Transferring Money to Finnish Bank Account from US

How to? Read other's experiences. Find useful advice on shipping, immigration, residence permits, visas and more.
betelgeuse
Posts: 3280
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

Sponsor:

Finland Forum Ad-O-Matic
 

fintel
Posts: 79
Joined: Sat Sep 14, 2019 4:00 pm

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.

FinlandGirl
Posts: 151
Joined: Sat Nov 09, 2019 10:43 am

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.

fintel
Posts: 79
Joined: Sat Sep 14, 2019 4:00 pm

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.

quillcentaur
Posts: 60
Joined: Sun Jan 06, 2019 8:00 am

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:


Post Reply