Is it illegal to transfer money to a foreign country by collecting form friends and relatives living in USA?

onukey · 06-05-08

My friends parents have a business in a foreign country but they don't get enogh foreign exchange there to import goods for their busienss. There son who live in USA wants to help them by collecting money from people who like to send money to there country from here in USA and his parents will give the money to these people family in local currency back home. Then my friend like to transfer the dollar to his parents account that they have in the country where they import the merchndise. So is it iilegal to collect money from people in USA and give them in a local currency some where alse and transfer the dollar in a foreign cuntry. My friend has no intention to charge anything for this.

DavidK · 07-05-08

Well if they are not going to charge then why would they do it. However, the answer is no if it is less than $10k. More than that a year then you have to report it.

Lovingttu · 29-06-08

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