English Forum Switzerland

English Forum Switzerland (https://www.englishforum.ch/forum.php)
-   Finance/banking/taxation (https://www.englishforum.ch/finance-banking-taxation/)
-   -   International bank transfers to US-limit? (https://www.englishforum.ch/finance-banking-taxation/304702-international-bank-transfers-us-limit.html)

nirak 21.06.2021 21:32

International bank transfers to US-limit?
 
I've read that there is a limit of $10,000 on international bank transfers to the US. (Before it needs to be declared to the IRS). But is this per day? Or per year? I cannot find consistent information on this online.

roegner 21.06.2021 21:41

Re: International bank transfers to US-limit?
 
No, that is commonly known as a limit you can send without raising flags.
However, any uncommon transaction can raise a flag.

So yes, you can send much higher amounts, just be prepared to answer questions on where the funds came from.

As to when you need to report to the IRS, no idea.

fatmanfilms 21.06.2021 21:51

Re: International bank transfers to US-limit?
 
Quote:

Originally Posted by roegner (Post 3320055)
No, that is commonly known as a limit you can send without raising flags.
However, any uncommon transaction can raise a flag.

So yes, you can send much higher amounts, just be prepared to answer questions on where the funds came from.

As to when you need to report to the IRS, no idea.

Multiple transfers of $5k will also be flagged, I have done many transfers of $100k & only an issue if the money is being sent to a grey jurisdiction such as Jersey a year ago. Because of this I closed my HSBC Expat account.

Being flagged is in no way an issue as long as the financial organisations have done their KYC paperwork, they will confirm it's a normal transaction (or not!).


All times are GMT +2. The time now is 14:29.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0