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Thread: LiveJasmin Wire Transfer fee to the US

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    Default LiveJasmin Wire Transfer fee to the US

    Is this true?

    "Please consider the fact that transaction fee may vary between $35-$100, which is deducted from Your earnings"

    Taken from

    As they dont just say the fee is $** Im curious.

    Anyone ever get a wire transfer to the US and remember the charge?

    I had a quick look through search but couldnt find the fee anyone paid for wire transfer.

    Edit, just realised you cant access the above link unless logged in.
    Last edited by PrincessJenny; 01-06-2012 at 10:22 AM.

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    Default Re: LiveJasmin Wire Transfer fee to the US

    arguably this is the result of new US laws ( IRS reporting provisions of the HIRE act that are now required of foreign banks transferring money to US citizens ) that went into effect on the first of January.

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    Default Re: LiveJasmin Wire Transfer fee to the US

    Its been that way for quite some years id suspect. I dont think the new law has changed anything in reality for us or the cam sites (yet?).

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    Default Re: LiveJasmin Wire Transfer fee to the US

    ^^^ ... ummm, no !

    (snip)Signed into law by President Obama on March 18, 2010, the Hiring Incentives to Restore Employment (HIRE) Act’s stated purpose is to provide incentives and payroll tax breaks for employers to hire and retain unemployed workers, as well as placing reporting burdens to the IRS on foreign banks.

    (snip)"A subsection of the HIRE Act includes provisions that will require foreign financial institutions, investment funds, trusts, family offices and other types of investment structures to report information about its US account holders each year. If the financial institution fails to do so, a 30% withholding tax will be applied(snip)

    (snip)Another unintended, negative consequence of the HIRE Act will be to encourage foreign financial institutions and foreign private-sector interests to cease using the US dollar to conduct their business transactions. If some countries do not wish to enter into information-sharing agreements with the United States, then they will likely try to evade this steep fee by looking for business elsewhere.(snip)

    further description ...

    (snip)"FATCA (Foreign Account Tax Compliance Act) is the brood of FBAR (Foreign Bank Account Report). FBAR requires that U.S. persons divulge foreign accounts to the Treasury Department, but few knew about or ever complied with it. To stanch the bleeding of U.S. capital into secret bank jurisdictions like the Cayman Islands and Switzerland, Congress introduced FATCA into law as part of the HIRE Act. FATCA requires that foreign financial institutions (FFIs) reveal the accounts of U.S. persons to the IRS. The FFIs will then have to collect tax withholdings for the IRS from these clients.(snip)


    I'm not sure of the implementation schedule of FACTA, but it is definitely staged to take effect in phases. I believe that the 30% 'estimated US income tax withholding' on payments made by foreign financial institutions to US citizens doesn't kick in until next year. But the requirement that foreign financial institutions must report the existance of accounts held in the names of US citizens to the IRS went into effect this week !

    Reading what's available on the subject, there is a lot of ambiguity regarding what actually constitutes a 'foreign financial institution account held in the name of a US citizen'. My own Swiss bank account was given the 'boot' because the Swiss bank decided that they stood to 'lose less money' by simply terminating accounts held in the names of US citizens ( with balances of less than 1 million dollars ) than by attempting to comply with the new IRS reporting requirements. What hasn't been clearly interpreted is the status of, say, a sub-account of a foreign webcam host company in a foreign bank, in which camming money earned by a particular US camgirl is 'temporarily' held.

    Circling back on topic, wire transfers from foreign banks to US banks effectively 'bypass' the use of individual accounts outside the USA. The only time a transfer to an individual account takes place is after the US bank has received the funds transfer from the foreign bank and in turn deposits those funds into the account of an individual 'bank customer'. But international bank to bank wire transfers usually carry a hefty fee. Similarly, the use of paper checks drawn against a foreign bank also 'bypass' the use of individual accounts outside the USA , with zero bank fees but with a major time lag. However, with the probable exception of Payoneer's linked Visa debit card drawn against a foreign bank, US camgirls working for foreign webcam hosts may not be left with any other alternatives besides bank to bank wire transfers or paper checks.

    ~
    Last edited by Melonie; 01-06-2012 at 04:30 PM.

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    Default Re: LiveJasmin Wire Transfer fee to the US

    All that law stuff is mumbo jumbo to me to be honest. The camming industry is very versatile and we have overcome laws in the past. Someone will find a loophole and we will all continue as normal. Gov's just try to scare people alot.

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