Some days we have genius ideas. This is where we tend to write them down.
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July 6, 2015
Charity donations come in many different forms and from many different places. If you are considering making a charity donation to an overseas charity, consider using an online money transfer firm to handle the process. When giving to a charity organization, you want to make sure your money is going to the people who need it and not into the already deep pockets of some large, faceless banking institution. Don’t lose a huge chunk in the transfer process, send and confirm your fund transfer using a convenient and affordable FX firm.
With an increase in overseas disasters and the limited government resources to help, people are donating funds in an effort to provide some kind of relief. Donations help to put experienced disaster responders on the ground and give them the tools they need to help victims recover. Your contribution can be made quickly and safely through one of the online money providers listed on our site. Use our Comparison Tool to find the international money transfer firm that offers you the best exchange rate. With little to no transfer fees, you can have peace of mind knowing that your contribution is directly helping to fight these global disasters.
Supporting your alma mater has been a common reason for sending donations to a country where you no longer reside. Some of these institutions may have fundraising teams in your country or residence while others only have a fundraising office in the school’s home country. Use an online money transfer servicer to get the best rates and lowest fees on your charitable donation to your alma mater.
When sending money abroad for donation purposes, the biggest concern is often gift tax and the ability to write it off as a deduction. The tax requirements vary for senders depending on who is receiving the foreign exchange funds. The monetary threshold, in regards to gift taxes, also differs from country to country. It is advisable to work with an international tax advisor to become aware of the country’s tax liabilities when making money transfers as well as limiting the costs associated with sending money overseas.
Donations can often be used to reduce your taxable position bringing you into a lower tax bracket and offering your significant savings at the end of the year. It doesn’t always have to be a cash donation either, property, shares, and goods can all be considered deductible charity donations. Speak with your accountant before making any donations locally or internationally to learn about your tax implications.