Join Early Retirement Today
Reply
 
Thread Tools Display Modes
What is the safest easiest way to get cash transferred?
Old 08-17-2010, 09:42 PM   #1
Full time employment: Posting here.
toofrugalformycat's Avatar
 
Join Date: Mar 2007
Location: Anchorage
Posts: 731
What is the safest easiest way to get cash transferred?

A person that I trust, and is well-meaning, but is financially (and in other ways) ignorant, will in about 10 days from now need to transfer to me an amount of money that would pay for a luxury car (not that I'd buy one). She is in another state of the U.S. than I am. The cash will be in a bank that does not have branches in my state. I will eventually want the money in my Capital One online account, but usually use my credit union checking account for ACH transfers and such things.
She is a busy person and I don't want to give her a big project, nor a complicated one.
Suggestions?
I can think of a check via registered mail, or pay for a wire transfer, but I don't know which of those options is best. Anything easier or safer (and not too spendy)? What can you suggest?
toofrugalformycat is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-17-2010, 10:02 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Jul 2010
Location: Chicago
Posts: 1,008
I can tell you that wire transfers are by far the fastest way to move money. TD Ameritrade and Fidelity offer free wire transfers if you have enough assets with them. If you use a wire, check your financial institutions, each have different costs for wire in/out. You can use paypal, but they charges fees to move money. There's always western union and they charge for sure.
Dimsumkid is offline   Reply With Quote
Old 08-17-2010, 11:02 PM   #3
Thinks s/he gets paid by the post
Onward's Avatar
 
Join Date: Jul 2009
Posts: 1,934
You might check out xoom.com.
__________________
And if I claim to be a wise man, it surely means that I don't know.
Onward is offline   Reply With Quote
Old 08-18-2010, 02:17 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,707
A couple of things.

If the funds will be needed soon, a check of almost ANY kind (even a cashiers check) will take a long time to clear. I've had funds held for up to 2 weeks. It was explained that even a cashiers check can be faked, so they will not take a chance and make the funds available to you until it has cleared. The farther away the check comes from, the longer it will take.

If you need the funds soon, a wire is the best way. It should not cost more than $25 to use this service, I don't believe.

Your description of the size of the transfer (in your terms, enough to purchase a luxury car) will be reported to the feds, no matter how you do it. I assume that is not a problem to either of you.
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 08-18-2010, 09:04 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,746
wire transfer seems like best option. $25 fee sounds about right, maybe less. I think my Credit union charges $15 to send outgoing wires, free to receive. Cash within a day.

Another option would be for her to physically withdraw the cash and deposit the amount into a branch of any bank that you have an account with. This will result in a currency transaction report being filed. Also, I wouldn't want to be carrying around $30000-40000 in cash in general given the extent of loss if you are mugged, carjacked, etc. And a lot of banks won't have that kind of cash on hand all the time, so you would have to check with the bank manager ahead of time to make sure the bank had sufficient funds on hand. Problem is they don't necessarily like to tell you "yes, we'll have $40,000 for you on next Monday" due to fear of being robbed I imagine. Just my experience from a recent large cash transaction (closer to $12000).
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
FUEGO is offline   Reply With Quote
Old 08-18-2010, 09:35 AM   #6
Recycles dryer sheets
HsiaoChu's Avatar
 
Join Date: Feb 2010
Posts: 389
Avoid large cash deposits since you could have the money simply taken away from you by the DEA with the money laundering laws, and you might never get it back even if you were blameless. I've seen it happen. Anything over $5K is susceptible to that.

Use a bank to bank wire transfer. Works every time---though I did have a glitch with a Swisse company about three years ago. I was transferring money from an annuity at LaSwisse in Switzerland and unbeknownst to me, they had decided they could handle their managment by themselves(Lattman had done it for years and years). When I called and gave them the numbers for transfer, they clerk replied that there were not enough spaces on her form(which was apparently only for use for IN EUROPE transfers and they hadn't made up a form for international transfers) and that I needed a smaller number. No amount of contacts all the way up to the president of the company could help. Finally I had to get my local bank to give me a temporary commercial account so that I could access their corresponding bank in Switzerland, and then the numbers would fit the stupid form. Then I accessed the money directly through my own bank, had it transferred internally to my personal account, and all was well. The corresponding bank was next door in Zurich.

