Overseas funds

[CKS 0]

Hi All,

Does anyone know what the rules are with bringing money from overseas. My wife recently received her green card but has quite a bit of money overseas which she never brought with her when she came on her K1 visa. . I am aware of the $10k limit if we bring it by hand but I was thinking more of doing a wire transfer of the entire amount. Also will we need to declare her money overseas at tax time and take a tax hit. I am thinking that since this money was already hers before she came over that there is no tax hit but I could be wrong. Any info on this topic is much appreciated. Thanks.

[payxibka 10,045]

Hi All,

Does anyone know what the rules are with bringing money from overseas. My wife recently received her green card but has quite a bit of money overseas which she never brought with her when she came on her K1 visa. . I am aware of the $10k limit if we bring it by hand but I was thinking more of doing a wire transfer of the entire amount. Also will we need to declare her money overseas at tax time and take a tax hit. I am thinking that since this money was already hers before she came over that there is no tax hit but I could be wrong. Any info on this topic is much appreciated. Thanks.

The $10K limit is on your person - in cash - no declaration, when arriving at the POE.

Just wire in the money... there will be no taxes...

Edited September 26, 2008 by payxibka

[Der Bücherwurm 1]

I've lived abroad for 4yrs now but always maintained my American bank acct. So when I was leaving Norway for Dubai I just had my Norwegian bank transfer my balance to my American acct. I had to pay a small fee for that. Then once the money cleared I closed my Norwegian bank acct.

[CKS 0]

Hi All,

Does anyone know what the rules are with bringing money from overseas. My wife recently received her green card but has quite a bit of money overseas which she never brought with her when she came on her K1 visa. . I am aware of the $10k limit if we bring it by hand but I was thinking more of doing a wire transfer of the entire amount. Also will we need to declare her money overseas at tax time and take a tax hit. I am thinking that since this money was already hers before she came over that there is no tax hit but I could be wrong. Any info on this topic is much appreciated. Thanks.

The $10K limit is on your person - in cash - no declaration, when arriving at the POE.

Just wire in the money... there will be no taxes...

Thanks for the quick reply. Do you know if this is a one time occurrence or can she send the money here at different amounts and intervals?

[payxibka 10,045]

Hi All,

Does anyone know what the rules are with bringing money from overseas. My wife recently received her green card but has quite a bit of money overseas which she never brought with her when she came on her K1 visa. . I am aware of the $10k limit if we bring it by hand but I was thinking more of doing a wire transfer of the entire amount. Also will we need to declare her money overseas at tax time and take a tax hit. I am thinking that since this money was already hers before she came over that there is no tax hit but I could be wrong. Any info on this topic is much appreciated. Thanks.

The $10K limit is on your person - in cash - no declaration, when arriving at the POE.

Just wire in the money... there will be no taxes...

Thanks for the quick reply. Do you know if this is a one time occurrence or can she send the money here at different amounts and intervals?

Nope.. bring it as it occurs... But if she gains this money in a possible taxable type transaction because it is income after she is a resident alien, you need to be aware of the tax rules.

[perfect 39]

And you need to be aware that if it is a substantial amount, the banking institution may institute their Anti-Money Laundering processes if they think the one-off transfer is out of context with what they know about your wife as their customer.