AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question I have family in Mexico that is interested in buying a home in the US so they want to transfer funds to me( US citizen) and then have me buy the home. I heard that transfers over a certain amount need to be investigate by the govt. The amount would be around 150,000 $.
What does one have to do in order to get this money here how do I avoid getting screwed on exchange rates, etc.
Thank you much
Aaron
Answer Aaron, Wire transfers are not typically investigated. (though they maybe technically reported & filed away). Your family should check with their bank for wire instructions and requirements. Most banks require wire instructions be made in person.The bank will require your account number, routing number, and the name and address of your bank. There will be a modest fee required by your family's bank and the conversion should be the official rate. (It might be possible for your family to wire the funds in US$). Sorry for the delay in responding to your question. Jim
