Cent Usa
As an individual in the USA, forwarding funds for foreign companies, do I have to file any paper work?
My friend’s company is based out of the USA. And they use Paypal as one of their means of collecting funds. Paypal does not support Bank Transfer to their country.
What my friend’s company does is, they transfer a certain amount of money from their Paypal account to my Paypal account everyday. I withdraw the Paypal funds into my Bank Account, then cash the money. I then forward the cash via Western Union to my friend’s Bank Account in the foreign country.
I am not profiting a cent from this. I am just doing him a favor. My friend’s company is legitimate, and the money is clean. And he is not subjected to any tax in the USA.
Do I have to file any paper work? As I know that this might trigger off an alarm with the banking and money system.
Depends on the amount of money, and possibly where it’s going. In general, though, it’s getting tougher to send money overseas. There might be issues related to the Patriot Act, for example.
I’d suggest doing a web search for the particular country that you’re trying to send to.
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