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When in Jamaica in July I want open a savings account. There are no branches in Massachusetts but I know there is in New York. If I choose a bank with a branch in New York would there be a problem if I were to mail deposits to the New York bank? How does that work as far as interest income in the US? Not that I will be saving that much money. Anyone with experience with this I would appreciate your advice.
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Re: another banking question!
I think you would have to ask the bank about mailing the deposits to NY for deposit to a branch in Jamaica. I used Scotia Bank, but I had to wire the money directly to the Negril branch, even though it was routed through Scotia's New York branch.Originally posted by Mrs. Gibbs:
[qb] If I choose a bank with a branch in New York would there be a problem if I were to mail deposits to the New York bank? How does that work as far as interest income in the US? Not that I will be saving that much money. Anyone with experience with this I would appreciate your advice. [/qb]
I understand that if you earn over the minimum amount of gross (interest plus other) income (the minimum was in the neighborhood of $7000 per year as of 2000; not sure what it is now), you will have to pay tax no matter where the money is. At least according to my sister, there is a question on the tax return about interest earned in offshore accounts. -
Re: another banking question!
I don't think I'll ever have to worry re earning that much interest [img]/forums/images/graemlins/frown.gif[/img]Comment
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Re: another banking question!
Not sure if you meant $7000 in interest JD, but I tried to make it clear that it was $7000 in income from all sources. (Again, this is a ballpark figure as of 2000). So pretending $7000 is the actual number, and you earned $6595 in income from other sources and $10 in interest, that amount of interest would push you into a bracket where you would have to pay income taxes. So even if to use your words, it was not "that much interest," it could still impact on your tax liability.Originally posted by Jamaica dreamin:
[qb] I don't think I'll ever have to worry re earning that much interest [img]/forums/images/graemlins/frown.gif[/img] [/qb]
Really, the best thing is to consult a tax advisor though. I don't pretend to be one - I'm just stating my experiences.Comment
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Re: another banking question!
Also check with VMBS, (Victoria Mutual Building Society)...I know they have multiple branches in NY but I'm not sure of the procedure. Ask the bank manager in JA how all that would work.
I know with NCB, I have to mail them the deposits directly and the checks take a month to clear [img]/forums/images/graemlins/blush.gif[/img]Comment
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Re: another banking question!
Whoa!Originally posted by Venn:
[qb]I know with NCB, I have to mail them the deposits directly and the checks take a month to clear [img]/forums/images/graemlins/blush.gif[/img] [/qb]
I don't think wiring ever took more than a week. Sometimes it was just 4 days, and I was making the request from Jamaica to my bank in the US. I never had ANY problems. Wiring is how banks generally deal with each other to transfer funds, so they HAVE to be good at it.Comment
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Re: another banking question!
Oh, I misunderstood [img]/forums/images/graemlins/blush.gif[/img]Originally posted by M:
[qb]Not sure if you meant $7000 in interest JD, but I tried to make it clear that it was $7000 in income from all sources. (Again, this is a ballpark figure as of 2000). So pretending $7000 is the actual number, and you earned $6595 in income from other sources and $10 in interest, that amount of interest would push you into a bracket where you would have to pay income taxes. So even if to use your words, it was not "that much interest," it could still impact on your tax liability.Originally posted by Jamaica dreamin:
[qb] I don't think I'll ever have to worry re earning that much interest [img]/forums/images/graemlins/frown.gif[/img] [/qb]
Really, the best thing is to consult a tax advisor though. I don't pretend to be one - I'm just stating my experiences. [/qb]Comment
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Re: another banking question!
It's OK, it's even more complicated than this also. From what I'm remembering, the other-than-interest income that would count would be US income, and income earned in Jamaica up to $70,000 US (again, as of 2000) did not count.Originally posted by Jamaica dreamin:
[qb] Oh, I misunderstood [img]/forums/images/graemlins/blush.gif[/img] [/qb]
This is why Mrs. Gibbs really needs to talk to a tax advisor about this - depending on what her income level is, it can get very complicated!!!
It's simple though if she doesn't earn over the minimum amount above which tax has to be paid.Comment
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Re: another banking question!
M, the last time I asked a bank here in the U.S. to do a wire, mi nearly tell dem badwud....the fee was actually costing more than the amount I intended to transfer....I've since changed that bank but I haven't inquired again on what the process is, becaah mi noh waan haffi tell dem yah one yah badwud to. [img]/forums/images/graemlins/blush.gif[/img]Comment
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Re: another banking question!
Thanks for all the responses. I will have to talk to someone at the bank when I go down in July. I thought it would be nice to start saving as I hope to one day live there or at least part time and if that does not work I will have money to spend when I do go for vacations.Comment
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Re: another banking question!
That's true - wiring isn't good for small amounts! But if it is a somewhat larger amount and you want to sleep at night knowing your money is not in the hands of postal service employees [img]/forums/images/graemlins/wink.gif[/img] or you need the money pretty quickly, wiring is the way to go.Originally posted by Venn:
[qb] M, the last time I asked a bank here in the U.S. to do a wire, mi nearly tell dem badwud....the fee was actually costing more than the amount I intended to transfer....I've since changed that bank but I haven't inquired again on what the process is, becaah mi noh waan haffi tell dem yah one yah badwud to. [img]/forums/images/graemlins/blush.gif[/img] [/qb]Comment
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