While its not necessary for a wire transfer its a good idea for you to explain to your branch manager or customer service rep why you have the money transferred and where its coming from so that there is no problem with someone thinking you are doing a money laundrying operation and calls the DEA, which is what they have to do on anything they are not sure about over $5K. If you are an enterprise that is always wiring money back and forth then your manager or Customer Rep will know you and you don't have to do this.

And yes, bank checks and cashier checks are really easy to counterfeit. Don't even think about that if you don't know the bank its coming from. I was a little concerned when we sold our property in western PA to a person from eastern PA with a bank that I'd never heard of, but it was OK.

HC
HsiaoChu is offline   Reply With Quote
Old 08-18-2010, 09:44 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,746
Quote:
Originally Posted by HsiaoChu View Post
Avoid large cash deposits since you could have the money simply taken away from you by the DEA with the money laundering laws, and you might never get it back even if you were blameless. I've seen it happen. Anything over $5K is susceptible to that.
Structuring deposits to get under the $10k reporting threshold is illegal. Just an FYI for those who like freedom.

I would imagine 8 uncharacteristic transactions of $5000 each spaced out over a short period of time would lead to a higher chance of Federal hassles versus one $40,000 transaction.
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
FUEGO is offline   Reply With Quote
Old 08-18-2010, 09:48 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
ziggy29's Avatar
 
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
Quote:
Originally Posted by HsiaoChu View Post
Avoid large cash deposits since you could have the money simply taken away from you by the DEA with the money laundering laws, and you might never get it back even if you were blameless. I've seen it happen. Anything over $5K is susceptible to that.
If you can document that the transfer of over $10K (which triggers the reporting requirements) is not associated with illicit commerce or tax evasion, there's nothing to worry about as far as I can tell. Yeah it sucks that you are guilty until proven innocent, but as already mentioned, I'll bet a series of $5000 transactions smells worse than a single $50,000 transfer in terms of raising red flags with the Feds.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote
Old 08-18-2010, 09:56 AM   #9
Recycles dryer sheets
 
Join Date: Jul 2010
Posts: 255
Quote:
Originally Posted by ziggy29 View Post
If you can document that the transfer of over $10K (which triggers the reporting requirements) is not associated with illicit commerce or tax evasion, there's nothing to worry about as far as I can tell. Yeah it sucks that you are guilty until proven innocent, but as already mentioned, I'll bet a series of $5000 transactions smells worse than a single $50,000 transfer in terms of raising red flags with the Feds.

Banks specifically track series of cash transactions under $10K because indvidual bank employees can be criminally prosecuted (as well as the person making a deposit as FUEGO noted) if they don't practice appropriate due diligence to discover structuring. I think the term of art is 'willful blindness'.

IIRC, Eliot Spitzer was caught based on conducting series of cash transactions under $10K. The evidence was acquired using a program that Spitzer helped develop to require banks to provide these types of reports to prosecutors.
SunsetSail is offline   Reply With Quote
Old 08-18-2010, 11:11 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,746
Quote:
Originally Posted by ziggy29 View Post
If you can document that the transfer of over $10K (which triggers the reporting requirements) is not associated with illicit commerce or tax evasion, there's nothing to worry about as far as I can tell. Yeah it sucks that you are guilty until proven innocent, but as already mentioned, I'll bet a series of $5000 transactions smells worse than a single $50,000 transfer in terms of raising red flags with the Feds.
Exactly. When the FBI comes knocking on my door, I'd rather tell them why I had the $50000 instead of trying to explain why I dribbled in 10 $5000 deposits over a couple weeks (and explained where the $$ came from on top of it).
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
FUEGO is offline   Reply With Quote
Old 08-18-2010, 11:13 AM   #11
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 47,467
Wow, this is amazing. If you aren't doing anything illegal, I would think you have very little to worry about? I have never had any problem with 5-6 figure wire transfers, anyway. Initiating a wire transfer costs $15 at my bank.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.

