Author Topic: How to get money from Europe to US  (Read 1388 times)

put me in coach

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How to get money from Europe to US
« on: October 15, 2018, 09:29:52 AM »
Hello,

We've sold some inherited property valued around 40k Euros. Now, we're wondering:

1) The best way to get it to the US.
2) What to do about taxes.
3) Where to keep it as we hope to use this soon as a down payment on a home in the US.

1) SO is EU citizen with European passport. Should we go over there and bring it over as cash? Should we deposit it in a bank in Europe and withdraw it from a bank in the US? If so which one? I know Schwab has a checking account with free withdrawals internationally. Could we deposit internationally with that as well?

2) I don't think the land has appreciated since it was inherited. This is difficult though because it was inherited as one piece of land and we've since had it parceled. The part we're selling now has a house on it. We are pretty sure the land has never been appraised since it was inherited (this is not a Western European country we're talking about). At what point do we need to worry about having proof for that? Can we wait until (if) we are asked? Or should we presume we will be asked and have it ready? Are there any other taxes we should worry about?

3) Once we get the money to the States, what should we do with it while we look for a house and save for the rest of our downpayment? I imagine that we should be ready to buy within the next 12 months (maybe sooner). Is a money market account best for this scenario? Other ideas? Things to consider?

Thanks everyone for your help with these questions! I am certainly in need of it!

expatartist

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Re: How to get money from Europe to US
« Reply #1 on: October 15, 2018, 09:40:28 AM »
1) Transferwise is by far the best option I've found for international transfers, your rate will likely be better than any bank or money changer's conversion with their hidden fees. Transfer it from the EU to US electronically so it's documented.
2) Talk to your accountant with overseas expertise
3) High yield savings accts might be good for you, US-based posters will have better ideas

I assume you're a US citizen? Does your wife have a green card?

put me in coach

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Re: How to get money from Europe to US
« Reply #2 on: October 15, 2018, 10:00:59 AM »
Thank you so much!

I'll look into transferwise.

We haven't had an accountant. Our expenses and taxes have been pretty straightforward so far.

I'll look into the high-yield savings accounts.

OP is US citizen. SO has US passport and EU passport. If there's a better account in Europe to hold the money in and make a bit of interest (> 2.25%, what we'd make potentially in a Money Market Account from what i understand) before we Transferwise it, please let me know if you know.