Sending money to your fiance's bank?

[zentaco 28]

Hi everyone,

I was hoping someone here could answer this question, because the guy at the IRS apparently couldn't and told me I'd need to talk to an attorney of law.

I'm using my K-1 visa in a little over a week but wanted to wire some of my money down beforehand. As I don't have an SSN yet, I don't think I can get my own bank account, so I would have to send the money to an account under my fiancé's name and SSN. He's concerned that it'll look off to the IRS that he's suddenly getting a lot of extra money. Has anyone experienced issues doing this? Or can someone suggest a better idea to bring my money down safely? I can't wire money down once I've moved, myself, and will have to find someone else to do it then.

Edited August 25, 2012 by zentaco

[hikergirl 277]

I opened a RBC USA account from a branch in Canada (where I also opened a Cdn RBC acct) and I can transfer money easily North and South on-line. We tried the money transfer route once (Bank of America to one of my Cdn accts) and got dinged a lot in service fees from both ends.

I talked to someone at the TD Bank and they said they are trying to get a similar system set up but currently you have to use a 1-800 number and you can transfer up to $5k I believe.

[Que Saudade 284]

He should go to his bank and ask them how to get money wired from an international source. They will give him some routing codes etc.....

Then just do that. My (now) wife did the same thing. It is your money and it is legal... If questioned, you can answer with no problem.

Good luck

EDIT: Hikergirl and I crossed threads... She has personal experience from Canada

Edited August 25, 2012 by Que Saudade

[dm559 34]

Overseas I had an HSBC account in the US Bank of America and I did a wire transfer. I guess another thing to know is how much are we talking about? anything over $10,000 triggers a lot of redflags with IRS, Department of Homeland Security and Secret Service. As far as the IRS is concerned anything over $10,000 in a months time by deposits or withdraw the bank is required to notify the IRS. If your boyfriend gets this money it is technically available for his disposal so it would be income. How he uses that income (gives it to you, buys a car, etc) doesn't matter. He would have to claim it as income.

It's easier to just transfer it to yourself. That way if anyone does ask you have a legit (and real) reason for doing it and for sending it to yourself. Just keep it under $9,000 (check also if there are transfer limits with foreign bank and if it's possible to lift those limits.)

He should go to his bank and ask them how to get money wired from an international source. They will give him some routing codes etc.....

Then just do that. My (now) wife did the same thing. It is your money and it is legal... If questioned, you can answer with no problem.

Good luck

EDIT: Hikergirl and I crossed threads... She has personal experience from Canada

[zentaco 28]

Interesting about RBC, Hikergirl, but I already have a TD account and am trying to cut back on the Canadian accounts (had RBC until a while back too but didn't like the monthly fee) so that things aren't too complicated. There's also no RBC ATMs in California from what I can see. Good to know your wife was able to wire without problems though, Que Saudade.

[VanessaTony 3,567]

You don't need a SSN to get your own bank account. Some banks will tell you that but it's wrong.

I personally set up online banking. I have paypal linked to my Aussie account and another set up for my Wells Fargo account here in the US. I transfer money back and forth that way. Never had a problem with it.

[zentaco 28]

Overseas I had an HSBC account in the US Bank of America and I did a wire transfer. I guess another thing to know is how much are we talking about? anything over $10,000 triggers a lot of redflags with IRS, Department of Homeland Security and Secret Service. As far as the IRS is concerned anything over $10,000 in a months time by deposits or withdraw the bank is required to notify the IRS. If your boyfriend gets this money it is technically available for his disposal so it would be income. How he uses that income (gives it to you, buys a car, etc) doesn't matter. He would have to claim it as income.

It's easier to just transfer it to yourself. That way if anyone does ask you have a legit (and real) reason for doing it and for sending it to yourself. Just keep it under $9,000 (check also if there are transfer limits with foreign bank and if it's possible to lift those limits.)

Hi dm559, I wanted to transfer around 10k at first, but I have more than that that I'll probably want to move down eventually. So I should wait until I can get my own bank account? Because the problem is that I can't send to myself until I can get a bank account down there, which is after I've moved I think. Just a bit annoyed that I'll need to ask family to do it for me since my bank told me wire transfers need to be done in person.

You don't need a SSN to get your own bank account. Some banks will tell you that but it's wrong.

I personally set up online banking. I have paypal linked to my Aussie account and another set up for my Wells Fargo account here in the US. I transfer money back and forth that way. Never had a problem with it.

That's good to know. I'm looking into credit unions and unfortunately I think I'll have to at least be living there before I can use one. Wells Fargo leaves a bad taste in my mouth from what the news and my fiance has told me about it, but if I have to start there I might look into it. Only thing is, will they let you make an account over the phone? They probably require ID at least..

Edited August 25, 2012 by zentaco

[Smiley-one 13]

From my personal experience I got a money order from CIBC and when I got to the US I was able to open up a bank account at BB&T with just my Ontario Drivers license and my Canadian passport. They did put a 10 day hold on the money order while they verified. I also brough down enough cash as I knew they would require a hold to be placed on the money order. There were no fees involved to deposit the money order and I also got a BB&T visa debit card and once the money was available I was able to withdraw and make purchases with the card. I no longer have the BB&T account as I now have a joint account at the local credit union and I get a better exchange rate at the credit union. I have my Canadian EI checks going directly into my CIBC account and I am able to withdraw the money out at any bank machine or use my CIBC Visa debit card at any retailer and request cash back.

