Telegraphic transfers to us bank

[MrCosgrove 6]

Hi

 

we have just finished our visa process and have finally arrived in USA .

 

I am looking to transfer funds from my Australian bank to my us bank.

 

what happens in cases like this when the amount is over $10,000?

 

does the irs add taxes for transfers when it’s a transfer to accounts in the same name like this will be?

 

I was talking to someone about intermediate banks and wondered what sort of fees I can expect in making the transfer? 

[Crazy Cat 41,845]

The US does not tax transfers.  You can expect moderate bank transfer fees

Edited March 24, 2021 by Lucky Cat

[JeanneAdil 6,498]

US law requires banks and money transfer companies to report:

• Your name and contact information.
• The name and contact information of the person who sent you the money.
• If it’s a bank transfer, the financial details of the recipient, including SWIFT code.
• Your banking details, including your bank account number.
• The amount you received.

you will fill out form 3520 

[Wuozopo 4,293]

On 3/24/2021 at 11:12 AM, MrCosgrove said:

Hi

 

we have just finished our visa process and have finally arrived in USA .

 

I am looking to transfer funds from my Australian bank to my us bank.

 

what happens in cases like this when the amount is over $10,000?

 

does the irs add taxes for transfers when it’s a transfer to accounts in the same name like this will be?

 

I was talking to someone about intermediate banks and wondered what sort of fees I can expect in making the transfer? 

Look at Transferwise for good rates. The US wants to know about sums greater than $10k for informational purposes only. It’s about money laundering and terrorist funding, not a tax item for you. The receiving bank will do the paperwork to report when they receive international funds. They have requirements in the banking act portion of the Patriot Act passed after 9-11. It will be pretty seamless for you. 

[Locito 85]

While I can't provide you assistance on your actual question, I second using Wise (formerly known as TransferWise). Their services work pretty well when transferring money from one country to another; I use them monthly to transfer money from my US account to my Swedish account (a Swedish loan I am paying off). I've found them to be cheaper than other similar services like OFX, and definitely cheaper than PayPal. You can also sign up for a daily e-mail that gives you the current rate in case you need to transfer money more often = when is it more advantageous to transfer the money.

 

I don't know how strict Australian banks are with international money transfers, but as previous posters have explained, anything over USD 10,000 is going to trigger some paperwork on your part.

 

With Swedish banks I have (even with relatively low sums of money) had to explain a couple of times why I am transferring money from abroad, and how I have obtained the money (ie. no money laundering). If you are anticipating doing a bigger one-time transfer, perhaps you can also message your bank, and whichever intermediary transfer service you will use, asking what can you expect/if you need provide any paperwork when transferring a large amount of money internationally.

[Wuozopo 4,293]

@MrCosgrove
 

I used Transferwise twice for bigger chunks of money from the UK to the US and didn’t have to explain any reason or call my receiving US bank in advance or fill out any US reporting paperwork for a single transaction of approx $20,000. All dealing was with Transferwise (Wise) getting registered. I suppose each country can vary but they should have all the rules down to make it easy on you.

[MrCosgrove 6]

I have now used Wise for the transfer and had very little issue, they did hold a payment while I provided some indentity information , but thats all, I did also try a telegraphic transfer via my bank and that that payment lost a chunk of money getting there, so Wise would be how i would suggest others look at as well. Of course, anyone moving money across the world should do their own research and I would high recommend doing small test transfers  (I did $250 transfers) to make sure it all works before doing a large transfer.