Money to transfer from local bank to US bank (fiancee) before relocation with K1

[ttAndtt 9]

Hi All,

 

I have been looking for any topic related to money transfer from local bank to US bank to my fiancee account.

 

I found some topics but not sure the information has been changed over the time or not.

 

Please help, Could anyone answer what I am wondering?

I know we can transfer money internationally with either Wise or some other service.

 

I want to know 

 

a. Is there any concern upon receiving money to my fiancee account? (Could it be issue for AOS time?)

b. Is that she has to pay tax on it or not?

c. Is there any limit?

Thank you and looing forward to any help any information.

[Crazy Cat 41,802]

Personally, I would use an international bank wire transfer.  There are bank transfer fees, of course, but there is no official limit and there are no US taxes. 

Edited December 13, 2023 by Crazy Cat

[IWander 589]

13 minutes ago, ttAndtt said:

Hi All,

 

I have been looking for any topic related to money transfer from local bank to US bank to my fiancee account.

 

I found some topics but not sure the information has been changed over the time or not.

 

Please help, Could anyone answer what I am wondering?

I know we can transfer money internationally with either Wise or some other service.

 

I want to know 

 

a. Is there any concern upon receiving money to my fiancee account? (Could it be issue for AOS time?)

b. Is that she has to pay tax on it or not?

c. Is there any limit?

Thank you and looing forward to any help any information.

A.  No

B.  No

C.  I think it is a max of $10k per transaction but there might be other limitations based on the country of origin 

[ttAndtt 9]

2 minutes ago, Crazy Cat said:

Personally, I would use a bank wire transfer.  There are bank transfer fees, of course, but there is no official limit and there are no US taxes. 

Thanks Cat.

 

I also notice it is easier but my friend told me that using Wise, it is slightly cheaper than bank wire transfer. That's why I put that as example.

 

So there is no problem at all and it is pretty normal for those who relocate to US with K1? just confirming only for that.

 

Thanks once again.

 

[ttAndtt 9]

Just now, IWander said:

A.  No

B.  No

C.  I think it is a max of $10k per transaction but there might be other limitations based on the country of origin 

Thanks IWander.

I heard from somewhere I couldn't remember that it said transferring multiple transactions could raise suspect on avoiding detection ... .

That's why I am having stress on that. I don't want to have problems later when I arrive in US.

[JeanneAdil 6,488]

14 minutes ago, ttAndtt said:

Thanks IWander.

I heard from somewhere I couldn't remember that it said transferring multiple transactions could raise suspect on avoiding detection ... .

That's why I am having stress on that. I don't want to have problems later when I arrive in US.

she can transfer any amount / it does require the paperwork to show where it came from 

Fiancee is the USC?  it could be an issue to transfer when your name is not on the account

 

Have u thought to open account with international bank like Capital one or HSBC in your name?

 

 

In the US there is no limitation on the amount of cash that can be introduced when arriving from abroad, but amounts greater than $10,000 (in cash, traveler's checks and money orders) must be declared using forms 6059B and FinCEN 105.

[ttAndtt 9]

1 minute ago, JeanneAdil said:

she can transfer any amount / it does require the paperwork to show where it came from 

Fiancee is the USC?  it could be an issue to transfer when your name is not on the account

 

Have u thought to open account with international bank like Capital one or HSBC in your name?

 

 

In the US there is no limitation on the amount of cash that can be introduced when arriving from abroad, but amounts greater than $10,000 (in cash, traveler's checks and money orders) must be declared using forms 6059B and FinCEN 105.

Thanks Jeanne.

 

It is he(me) going to transfer. yeah I will have bank letter if I cash out OR I have IRAS tax statements. I think it is enough?

 

Yeah she is US Citizen. I am going to transfer to her account before I leave. Obviously I won't any bank account over there.

 

it is interesting to open international bank account. let me research more on that.

 

Thanks Jeanne.

[SteveInBostonI130 3,432]

Why do you want to transfer it now, before marriage?  Why not wait and have your name added to the account?

[SalishSea 17,797]

3 hours ago, SteveInBostonI130 said:

Why do you want to transfer it now, before marriage?  Why not wait and have your name added to the account?

Totally agree.

[ttAndtt 9]

3 hours ago, SteveInBostonI130 said:

Why do you want to transfer it now, before marriage?  Why not wait and have your name added to the account?

Yeah I am thinking to get transfer done to prepare wedding or any other financial stuffs over there.
Wait. if I open account over there and if I transfer from my local bank to US, will it consider income and have to pay tax? 

[ttAndtt 9]

Just now, SalishSea said:

Totally agree.

Hello SalishSea, 

 

if I do that there is no problem in US right? like I have to pay tax or whatever it might arise.

[SalishSea 17,797]

1 minute ago, ttAndtt said:

Hello SalishSea, 

 

if I do that there is no problem in US right? like I have to pay tax or whatever it might arise.

Seems like you're looking at it from a tax perspective, but I'm thinking more along the lines of commingling finances before marriage, which is obviously a personal decision.

 

Money brought from overseas will not be subject to US income tax, as it was not income earned in the US.  

[ttAndtt 9]

Just now, SalishSea said:

Seems like you're looking at it from a tax perspective, but I'm thinking more along the lines of commingling finances before marriage, which is obviously a personal decision.

 

Money brought from overseas will not be subject to US income tax, as it was not income earned in the US.  

Ok Noted and SalishSea...

[OldUser 6,599]

1 hour ago, SalishSea said:

 

 

Money brought from overseas will not be subject to US income tax, as it was not income earned in the US.  

I'm not 100% sure this is true for somebody who is a US citizen. There's limits on "gifts" above which US citizen fiance would have to pay taxes on.

[SalishSea 17,797]

3 minutes ago, OldUser said:

I'm not 100% sure this is true for somebody who is a US citizen. There's limits on "gifts" above which US citizen fiance would have to pay taxes on.

I didn’t think gift tax would apply in this situation.   OP may want to consult with CPA, since it isn’t really an immigration issue.