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SMS Money Transfer

Everything you need to know about SMS money transfer

Are you looking for a convenient and an effective method to transfer money to another person’s account? Then you should go ahead and take a look at SMS money transfer. People in today’s world are looking at such effective money transfer methods than other options available to them, because of the ability that they have to end up with effective results. Therefore, you can go ahead with SMS money transfer without keeping any doubts or second thoughts in your mind.

How to send money with SMS money transfer?

Any person can use SMS money transfer method in order to send money. In fact, only three steps are linked with this money transfer method. You can take a look at these three steps and see how convenient it is. Then you can go ahead with it and transfer money without experiencing any hassle as well. 

  • Sign up

To begin with you, will need to sign up for the service provider. Then you will be provided with a unique account, which you can use to send money.

  • Enter the phone number of the recipient

Once the account is created, you should enter the phone number of the recipient.

  • Enter the amount and send

Now you have come to the last step, where you enter the amount and send. As soon as you do it, money will be transferred immediately.

The other person will be notified about the transfer and he can simply show the SMS and get hold of money that you send out.

Why should you take a look at SMS money transfer?

Plenty of reasons are available for the people in today’s world to take a look at SMS money transfer. Here is a list of some of the most prominent benefits that people can experience through this method. You can also go through these benefits and see if you will be impressed to go ahead with it.

  • It is simple

In order to send money with SMS money transfer, all you have to do is to enter the name of the recipient, amount that you are going to send and the mobile number. You already know about all these and you can simply go ahead with it. This can help you to stay away from the hassle of knowing bank accounts and other details.

  • Easy to withdraw

Once you send money through this money transfer method, recipient will be getting a SMS as well. The recipient will then be able to use that SMS in order to withdraw funds. It is one of the easiest methods available to withdraw funds as well.

  • It is quick, secure and safe

You don’t need to keep any doubts in mind when going forward with SMS money transfer. That’s because it is a secure, quick and a safe method available for you to try. You can simply move forward with it and transfer money you want.

Are there any tax concerns related to international money transfer?

International money transfers are a fast and convenient method of sending or receiving money to and from almost any part of the world, without compromising on security. The broad view is that if you receive foreign money transfers that can be categorized as an income, then you are obliged to report them through your tax returns to the tax authorities as a part of your gross income but if such incoming money transfers have been received by you as a gift, then you would not have to pay any tax on them, but you might still have to report such receipt to the IRS. It is important to note that US citizens and residents are normally taxed on all their income from all sources, regardless of whether such income has been generated domestically or internationally. 

Therefore, for example, if someone sends you a wire transfer of money from a foreign country and if that money could be categorized as an income, then you have an obligation to report it in your tax return as a part of your gross income. This generally includes foreign wages, non-employee compensation, interest and dividends and they are taxed at the same rates as if they were generated domestically. In practice, it needs to be noted that you could also get taxed for this money in the country in which you originally earned it. Therefore, in order to manage such situations, the IRS allows US citizens to claim a foreign tax credit on taxes paid to foreign tax authorities for income earned abroad.

There are situations where US citizens could have foreign bank accounts to potentially hide income abroad. In order to discourage the non-declaration of such income and assets, the IRS has imposed reporting regulations for holders of foreign bank accounts under the Bank Secrecy Act. The regulations state that US citizens are obliged to report any foreign bank accounts that hold an aggregate of more than $10,000 during the year. The very act of reporting does not mean that you are going to be taxed on them and it is mainly for the IRS to keep track of who holds substantial amounts of money in foreign bank accounts. 

With regard to the reporting requirement, US citizens are required to report on brokerage accounts, bank accounts, unit trusts and mutual funds. The method of filing this information with the IRS is through the “Report of Foreign Bank and Financial Accounts” form.

With regard to foreign origin monetary gifts, in the context of taxation, the IRS does not consider received gifts as income and therefore do not regard them as being taxable on the recipient. 

Nevertheless, an official requirement exists where the recipients are expected to report on significantly large monetary gifts received from abroad through the filing of the informational Form 3520. Information is expected to be filed under this form if the recipient receives more than $100,000 in gifts from a non-resident alien, foreign person or a foreign estate or if the recipient receives more than $13,258 (adjusted annually for inflation) from foreign corporations or foreign partnerships. With regard to the monetary value of the cash received, it is valued at the rate received, for filing purposes.