I want to send $30,000 US to family in Thailand every month for about four months. I have been sending smaller amounts successfully for six months. Can I make 3 - $10,000 payments on one day? What are my options and what are ramifications?
Suggest you ask your local bank about international regulations which could prevent such transfers. PayPal must comply with international regulations, especially as they relate to money laundering. Your bank is likely the best place for information.
If you do it with online banking of your bank,the fee would be $35-$50,BAC charges $45 if US dollars,and $35 for local currency.
You can do it in one transaction $30,000 and you get better audit trails and better customer service ,you can go to the bank and talk to a person if it did not go well.
Better to send this much money at a bank via wire than PayPal. PayPal is for sending smaller amounts on the go for paying back the dinner bill or something, making purchases, some selling. Since it is online, PP are gonna want ID and account verification and that is gonna take days to process. At the bank, you just go there, flash some ID, verify everything right there, that day at the bank clerk desk.
Have to say something just sounds weird about the question. Sending your family such large amounts of cash via PP would almost always trigger a red flag if not a Homeland Security Investigations record. People blindly assume that any amount sent over 10k is flagged for investigation......those are the same people who have not read the re-written patriot act our VP wrote. The new level is 5k so if you have already sent 5k (in one transaction) the chance of the account being put under more scrutiny are even higher.
Don't forget you do not want to be flagged for money structering either. That is where you send a bunch of smaller payments to avoid hitting the 5k mark. This is just as bad and can carry the same amount of prison time.
