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ttAndtt

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

By ttAndtt in Tax & Finances During US Immigration

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Skyyy Contributor

Skyyy   7

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Ask your bank whether the bank allows to transfer money from your local account to USD account abroad (US). most of the countries do not allow to transfer money abroad except for trade transactions and education institute payments.

 

If the bank doesn't allow, you have to consider any other options for the transfer. the receiving party has no liability to pay tax on cash received as a gift. but receiving (USC) party has to disclose the source of funds if bank requires. 

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ttAndtt Rookie

ttAndtt   9

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Filed: K-1 Visa Country: Myanmar
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17 minutes ago, SalishSea said:

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.

Noted SalishSea, I am very carefully checking on this before I made any transaction.

3 minutes ago, Skyyy said:

Ask your bank whether the bank allows to transfer money from your local account to USD account abroad (US). most of the countries do not allow to transfer money abroad except for trade transactions and education institute payments.

 

If the bank doesn't allow, you have to consider any other options for the transfer. the receiving party has no liability to pay tax on cash received as a gift. but receiving (USC) party has to disclose the source of funds if bank requires. 

Thanks Sky! 

I will take note on that.

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