Edited August 25, 2012 by Smiley-one

[zentaco 28]

From my personal experience I got a money order from CIBC and when I got to the US I was able to open up a bank account at BB&T with just my Ontario Drivers license and my Canadian passport. They did put a 10 day hold on the money order while they verified. I also brough down enough cash as I knew they would require a hold to be placed on the money order. There were no fees involved to deposit the money order and I also got a BB&T visa debit card and once the money was available I was able to withdraw and make purchases with the card. I no longer have the BB&T account as I now have a joint account at the local credit union and I get a better exchange rate at the credit union. I have my Canadian EI checks going directly into my CIBC account and I am able to withdraw the money out at any bank machine or use my CIBC Visa debit card at any retailer and request cash back.

Kinda sounding like I'm out of luck on sending money to my own account before my move, though, because I'm in Canada right now. Wish I had thought to try and get a bank account when I was visiting my fiancé in April.. Now I know why they say money is a big stressor.

[Anh map 2,098]

Hi everyone,

I was hoping someone here could answer this question, because the guy at the IRS apparently couldn't and told me I'd need to talk to an attorney of law.

I'm using my K-1 visa in a little over a week but wanted to wire some of my money down beforehand. As I don't have an SSN yet, I don't think I can get my own bank account, so I would have to send the money to an account under my fiancé's name and SSN. He's concerned that it'll look off to the IRS that he's suddenly getting a lot of extra money. Has anyone experienced issues doing this? Or can someone suggest a better idea to bring my money down safely? I can't wire money down once I've moved, myself, and will have to find someone else to do it then.

Can I point out the obvious that you two will soon be married and the paper will trail will show the $$$ coming from your account into his (which could become a joint account at some point if you choose). Or that you can transfer to his, then he transfers to your new account. Doubtful that anyone will be accused of money laundering.

[Que Saudade 284]

Can I point out the obvious that you two will soon be married and the paper will trail will show the $ coming from your account into his (which could become a joint account at some point if you choose). Or that you can transfer to his, then he transfers to your new account. Doubtful that anyone will be accused of money laundering.

We did it with no problem. But then, she hasn't mentioned how much $$$ it is... We definitely were not over $10K....

OP... just get a certified check for the majority of the amount from your bank. Leave yourself some operating cash. When you get to states, open an account with your certified check..

Edited August 25, 2012 by Que Saudade

[zentaco 28]

We did it with no problem. But then, she hasn't mentioned how much $$$ it is... We definitely were not over $10K....

OP... just get a certified check for the majority of the amount from your bank. Leave yourself some operating cash. When you get to states, open an account with your certified check..

I'd rather not say exactly how much I have, but it's definitely over the 10k mark and if the IRS notices that much they'd take note of the amount I'd be putting in my fiance's account for sure. For that reason I'm hesitant to bring it down on a cheque. But Anh Map is right, we'll be getting married in October.. So we are going to be sharing accounts eventually anyway. Will see if he can ask his bank about it maybe (might calm his worries) or I'll just deal with having someone else wire for me. Not the most patient person sometimes.

[Que Saudade 284]

I'd rather not say exactly how much I have, but it's definitely over the 10k mark and if the IRS notices that much they'd take note of the amount I'd be putting in my fiance's account for sure. For that reason I'm hesitant to bring it down on a cheque. But Anh Map is right, we'll be getting married in October.. So we are going to be sharing accounts eventually anyway. Will see if he can ask his bank about it maybe (might calm his worries) or I'll just deal with having someone else wire for me. Not the most patient person sometimes.

Do it in different stages....half now and half later... Like I mentioned and Anh Map stated also, as long as your money was made legally.... You can answer any questions if asked. Quite logical for you to move your money to where you live..

Do you not have online access to your bank account? Plus, you can always write yourself a check (as long as it is good)

[Dave&Roza 748]

Overseas I had an HSBC account in the US Bank of America and I did a wire transfer. I guess another thing to know is how much are we talking about? anything over $10,000 triggers a lot of redflags with IRS, Department of Homeland Security and Secret Service. As far as the IRS is concerned anything over $10,000 in a months time by deposits or withdraw the bank is required to notify the IRS. If your boyfriend gets this money it is technically available for his disposal so it would be income. How he uses that income (gives it to you, buys a car, etc) doesn't matter. He would have to claim it as income.

It's easier to just transfer it to yourself. That way if anyone does ask you have a legit (and real) reason for doing it and for sending it to yourself. Just keep it under $9,000 (check also if there are transfer limits with foreign bank and if it's possible to lift those limits.)

Over 10K does automatically trigger reporting to the IRS, DHS, and the SS, but a bank employee can report smaller sums if they see a pattern or several smaller amounts. This will not be income to your finance, but may be questioned. I see that you have three options: 1) wire the money directly to his account. 2) get a chashiers check and bring the money in check form and open your own account, or 3) bring your check book and write checks to yourself after opening your own account or have him put it in his account.

I would not worry about the amount as it is your money.

Good luck,

Dave

[Pikku 0]

My cousin was on your same exact place, he needed to get 12k down here. So, he wired 6k (half) to his fiancee here on US, and when he came he brought the other half with him, opened a Bank of America checking account with only his passport, and deposited his money there : )