Repatriation of funds involves converting foreign currency into someone’s home currency. It’s a process that many US expats, companies and US workers in foreign countries have to go through. Major banks can help you with overseas payments, but their services can come with high fees and markups that make it more expensive to send money overseas. Compare your options to discover how to repatriate funds with an international money transfer and save money.
Compare services to help repatriate your currency
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Visit your preferred money transfer provider’s website or physical branch.
Provide your personal contact information and any required ID.
Input details for your transfer, including your recipient’s information and how you’d like your money delivered.
Pay for your transfer using cash, a credit or debit card or a bank account.
Confirm your rate and fees, then complete your transfer.
Keep all receipts to make it easier to pay taxes on your transfer.
How do I compare money transfer services?
Take these factors into account when weighing the strengths and weaknesses of transfer specialists and currency providers.
Exchange rates. The majority of providers skew exchange rates for a profit. Finding the best rate can make a substantial difference, especially if you’re transferring large amounts of money. Compare the rates of a range of companies against the mid-market rate as a baseline to find the smallest margin among them.
Transfer fees. Most companies will charge you a fee when sending a transfer overseas. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
Pickup options and delivery speeds. Most providers offer online transfers directly to US bank accounts, while others also offer the convenience of cash pickup if you need your funds in a hurry. You may be able to deliver your funds in minutes, but if you have more time, you’ll save money on expedited fees.
Customer support. When you’re moving money overseas, especially large amounts, help whenever you need it is reassuring. Look for a company that offers multiple support options — online chat, phone, in person or by email — during convenient hours.
Reputation. Online research will reveal reviews for many transfer companies. Learn whether they’re trusted by consumers, and ask friends and family if they have any recommendations to help you make your final decision.
Among the many reasons you might need to send money back to the United States:
You want to send money you’ve saved from working overseas back to your loved ones.
You’re moving to the US and need an affordable way to transfer your assets.
You receive a salary or pension into an overseas bank account.
You own rental property in another country that generates income.
You’re based overseas but need to make mortgage payments on a property in the US.
You have investments in assets overseas that you want to sell in exchange for foreign currency, convert that currency to US dollars, and then send to the States.
Tax responsibilities of repatriated income
Repatriated income is income that is earned abroad and can be repatriated to avoid tax penalties. When it comes to money in general, repatriation is the process of converting foreign currency — regardless of how it’s acquired — into the currency of one’s home country. Some countries restrict how much you can repatriate, and you may need to pay taxes in the US on your repatriated income depending on how much you’re returning home.
If you operate a business in another country, you’ll typically need to periodically repatriate your profits into your company’s home currency. You can avoid losing some of those profits to a weak exchange rate by finding a money transfer specialist that provides strong rates, low fees and flexible options that can protect your regular transfers from market fluctuations.
The repatriation tax rate you’ll pay as a US-based multinationals is based on US corporate tax on foreign profits after those profits are repatriated to the United States. At that time, your income or profits are subject to a repatriation tax. The current US repatriation tax rate is up to 35%. However, the government periodically enacts repatriation tax holidays that sharply reduce the tax rate in an effort to encourage multinationals to repatriate their overseas profits.
In general, international taxation applies to people or businesses that owe under the tax laws of a foreign country. Repatriating your income from another country to the US could subject your profits to double taxation: once in the country you’ve earned it in and again in the US once it’s in your home currency. To compensate for this double taxation, the US typically provides a credit to US-based multinationals for the foreign income taxes they paid in the earning country.
What are the pros and cons of repatriating funds?
Pros
It’s safer than traveling with cash. Returning to the US with large amounts of cash to deposit into an account to pay your taxes may not be safe. Sending money through a reputable company can save you the stress and worry of your money possibly being stolen.
Small fees are better than high tax penalties. Paying taxes on time will save you the cost of penalties, and the cost of using international money transfer services is almost guaranteed to be lower than the potential fees of not paying taxes.
Diverse options keep costs low. Compare fees, rates and delivery options of the many trusted providers available to handle your transfer. Additionally, using sending options like limit orders or future contracts can help you exchange more foreign money for US dollars when traded at the right time.
Cons
Varying laws and regulations. Restrictions may apply to the amount of money you can send to the US. Abide by all laws and regulations before sending your funds.
It depends on your specific needs — such as where you’re sending money, how fast your recipient needs your funds and how you’ll pay for the transaction. We recently took on the challenge of sending money internationally to uncover providers that are setting the benchmark for costs, trust, speed, convenience and more.
Yes. The US currently restricts money from countries it’s imposed economic sanctions on — for example, Iran and Syria. Many transfer providers will also not offer their services from unstable countries around the world. Be sure to confirm that your provider will accept your transfer.
An expatriate — or, more commonly, an expat — is a person temporarily or permanently living in a country other than that of their citizenship.
Yes, your overseas bank can send an international wire transfer for you. Just watch out for weak exchange rates and high fees.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Zak Killermann was a technical publisher at Finder who specialised in currencies and investing. Zak’s expertise was in breaking down technical finance concepts into approachable, digestible nuggets of information.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
Thanks for your comment and I hope you are doing well.
You are not able to withdraw or get cash out from your Chime app without a card. If you need to request for a card replacement, please see instructions below:
How do I get a replacement card?
1.Log in to the Chime mobile app
2. Go to Settings
3.Select Replace my Card
Chime cards typically arrive in about a week. When you get the card, know how to activate it below:
You can activate your card and set your PIN in two ways:
1. Log in to your Chime Mobile App
2. Click “Activate Card”, or
3. Ask the Chatbot “Activate my card”
Contact Chime should you have any difficulties with using the app.
Hope this helps and feel free to reach out to us again for further assistance.
