Hi, my parents are paying for a house that I want to buy in Arizona.What options do they have in sending the money from the Philippines to the USA?

Asked by Brij Miller, Chicago, IL Wed Jan 18, 2012

- I am a Green Card holder/permanent resident
-Is it better for my parents to deposit it into a bank account that has branches in both the Philippines and USA? or an escrow company?
- What taxes do I have to pay when I receive the money here in USA?

Thanks

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Ann Ryan, Agent, Doral, FL
Thu Jan 19, 2012
Brij, wire transferring the money will result in many fees. Shop around multiple banks to see who will give you the best deal. Make sure you find out how much those fees will be BEFORE you go house shopping, as they add up quickly.
1 vote
J. Mughal, Agent, Orlando, FL
Wed Jan 18, 2012
They can wire the funds aka TT the funds directly into your account and then you can obtain a cashier's check from yoru bank. Alternatively, they can wire teh funds directl in to title company's account that is handling closing for the property that you want to buy.

You are welcome to contact me if you need any clarification. I work with a lot of international buyers who are concerned about the same.

Thanks!

http://www.FidelityNationalRealty.com
1 vote
Roland Vinya…, Agent, Sprakers, NY
Wed Jan 18, 2012
If there is a bank that is local both to them and to you, it might make more sense to use it. Otherwise, they can wire it to the account where you want it to go. You will need what they call "routing numbers" of your bank as well as the account to which you want it deposited.
1 vote
Search Advice
Search
Ask our community a question

Email me when…

Learn more