Transferring money to the US from Europe (merged)

[Aluvaboy 66]

23 hours ago, Crazy Cat said:

Not true.  My wife has wired large sums of money directly into my account BEFORE she arrived.  Bank wire is pretty easy and safe.

Wire transferring into your account may be possible. Wire transfer was done by the spouse. Original poster did not mention any connections like that. 

[Crazy Cat 41,810]

1 hour ago, Aluvaboy said:

Wire transferring into your account may be possible. Wire transfer was done by the spouse. Original poster did not mention any connections like that. 

Neither of our banks asked about our connection.  They simply wired the money to the specified account number and routing number given to them.  The sender was Bank of America in Taipei, Taiwan. 

Edited September 27, 2022 by Crazy Cat

[SteveInBostonI130 3,432]

1 hour ago, Aluvaboy said:

Wire transferring into your account may be possible. Wire transfer was done by the spouse. Original poster did not mention any connections like that. 

There is no requirement that the destination account holder needs to be related to the sender.  You can wire money for just about any purpose, to whomever.   Transfers over a certain amount are disclosed to the US treasury, if sent by or received by a US bank.

 

 

[Aluvaboy 66]

35 minutes ago, SteveInBostonI130 said:

There is no requirement that the destination account holder needs to be related to the sender.  You can wire money for just about any purpose, to whomever.   Transfers over a certain amount are disclosed to the US treasury, if sent by or received by a US bank.

 

 

That is not what I said! You have to have a destination account to transfer money! Destination account can be anybody in the US. I don’t think OP will transfer to just somebody! 

[Crazy Cat 41,810]

3 minutes ago, Aluvaboy said:

That is not what I said!

That is exactly what you said.  "Wire transfer was done by the spouse. Original poster did not mention any connections like that."

BTW, the OP said it was a transfer from a European account to a US bank account. "How did you guys transfer money from a European bank account to a US one?"

[Scandi 4,166]

18 minutes ago, Crazy Cat said:

That is exactly what you said.  "Wire transfer was done by the spouse. Original poster did not mention any connections like that."

BTW, the OP said it was a transfer from a European account to a US bank account. "How did you guys transfer money from a European bank account to a US one?"

He meant that there has to be a sender account AND a receiver account. He meant that not everyone who moves to the US has an account they can transfer the money to (ie they don't know anybody in the US, ie "no connections", and don't have their own account either). 

Edited September 27, 2022 by Scandi

[Crazy Cat 41,810]

12 minutes ago, Scandi said:

He meant that there has to be a sender account AND a receiver account. He meant that not everyone who moves to the US has an account they can transfer the money to (ie they don't know anybody in the US, ie "no connections", and don't have their own account either). 

But, the original question, posted by the thread creator, had already stated that the transfer was from a European bank account to a US bank account. 

Edited September 27, 2022 by Crazy Cat

[Scandi 4,166]

24 minutes ago, Crazy Cat said:

But, the original question, posted by the thread creator, had already stated that the transfer was from a European bank account to a US bank account. 

Yeah I agree, I don't know where the discussion about having a bank account came from in the first place, it was pretty clear to me that OP already knows which account the money would be sent to (ie, s/he already has someone in the US who has an account). I just wanted to "translate" what the other poster meant. 

Edited September 27, 2022 by Scandi

[Wuozopo 4,293]

7 hours ago, Boatsi said:

However I do recall from previous tax reports that I was asked if I at any time had foreign assets or money in a bank account exceeding 10k. So yeah you do have to give the IRS information about that

$10k is not reported on the tax return. I have done that reporting since 2008 or so. But TurboTax asks me that question every year as a courtesy reminder that I may need to do the separate FBAR report. On this page, https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar  the IRS says:

 

How to File

You must file the FBAR electronically through FinCEN’s BSA E-Filing System. You don’t file the FBAR with your federal tax return. 

[Sam M 0]

Hi,

I’m thinking about wiring more than $10 K from Europe to the US. I read that I have to report this to the IRS? I only find documents for entrepreneurs, which I am not. 
 
Can someone help me out? Thank you!
 

[Lil bear 4,181]

8 minutes ago, Sam M said:

Hi,

I’m thinking about wiring more than $10 K from Europe to the US. I read that I have to report this to the IRS? I only find documents for entrepreneurs, which I am not. 
 
Can someone help me out? Thank you!
 

It will be automatically reported to US agencies by the transferring bank as per international financial  agreements 

[Wuozopo 4,293]

@Sam M

Agree with above. It will be done for you. How are you planning to send?

[Ontarkie 14,215]

~~Duplicate threads merged. Please do not start more than one thread for the same or related questions.~~

[Crazy Cat 41,810]

On 9/27/2022 at 4:12 AM, Boatsi said:

That's all good but I hope you know that apparently you're supposed to report sums over 10.000$ to the IRS?

That is not accurate.

Edited March 4, 2023 by Crazy Cat

[Crazy Cat 41,810]

On 9/27/2022 at 11:42 AM, Boatsi said:

So yeah you do have to give the IRS information about that

That is not accurate.  FBAR is submitted to the Department of the Treasury, not on tax returns.