07-20-2020, 11:59 AM
Moving money between countries - is crypto a good option?
<!-- SC_OFF --><div class="md"><p>I'm beginning to explore the idea of moving from the country I currently live in back to my home country in about 12 months time and wondering about the best way to move currency between the two with minimal fees/taxes etc (I'm not trying to <em>evade</em> tax, just for the avoidance of doubt but moving between countries is notoriously famous for stinging people with 5-figure surprise taxes if you miss a step or two). </p> <p>I own property and have various investments in ETFs and Funds so it's a fairly complex arrangement that will take a little time and planning so I'd like to use the next 12 months to best prepare (eg move some in this tax year and some next for example if this benefits me). </p> <p>Does anyone move money around the world through crypto, I don't even necessarily need to convert all of it back to local currency when I move back home, I'm happy to keep a fair amount of it up in bitcoin/stablecoins and drip feed back to local currency as and when needed. </p> <p>For amounts of around $150k is this a good idea or would it be better to use a service like OFX/Transferwise to just eat up the ~1% fee and just be done with it?</p> </div><!-- SC_ON --> Kind Regards R
<!-- SC_OFF --><div class="md"><p>I'm beginning to explore the idea of moving from the country I currently live in back to my home country in about 12 months time and wondering about the best way to move currency between the two with minimal fees/taxes etc (I'm not trying to <em>evade</em> tax, just for the avoidance of doubt but moving between countries is notoriously famous for stinging people with 5-figure surprise taxes if you miss a step or two). </p> <p>I own property and have various investments in ETFs and Funds so it's a fairly complex arrangement that will take a little time and planning so I'd like to use the next 12 months to best prepare (eg move some in this tax year and some next for example if this benefits me). </p> <p>Does anyone move money around the world through crypto, I don't even necessarily need to convert all of it back to local currency when I move back home, I'm happy to keep a fair amount of it up in bitcoin/stablecoins and drip feed back to local currency as and when needed. </p> <p>For amounts of around $150k is this a good idea or would it be better to use a service like OFX/Transferwise to just eat up the ~1% fee and just be done with it?</p> </div><!-- SC_ON --> Kind Regards R