Ask Experts Questions for FREE Help !
Ask
    traderdwa's Avatar
    traderdwa Posts: 1, Reputation: 1
    New Member
     
    #1

    May 1, 2006, 12:51 PM
    Currency transactions
    My "friend" in Ireland wants to send me money orders to deposit in a bank in the US and send him money by Western Union. Are there reporting requirements for receiving money from Europe and/or sending money to Europe?

    Thanks
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,303, Reputation: 7691
    Expert
     
    #2

    May 1, 2006, 01:24 PM
    This is one of the biggest scams going today, they send you money orders
    (which turn out to be fake) you deposit them in your bank account.

    You then send money Western Union. So when the money orders bounce, you are with a minus balance in your checking account.

    There is no legal reason to transfer money like this, they have the same banks in Ireland we have in the US, even chains of the exact banks.

    They may even let one or two real money orders go though at first to sucker you into some of the big ones. That way they get the real money that you can't ever get back from Western Union, and you will owe the bank, and may even face some criminal charges if you don't pay all of it back to the bank.

    You don't get something for nothing, I bet you meet your "friend" though an email or chatroom??
    benben's Avatar
    benben Posts: 2, Reputation: 1
    New Member
     
    #3

    May 10, 2006, 10:33 AM
    Don't do it

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Journalize transactions [ 3 Answers ]

Recorded services provided on account for the period April 1-12, $4200.00 Is this correct: DR- Accounts receivable CR- Unearned fees Paid Office station Co. for part of the debt incurred on April 5, $1200.00 Is this correct:

Foreign currency [ 1 Answers ]

Where can I get a small amount of Italian currency for a gift in Denver,CO

Transactions [ 1 Answers ]

I need some help with these transactions. 1. Accrued salaries, $170 Dr. Salary Expense $170 Cr. Salary Payable $170 2. Supplies used, $120 Dr. Supplies Expense $120 Cr. Supplies $120


View more questions Search