Miami, FL asked in Tax Law for Florida

Q: I live in US. Is it fine for my friend from Israel to send me money while I send money to his parents in Russia?

I will be sending money from Russian bank account.

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T. Augustus Claus
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Answered

A: It is generally permissible to send and receive money internationally between friends and family members, regardless of their locations. However, international financial transactions can be subject to various laws and regulations, including those related to money laundering and fraud prevention. Sending money from a Russian bank account and receiving money from Israel and sending money to Russia may involve currency exchange regulations and tax considerations.

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