: »
    I have a question about receiving money from abroad, specifically an Asian country. My wife and I are looking into buying a house and her family could send us a fairly significant amount of money to help us. What is the best way to receive this in terms of safety or taxation?

    What country is it ?
    There is no cash involved is there ? It is money that is in a bank?


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  • #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,669 Mod ✭✭✭✭Jim2007


    Mervyn Skidmore wrote: »
    Thanks for the replies so far. Would we be hit with capital gains tax?

    Not a capital gain. Will it be a gift or a loan?


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