Actual Move to US - Fund Transfer

[wanderlust88 17]

I might be jumping the gun here a little as I still don't have an interview date, but my question is for those who moved to US through CR1. How did you transfer your bank balance to the US and did you get asked questions or were you taxed? I opened an account with Bank of America when I was last in the US, so the account is under my name. Would there be an issue if I transfer large sums of money into the account from my current account which is also under my name?

 

Thanks!!

[mallafri76 1,012]

If you use the search option, you’ll see plenty of posts on this topic. 

 

If you transfer $10,000, remember to file with FinCen, declaring your transfer. And don’t be stupid and try to get around the rule by transferring in smaller amounts. If the government finds out, you can end up having your money ceased or even go to prison. Always report transfers $10,000, even if you send them in smaller amounts over a short time.

 

Bank of America charge $16 for international wire transfer. Your transfer will be tax free in the US.

[abum 324]

i used services like ORBITREMIT and TRANSFERWISE. both offer good exchange rates. 

 

both will not work for smaller banks - where you have FOR FURTHER CREDIT 

 

https://transferwise.com/help/article/2076875/us-dollar-transfers/for-further-credit-payments

 

 

[mindthegap 2,521]

Transferwise.

Arrives in your US account as a domestic deposit, so no wire fee at the US end.

[doggieandsam 765]

hi - i just moved this month to the US from Dubai. before i left i transferred my savings from my Standard Chartered Bank in Dubai to my fiance's Bank of America account in the US without any issues. I just transferred the money through online banking. My gratuity was also transferred online by my employer to my fiance's account directly (also SCB to BoA). Both transfers went through smoothly with no issues whatsover, the money got credited within hours of transferring. The charge is AED 25 regardless of the amount (well assuming I guess the money you are transferring is not in the hundreds of thousands)! No charges were taken by BoA at all.

 

I do agree with commenter above. no issues with transferring a large sum but transfer your money in one go - don't try and evade the rules by breaking it up in smaller chunks. also, we did not do anything else special ie reporting. the bank will do the reporting for you. any transfers above usd10k - the bank will be obligated my law to report it to the authorities (not sure exactly who they have to report it to). if they report the transfer, the better for you - that means you have nothing to hide. there are no tax implications as far as my fiance and i are aware. i was not questioned by my bank when i transferred and my fiance was not questioned by BOA either.

 

hope this helps.

Edited September 29, 2017 by iamdegie

[mallafri76 1,012]

On 9/29/2017 at 4:23 PM, iamdegie said:

(not sure exactly who they have to report it to). if they report the transfer, the better for you - that means you have nothing to hide. 

You have to report it to FinCen during tax season the following year. 

[wanderlust88 17]

On 9/30/2017 at 1:23 AM, iamdegie said:

hi - i just moved this month to the US from Dubai. before i left i transferred my savings from my Standard Chartered Bank in Dubai to my fiance's Bank of America account in the US without any issues. I just transferred the money through online banking. My gratuity was also transferred online by my employer to my fiance's account directly (also SCB to BoA). Both transfers went through smoothly with no issues whatsover, the money got credited within hours of transferring. The charge is AED 25 regardless of the amount (well assuming I guess the money you are transferring is not in the hundreds of thousands)! No charges were taken by BoA at all.

 

I do agree with commenter above. no issues with transferring a large sum but transfer your money in one go - don't try and evade the rules by breaking it up in smaller chunks. also, we did not do anything else special ie reporting. the bank will do the reporting for you. any transfers above usd10k - the bank will be obligated my law to report it to the authorities (not sure exactly who they have to report it to). if they report the transfer, the better for you - that means you have nothing to hide. there are no tax implications as far as my fiance and i are aware. i was not questioned by my bank when i transferred and my fiance was not questioned by BOA either.

 

hope this helps.

thanks for your response! so you didn't file anything with FinCen? based on mallafri76's response i think we'll have to look into that. also, AED 25 for a transfer is a good rate, NBAD charged me AED 145!

[doggieandsam 765]

On 12/9/2017 at 12:20 PM, wanderlust88 said:

thanks for your response! so you didn't file anything with FinCen? based on mallafri76's response i think we'll have to look into that. also, AED 25 for a transfer is a good rate, NBAD charged me AED 145!

hey sorry just saw your question today. i dont know about FinCen i think I need to do anything speific to that because the bank will already do the reporting during the transfer process. what i need to look at is reporting the gratuity amount come tax filing time. NBAD charges 145? Wow, that's expensive! But doesn't matter, if i were in your shoes, I'd still pay that because in the grand scheme of things its a small amount to ensure that the transaction is secure and my money is safe.