BankingTech FinTech

[Discussion] [Question] Is it okay to accept money on behalf of family in the U.S. and wire it to them internationally?

January 01, 2021 at 06:34AM

I'm a college student and my close uncle (yes actually) that lives abroad sometimes asks me to accept money on his behalf here in the US and send it to him, or use it towards car auction payments etc (just started few months ago, maybe once a month or two months).

He does a lot of things including currency trade, automotive resale etc. How it works is that someone who needs native currency in uncle's country ASAP, but is U.S. based would contact him and get an ex rate. The U.S. customer would then send me a cashiers check and I deposit it in my account… then i either send my uncle the money or handle some things for him here. The reason he doesn't get it wired to him directly is to preclude wire dispute fraud. The highest I've ever received and sent to him is around 40k USD. The bank teller Im pretty sure suspects I'm a money laundering victim or something, but she just warned me saying it doesn't look so good with me being in college and not having any income to justify that movement of funds.

I'm not profiting and the money Isn't mine so I don't think theres any tax issue.

Im not doing anything wrong i think, but

1.) what do you guys think i should do to protect myself,

2.) and is it okay for me to state the reason I'm wiring the funds is because of a currency swap that happened? Like, would the bank not let me do the wire for that actual reason as explained above in the future?


submitted by /u/throwawayLegalcheck
[link] [comments] via Savings, Checkings, CDs, oh my!