I made a transaction to Western Union using my bank account and the person can not pick it up. The question and answer is no longer used and I cancel my transaction for over 27 working days. Western Union please send my money back. I need a help here. Thanks.
Since you mentioned that the cash was not picked up yet, you may need to contact Western Union directly to request for a refund of the money. As per their terms, transfers may be canceled for a refund of the principal amount, unless the funds have been picked up or deposited at the time Western Union receive.
Thanks for getting in touch with finder. I hope all is well with you. :)
There are different ways to set up a wire transfer. These may include bank to bank, an in-office money transfer service or an online specialist. Depending on your chosen mode of a wire transfer, you basically need to follow different procedures. We have a guide which can help you learn more about wire transfers.
Regarding your second question, there are various legal requirements you need to comply with when receiving a large amount of money. You need to fill up the right IRS form before you can receive the money. We do have a guide which will help you learn more about the tax implications of sending and receiving a large amount of money.
On that page, it is mentioned that those who fail to report can expect fines of up to 5% of the asset value involved or $10,000 a year for up to six years. For those who wait until an investigation is launched, the penalty increases to up to 50 percent or $100,000 — whichever is greater. That amount can be applied to every year you fail to report for up to six years. You could also face criminal charges and up to 10 years in prison.
Therefore, it is important to report to the IRS before sending or receiving a large amount of money.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Yes, your brother can send the large amount to the US though he or the financial institution that he will use in sending the money will need to declare it as it will exceed $10,000 once converted to USD. It is best if you know the tax implications of large money transfers so you could avoid future problems and penalties.
I hope this helps. Let us know if there is anything else that I may assist you with.
I recently had a death in my family. My brother left a large sum of money in Federal Reserve Bank of India. They are saying I must pay $38,000 USD to get the tax code then will release the funds to be transfer to my bank account in U. S. Is that standard procedure for Federal Reserve Bank Income Tax dept.?
I’m afraid that we don’t have information as to the standard procedures of the reserve bank. But the only way you can confirm if that procedure is legit or not is by verifying directly with Federal Reserve Bank of India. If indeed you’re to receive a large sum of money, then you must contact the bank for the correct procedures and ensure to have legal documents that serve as proof of your claim.
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Need to get my cash from out my chime app but no card lost it..
Hi Shcolvick!
Thanks for your comment and I hope you are doing well.
You are not able to withdraw or get cash out from your Chime app without a card. If you need to request for a card replacement, please see instructions below:
How do I get a replacement card?
1.Log in to the Chime mobile app
2. Go to Settings
3.Select Replace my Card
Chime cards typically arrive in about a week. When you get the card, know how to activate it below:
You can activate your card and set your PIN in two ways:
1. Log in to your Chime Mobile App
2. Click “Activate Card”, or
3. Ask the Chatbot “Activate my card”
Contact Chime should you have any difficulties with using the app.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki
I made a transaction to Western Union using my bank account and the person can not pick it up. The question and answer is no longer used and I cancel my transaction for over 27 working days. Western Union please send my money back. I need a help here. Thanks.
Hi Alkali,
Thank you for reaching out.
Since you mentioned that the cash was not picked up yet, you may need to contact Western Union directly to request for a refund of the money. As per their terms, transfers may be canceled for a refund of the principal amount, unless the funds have been picked up or deposited at the time Western Union receive.
Hope this helps! 😊
Kind Regards,
Mai
My fiancé in the military has put money in an investment fund in Turkey while on active duty. He wants to send the money to me now to purchase a house here in the states. He wants me to set up the wire transfer. how do I go about this? and how much are taxes. If he sends 10,000 usd will it transfer without problems?
Hi dmf1961,
Thanks for getting in touch with finder. I hope all is well with you. :)
There are different ways to set up a wire transfer. These may include bank to bank, an in-office money transfer service or an online specialist. Depending on your chosen mode of a wire transfer, you basically need to follow different procedures. We have a guide which can help you learn more about wire transfers.
Regarding your second question, there are various legal requirements you need to comply with when receiving a large amount of money. You need to fill up the right IRS form before you can receive the money. We do have a guide which will help you learn more about the tax implications of sending and receiving a large amount of money.
On that page, it is mentioned that those who fail to report can expect fines of up to 5% of the asset value involved or $10,000 a year for up to six years. For those who wait until an investigation is launched, the penalty increases to up to 50 percent or $100,000 — whichever is greater. That amount can be applied to every year you fail to report for up to six years. You could also face criminal charges and up to 10 years in prison.
Therefore, it is important to report to the IRS before sending or receiving a large amount of money.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
My question is that my brother is presently in saudi arabia can he send 800000INR from saudi to my account without any fraud
Hi Qasim,
Thank you for reaching out to Finder.
Yes, your brother can send the large amount to the US though he or the financial institution that he will use in sending the money will need to declare it as it will exceed $10,000 once converted to USD. It is best if you know the tax implications of large money transfers so you could avoid future problems and penalties.
I hope this helps. Let us know if there is anything else that I may assist you with.
Cheers,
Ash
I recently had a death in my family. My brother left a large sum of money in Federal Reserve Bank of India. They are saying I must pay $38,000 USD to get the tax code then will release the funds to be transfer to my bank account in U. S. Is that standard procedure for Federal Reserve Bank Income Tax dept.?
Hi B.Rogers,
Thanks for you inquiry.
I’m afraid that we don’t have information as to the standard procedures of the reserve bank. But the only way you can confirm if that procedure is legit or not is by verifying directly with Federal Reserve Bank of India. If indeed you’re to receive a large sum of money, then you must contact the bank for the correct procedures and ensure to have legal documents that serve as proof of your claim.
Best,
May