Minimizing Currency Conversion Costs

[Regina Abayev]

Any advice on how to minimize any costs associated with foreign investors sending cash to the US for RE investing? I know that using dollar denominated accounts abroad is useful, but what are other options given the large dollar amounts being transfered?

[Upen Patel]

@Regina Abayev Congratulations on your funding round.

When there is movement of money between countries all sorts of anti money laundering and tracking requirements kick in from the US Treasury and FinCen. So the only way to officially move money is via USD bank accounts, international wire, or money remittance. There are many services that offer services for foreign nationals to send money from the US to their country, but have not heard of a service that does the reverse.

There are a few money transfer startups that you might be able to partner up with to do the reverse, assuming their license in both countries allows them to do that. Was pursuing a pure mobile payment startup for a while so had investigate these things. Happy to get on the phone and share what I know.