Receiving large amount of money from family in foreign country.

[songs190]

Hi,

I have a question about incoming international transfer from South Korea to the U.S. My brother(non U.S citizen) in korea will be sending me(U.S citizen)  $40,000~$100,000 through paypal. 

Here are my questions:

1. Is sending that amount work with paypal? I understand single transaction with paypal must be under $10,000, but from what I read, there is no limit.

2. What is the rate as of now?

3. If foreign money is gifted and that amount happened to exceed $100,000, I have to report Form 3520 to IRS. Does it apply to paypal transaction as well? 

Thank you.

[Whac-A-Mole]

banks are instructed to report any transaction $10,000 or  more,not sure if Paypal has to report.

but for that kind of money coming from Korea,Paypal will withhold it for review.

My advise is go to a bank and use intl wire transfer,not Paypal.

[songs190]

what if several transfers of $9999 are made? will Paypal still hold it for review?

[Whac-A-Mole]

no way to know until it happens,repeated transactions of same amount from one person from foreign country without any purchase could all be on hold,esp if one or both members are new accounts.