Happily retired since 2009, at age 61. Best years of my life by far!
W2R is offline   Reply With Quote
Old 08-18-2010, 11:14 AM   #12
Full time employment: Posting here.
toofrugalformycat's Avatar
 
Join Date: Mar 2007
Location: Anchorage
Posts: 731
Thanks, everyone. I'll check out how much it'll cost to wire it. I've never arranged a wire before but there's a first time for everything! Maybe I can mail the person a voided check or deposit slip or something so she has the account number right there to show the bank. My main concern is them getting the account number correct, but presumably they'll check the name too.
I have nothing to hide, and no urge to touch actual cash, so this shouldn't be that complicated. If the DEA investigates me, they'll be pretty bored unless they are interested in growing heirloom tomatoes.
toofrugalformycat is offline   Reply With Quote
Old 08-18-2010, 12:00 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
Quote:
If the DEA investigates me, they'll be pretty bored unless they are interested in growing heirloom tomatoes.
The Daily Evergreen Online - News - Local
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 08-18-2010, 12:54 PM   #14
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 47,467
Quote:
Originally Posted by toofrugalformycat View Post
Thanks, everyone. I'll check out how much it'll cost to wire it. I've never arranged a wire before but there's a first time for everything! Maybe I can mail the person a voided check or deposit slip or something so she has the account number right there to show the bank. My main concern is them getting the account number correct, but presumably they'll check the name too.
I have nothing to hide, and no urge to touch actual cash, so this shouldn't be that complicated. If the DEA investigates me, they'll be pretty bored unless they are interested in growing heirloom tomatoes.
Usually I just go to my bank and they take care of it for me. They know what information is required, and will fax or e-mail it to the party on the other end while I am sitting there. Lots of handholding and zero effort on my part.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.

Happily retired since 2009, at age 61. Best years of my life by far!
W2R is offline   Reply With Quote
Old 08-18-2010, 02:03 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 13,127
Is bank to bank really bank to bank?

Here's a situation I know of recently. Bank wire tried but there was a delay. As a result a couple of NSF fees occurred. Wire was put on hold. Had to re-transmit.

Explanation was there must have been a typo or something from the which caused a hold. The sending bank just does the FAX, and the third party then processes it to the receiving bank.

Outcome, the person who received the wire transfer doesn't get reimbursed for the NSF fee, even though of the delay because that person isn't a customer of the sending bank.

The third party part makes me think. Is bank-to-bank really bank to bank directly?
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is online now   Reply With Quote
Old 08-18-2010, 02:40 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Posts: 3,678
PayPal transfers are free under the category of "Personal transfers to friends or family" if it's funded by the senders PayPal account or bank account. There is a fee if it's funded by a credit card.

https://cms.paypal.com/cgi-bin/marke...end_money_fees

I used to think there was always a fee until my SIL sent me money she owed me when we chipped in a on a gift and there was no fee charged.

Before doing $40,000 by PayPal I'd check out if that would cause any issues.
__________________
Married, both 69. DH retired June, 2010. I have a pleasant little part time job.
Sue J is online now   Reply With Quote
Old 08-18-2010, 02:54 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,746
Re: paypal - I think you might need to check the transfer limits and what kind of verification you would need to be able to send and received mid 5 figures. I seem to recall there is a $500 limit for unverified accounts and $5000/wk for verified accounts or something like that.

I have used it a few times for personal payments to friends and there is not a fee when you pull the funds from a bank account.
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
FUEGO is offline   Reply With Quote
Old 08-18-2010, 03:58 PM   #18
Full time employment: Posting here.
toofrugalformycat's Avatar
 
Join Date: Mar 2007
Location: Anchorage
Posts: 731
I've never done anything over $250 with Paypal (I use it on EBay) and they've made mistakes, so I would not trust them for this. I think I'll do like W2R suggests and have it wired to me while someone holds my hand at my credit union (or whatever local institution I decide to use).
I love this web site - I learn so much! Thanks to all.
toofrugalformycat is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Safest Four Wheel Drive SUV/Crossover? TooFrugal Other topics 25 12-04-2009 06:16 PM
Safest, Highest Interest Place to store money inquisitive FIRE and Money 5 07-17-2009 05:32 PM
How to sell shares w/ specific ID if transferred to another brokerage? figner FIRE and Money 21 12-18-2007 08:24 PM
Easiest poll ever. No thinking required. Sam Other topics 12 08-17-2007 09:06 PM
Help! SEP IRA was transferred into a Traditional IRA...bad? soupcxan FIRE and Money 5 12-19-2006 11:19 AM

» Quick Links

 
All times are GMT -6. The time now is 08:00 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.