8 votes

Banks: 'Permission' to Transfer Money Overseas?

"I set up a business bank account last week and the bank told me that I am not allowed to send any money out of the country. If I want to do so then I can ask for permission from the bank manager and they will review the reason."
Is this TRUE??? (A collapse/crash cannot be far if it is....)

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This was mentioned here

. ..in recent months.
Chase Bank was the first to announce bans on overseas/outgoing wire transfers, all as a result of the fiasco in Greece.

"They" simply don't want anyone "stashing" their wealth elsewhere.
It's been surmised that the taxing of bank accounts (as was done in Greece) will NOT be "necessary" here in the US.

And though many will trumpet the so-called advantages of bitcoin, the sad truth was outlined in an article:
which stated:
"When it comes to paying taxes, you can't pay the IRS in Bitcoins, so you'll have to calculate the equivalent dollar price of your Bitcoin transactions to charge the necessary sales tax. The dramatic Bitcoin price fluctuations can make figuring out taxes not just difficult, but potentially punitive as well...."

"Beyond the blackened skyline, beyond the smoky rain, dreams never turned to ashes up until.........
...Everything CHANGED !!

It's not your money anyway...

They are federal reserve notes. You are using the federal reserve system to transfer funds. The amount of power the banks have only shows it self it bits and pieces. This is only the tip of the iceberg.

When you deposit your notes in the bank, they are a negotiable instrument to which you "endorse in blank", or provide a naked endorsement. At that point you have signed title of that note over to the bank, which they can then lend out. You lend them your money when you deposit it. That is why you get a meager return, by meager I mean nothing, on your funds. It's their money anyway.



Not sure about smaller amounts but yeah

My last overseas transfer of $2k was a few years ago and it took 2 days to get approved. Not sure what that meant.

But I do know that there are forms a business lawyer has to complete with the lawyers from both banks where you apply for permission to transfer larger amounts. One case in point was $12M from a US company's Chinese account to a different US company's European account and that took 7 business days to get signed off on by US Treasury, Federal Reserve (skipped the SEC because it wasn't stock related) and officials in both end countries. Total cost, all included, was $600k.