What is the largest amount you can send/wire overseas?

What would be some options of investing in a long term investment, with paying the least amount on expenses like state and federal tax, but also being able to withdraw the largest amount after maturity?

• Let's say I want 10 million dollars as my future value (example) made in 600 monthly payments with an interest of 1.01%. I want to open the CD account as soon as I get my first paycheck so I would be in my 70s at the maturity. What type of investment favors my goal because I want to withdraw all of this money as soon as the investment hits maturity. What types of expenses would I incur in doing so, and what type of investments should I consider if I want to withdraw this whole investment at once and avoid these expenses? (For example I believe CD accounts are taxable, but IRA accounts are not *correct me if I am wrong) Can I, and should I open multiple accounts to eliminate some risk? Also, is the interest realistic? What would be some common interest rates? This is new to me so please add more information I should consider if you feel I missed some major things Thanks.

• Answer:

  You need to speak with a qualified financial specialist, as your own circumstances (your income, free cash flow, debt, dependents, age, emotional makeup, many other factors) are more important than the pure mechanics of the investment posed in your question. In extremely general terms, to answer some of the basic parts of your questions, a CD (Certificate of Deposit) is independent of the account type it is held in. It could be held in a taxable, tax-deferred (IRA), or tax exempt (Roth-IRA) account. http://www.investopedia.com/terms/c/certificateofdeposit.asp Issuer risk is mitigated by FDIC insurance in your country, up to $250,000 per issuer. That may or may not require opening multiple accounts, depending on the financial product purchased. In some cases these types of products (CD's, GIC's) can be held together in your discount or retail investment account, because each carries its own FDIC coverage from that issuer. http://www.investopedia.com/terms/f/fdic.asp Interest rates vary dramatically from country to country. Assuming you are in the United States, the US Federal Funds Rate is near zero, and has been as high as approximately 20% in previous decades. http://www.investopedia.com/terms/f/federalfundsrate.asp Assuming you have no intent on investing in other assets at historic lows, another option for you in a surging interest rate environment later this decade, would be to build a ladder of CD's at that time, to capture the best possible average rate during that period. Withdrawing all 10 million dollars at once on retirement from a tax deferred account would be unwise, because of the severe tax implications in that tax year. Hope this helps.