Transferring Money to Finnish Bank Account from US

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betelgeuse
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Joined: Thu Aug 29, 2013 1:24 am

Re: Transferring Money to Finnish Bank Account from US

Post by betelgeuse » Fri Dec 06, 2019 2:18 pm

fintel wrote:
Thu Dec 05, 2019 4:23 pm
Upphew wrote:
Thu Dec 05, 2019 3:47 pm
Eh? 40M or 40k, you can be sure that the bank will freeze that money and ask for the source. I highly disagree that crypto would be the best way.
I meant if the transaction is super large (40m) then it's better to use crypto. There are money exchanges (kraken.com and such) that would happily give you equivalent euros for your bitcoin without demanding a source of income.
Kraken is licensed in the US and has to follow their anti-money laundering (AML) rules. If the 40M is legit, I would not trust it to an entity that is not operating legally required AML checks.



Re: Transferring Money to Finnish Bank Account from US

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fintel
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Re: Transferring Money to Finnish Bank Account from US

Post by fintel » Fri Dec 06, 2019 7:43 pm

betelgeuse wrote:
Fri Dec 06, 2019 2:12 pm
Revolut is an electronic money institution. EMIs in daily banking look like normal banks but there are differences (like deposit insurance).
Image

See this transaction? That's called a "whale" in the crypto world.

That's four hundred and sixty-eight million dollars moved from one wallet to another (in about 30 minutes) and nobody knows who did it.

The transaction is out there in the public eye because of how blockchain works and because of the transparency and record of all transactions that must be kept on the blockchain. This bitcoin transaction will never be taxed. The owner of this money can send 1 ONE bitcoin (6,713 eur) at a time to his euro account per day for the rest of their lives and not be detected.

Let's say he is banking with Revolut and that company shuts down next week, the most he will ever lose is one bitcoin or less.
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FinlandGirl
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Re: Transferring Money to Finnish Bank Account from US

Post by FinlandGirl » Fri Dec 06, 2019 8:20 pm

fintel wrote:
Fri Dec 06, 2019 7:43 pm
The transaction is out there in the public eye because of how blockchain works and because of the transparency and record of all transactions that must be kept on the blockchain. This bitcoin transaction will never be taxed. The owner of this money can send 1 ONE bitcoin (6,713 eur) at a time to his euro account per day for the rest of their lives and not be detected.
After a few days the money laundry detection software at the bank will flag the suspicious transactions.
In some countries the splitting of a larger transaction into daily ones to avoid detection is also a crime.

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fintel
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Re: Transferring Money to Finnish Bank Account from US

Post by fintel » Fri Dec 06, 2019 8:49 pm

FinlandGirl wrote:
Fri Dec 06, 2019 8:20 pm
After a few days the money laundry detection software at the bank will flag the suspicious transactions.
In some countries the splitting of a larger transaction into daily ones to avoid detection is also a crime.
That's why billionaires don't open bank account in Finland.

Panama or Monaco comes to mind.
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quillcentaur
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Re: Transferring Money to Finnish Bank Account from US

Post by quillcentaur » Wed Dec 11, 2019 12:34 pm

I've also been transferring using Transferwise. Exchange rate is so much better than banks. No fees for the first 650 usd you'll transfer if you use my invite link. https://transferwise.com/invite/u/jennylynb Easy to use too :thumbsup:

Maeke
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Re: Transferring Money to Finnish Bank Account from US

Post by Maeke » Fri Feb 21, 2020 7:01 pm

I personally use the app Xoom, which is property of PayPal, to transfer between my Canadian and finnish accounts . For everything below 1000, it is completely free and for anything less than 1000$, the fees are 2.99can$, which is very acceptable. The only inconvenient is that it takes 1 day to deposit in the target account. But other than that, it works flawlessly

betelgeuse
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Re: Transferring Money to Finnish Bank Account from US

Post by betelgeuse » Fri Feb 21, 2020 7:47 pm

Maeke wrote:
Fri Feb 21, 2020 7:01 pm
I personally use the app Xoom, which is property of PayPal, to transfer between my Canadian and finnish accounts . For everything below 1000, it is completely free and for anything less than 1000$, the fees are 2.99can$, which is very acceptable. The only inconvenient is that it takes 1 day to deposit in the target account. But other than that, it works flawlessly
How are the rates? Paypal has been known for awful rates.

Maeke
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Re: Transferring Money to Finnish Bank Account from US

Post by Maeke » Sat Feb 22, 2020 1:32 pm

So far, the rates have been awesome (in my personal opinion) , but I guess it all depends on the amount transferred.
In my personal case, between my Canadian bank and Nordea, my range is 300 - 900 can$ (200 - 650 euroa) per transaction , and the fee has been 2.99 can$ (2.08€), per transaction, which is very acceptable to me.
Again I downloaded the app Xoom, and linked it to my Canadian bank account and my Nordea account (very easy, just follow the step by step)


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