2

I am in USA on temporary immigration status and I got an opportunity to move to Italy. I have saved up some money and I would like to use this money in Italy. There is a chance that I might return to USA after 3 years.

I am not sure what the best way to transfer this money is.

I would like to close my USA bank accounts at some point in time as they are not free (Wells Fargo).

Should I convert my money into euros, store it in a currency card and take it to Italy?

I also have credit cards which I would like to cancel.

Should I take some money and then wire the money to myself from my US bank account to my Italian bank account and then close the US account?

The money I have is in the ballpark of 12000 usd

Improve this question
0

2 Answers 2

Reset to default
4

It rather depends on how much money you have:

$100

  • Withdraw the money as Euro notes and close the account

$1,000

  • Transfer the money into a prepaid Euro account and close the account

$10,100 to $100,000

  • Take a small amount of cash or prepaid card with you (enough to last you until your Italian bank account is opened).
  • In Italy, open an Italian bank account
  • Transfer the balance of the money with something like Transferwise.
  • Close the account when you are sure you don't need it any more

$1,000,000

  • Pay for professional advice

In addition

Don't forget the currency transfer/import/export reporting requirements. The bank should take care of these for transfers, but if you leave the US with cash (in any denomination) or cash equivalents with a value of $10,000 or more, you have to report it. The same is true of entering the EU with cash and cash equivalents with a value of €10,000 or more. Structuring a transaction to avoid the requirement is a crime (in the US, at least), so don't carry an amount just under the threshold, and especially don't say that you chose the amount to avoid having to report.

Improve this answer
10
  • Thanks! I am in your 10000-100000 range. Thanks for your advise.
    – Morpheus
    Sep 24, 2018 at 17:21
  • @Morpheus don't forget the currency transfer/import/export reporting requirements. The bank should take care of these for transfers, but if you leave the US with cash (in any denomination) or cash equivalents with a value of $10,000 or more, you have to report it. The same is true of entering the EU with cash and cash equivalents with a value of €10,000 or more. Structuring a transaction to avoid the requirement is a crime (in the US, at least), so don't carry an amount just under the threshold, and especially don't say that you chose the amount to avoid having to report.
    – phoog
    Sep 24, 2018 at 17:35
  • @phoog - Good point. I've added that comment into the answer.
    – Martin Bonner supports Monica
    Sep 24, 2018 at 17:41
  • 1
    By cash I meant bank notes/coins. What other sort of money is there?
    – Martin Bonner supports Monica
    Sep 24, 2018 at 17:50
  • 1
    @Morpheus I do not know whether a currency card is considered a cash equivalent, but I would not risk it. A bank check endorsed to the bearer is a cash equivalent, for example. See help.cbp.gov/app/answers/detail/a_id/778/~/… and (pdf) cbp.gov/sites/default/files/documents/currency_reporting.pdf.
    – phoog
    Sep 24, 2018 at 18:53
0

I highly recommend using TransferWise to transfer funds between countries. It is the fastest method I have used, allows storage of multiple currencies in the account you create with them, and is widely recognized on expat sites as reliable.

Improve this answer

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge that you have read and understand our privacy policy and code of conduct.

Not the answer you're looking for? Browse other questions tagged or ask your own question.