| View previous topic :: View next topic |
| Author |
Message |
nomad soul
Joined: 31 Jan 2010
Posts: 11454
Location: The real world
|
 Posted: Sun Dec 23, 2012 2:14 pm Post subject: Re: So what do you do to prevent this? |
 |
|
| abercrombie wrote: |
OK, this is a very likely scenario: you are at the American embassy in the mIDDLE East. Helicopters are flying overhead and you can hear explosions in the distance. You have maybe 1 suitcase filled with absolute essentials (whatever they are). The embassy is closed and there is a sign that says, "Sorry we missed you. We are closed."
How do you arrange for the transfer of your savings from rials, or dirhams, or whatever, without making yourself a walking target? I've looked at this problem, and the best guess is to make an interbank transfer online (which would take time and cost fees). You would have to have an overseas bank account linked to your company bank account and I think you would have to have some knowledge of Arabic to do the transfer.
the other way is to hop the next flight to a safe country and yank out your money from an ATM with your ATM card. I've tried cards in Middle East countries and they dispense cash in the prevailing currency. |
Alrighty... I was in one of those Arab Spring countries last year. There was a huge military and police presence in the area---helicopters were quite prevalent, as were the sounds of not-so-distant gunfire. For a couple of weeks, we'd been receiving "seriously consider getting the heck out" email messages from the US embassy, during which time, I packed up my stuff and lived out of my suitcases. I also withdrew the rest of my money from my bank account, converted to dollars. (I physically went to the bank but could have easily used an ATM or transferred my money via online to my US bank account.) Anyway, when it became quite obvious that it was time to leave, we didn't waste time heading to our respective embassies. Instead, we went to the immigration/passport office and had our exit visas in hand within a couple of hours. Two days later, I was back in the US. |
|
| Back to top |
|
 |
scot47
Joined: 10 Jan 2003
Posts: 15343
|
| Posted: Sun Dec 23, 2012 3:18 pm Post subject: |
|
|
| Most people make monthly transfers/remittances when working in KSA. A few eccentric souls leave large sums in local bank accounts and then transfer a large chunk. Not to be recommended. |
|
| Back to top |
|
|
abercrombie
Joined: 17 Oct 2012
Posts: 11
|
| Posted: Tue Dec 25, 2012 6:13 am Post subject: Transferring $$$ |
|
|
I don't like the idea of sending money to a U.S. bank account. The IRS tends to think of it as "their" money.
Also, there is that 11 month rule that says if you return to U.S. before 11 months elapse, you owe taxes. I'd rather find another place that will take a teacher on short notice. The U.S. is highly overrated.  |
|
| Back to top |
|
|
readytotravel
Joined: 16 Nov 2008
Posts: 77
|
| Posted: Tue Dec 25, 2012 6:36 am Post subject: |
|
|
| I believe the rule is that if you spend more than 330 days out of the US you are exempt from paying taxes earned from foreign sources. |
|
| Back to top |
|
|
scot47
Joined: 10 Jan 2003
Posts: 15343
|
| Posted: Tue Dec 25, 2012 12:35 pm Post subject: |
|
|
| Why send it to the US ? If Uncle Sam scares you, open an account somewhere else ! The world is a big place ! |
|
| Back to top |
|
|
veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
|
| Posted: Tue Dec 25, 2012 4:28 pm Post subject: Re: Transferring $$$ |
|
|
| abercrombie wrote: |
I don't like the idea of sending money to a U.S. bank account. The IRS tends to think of it as "their" money.
Also, there is that 11 month rule that says if you return to U.S. before 11 months elapse, you owe taxes. I'd rather find another place that will take a teacher on short notice. The U.S. is highly overrated. |
As long as you file your taxes and claim as much income as you have transferred in, there is no problem. In fact, we make so little money that we don't matter much anyway. I've been involved with overseas teaching and teachers for over 25 years and I've never known any to be bothered or even questioned by the IRS.
It is only your very first year overseas that you need to worry about the number of days in and out of the US. From that point on, you are a bona fide overseas resident and can be in the US for as many days and times as you want. The only thing is that I would avoid working in the US during the summer.
It makes sense for people to take the time to visit the IRS website so that they actually know the laws.
VS |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
