What is the cheapest way to move money home?

Usually a multi-currency provider rather than a bank wire, because the exchange margin generally exceeds the transfer fee. Compare the amount that actually arrives, not the advertised fee — a fee-free transfer with a wide spread can cost more than a $20 wire.

Do I have to report money I send to myself?

Yes. For a foreign-owned single-member LLC, transfers between you and the company are reportable transactions on Form 5472, both in and out. Your home country very likely treats the receipt as taxable too.

Should I convert to my local currency immediately?

Not necessarily. If some of your costs are in dollars, converting everything and converting back means paying a spread twice. Convert what you actually need to spend locally and hold the rest in USD.

Building a US business from outside the United States

Guide · 2 min read

Getting money out: moving profit from a US company to your country

The step every guide skips. Your company earns in the US and you live somewhere else, and moving that money is its own decision.

The short answer

Founders abroad typically move money from a US business account via international wire, or via a multi-currency provider that converts at rates closer to the mid-market rate. Every transfer to yourself is a distribution, reportable on Form 5472 for a foreign-owned single-member LLC and likely taxable where you live.

The routes

International wire. Universally available, settles quickly, and charges at both ends plus an exchange margin. Correspondent banks in the chain can each deduct a fee, which is why the amount arriving is often less than expected.
Multi-currency provider. Holds balances in several currencies and converts at rates typically much closer to mid-market. Often provides local account details, which solves the problem of European clients expecting an IBAN.
Keep it in USD. If your costs are dollar-denominated, not converting is the cheapest option available.

What you must record

Every transfer between you and the company is a distribution or a contribution, and both are reportable on Form 5472 for a foreign-owned single-member LLC. Log each one as it happens — reconstructing a year of transfers from bank statements at filing time is miserable and error-prone.

Frequently asked questions

What is the cheapest way to move money home?: Usually a multi-currency provider rather than a bank wire, because the exchange margin generally exceeds the transfer fee. Compare the amount that actually arrives, not the advertised fee — a fee-free transfer with a wide spread can cost more than a $20 wire.
Do I have to report money I send to myself?: Yes. For a foreign-owned single-member LLC, transfers between you and the company are reportable transactions on Form 5472, both in and out. Your home country very likely treats the receipt as taxable too.
Should I convert to my local currency immediately?: Not necessarily. If some of your costs are in dollars, converting everything and converting back means paying a spread twice. Convert what you actually need to spend locally and hold the rest in USD.

Sources

IRS — About Form 5472

Last reviewed August 23, 2026. Verify against the primary source before acting.

Founders 8 does not provide tax advice. Tax residency depends on facts and rules specific to each jurisdiction — review your position with a qualified adviser.

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