Using my US bank account to transfer foreign spouse's savings from Taiwan to the USA

[Rils 0]

Hello, I did some reading on previous topics about this and I think I understand but wanted to double check. My spouse has savings here in taiwan, money shes gotten from family, from work etc. She wants to bring the money to the US but is not able to set up a US bank account until we immigrate together.

 

Can she wire money to my US bank account for me to wire back to her once she sets up her own. The amount would be under 50K, probably closer to 20K USD. Is there any tax issue or IRS reporting issue that I need to worry about basically acting as an intermediary account for her funds until she can set up her own? Or when I transfer the money back to her US account when she makes it, will there be an issue then?

 

Thanks for you help all!

[Lil bear 4,252]

14 minutes ago, Rils said:

Hello, I did some reading on previous topics about this and I think I understand but wanted to double check. My spouse has savings here in taiwan, money shes gotten from family, from work etc. She wants to bring the money to the US but is not able to set up a US bank account until we immigrate together.

 

Can she wire money to my US bank account for me to wire back to her once she sets up her own. The amount would be under 50K, probably closer to 20K USD. Is there any tax issue or IRS reporting issue that I need to worry about basically acting as an intermediary account for her funds until she can set up her own? Or when I transfer the money back to her US account when she makes it, will there be an issue then?

 

Thanks for you help all!

No problems at either step. The pathway for $$ will be visible from her Taiwan account to yours and then to hers after setting up 

Remember too that good evidence of a bonafide relationship is the comingling of finances. Maybe consider a joint account 

Edited March 5, 2022 by Lil bear

[Rils 0]

14 minutes ago, Lil bear said:

No problems at either step. The pathway for $$ will be visible from her Taiwan account to yours and then to hers after setting up 

Remember too that good evidence of a bonafide relationship is the comingling of finances. Maybe consider a joint account 

thanks a bunch!

[Lil bear 4,252]

1 minute ago, Rils said:

thanks a bunch!

😁 @Crazy Cat has great experience with the spouse visa/Taiwan situation. Im sure he will be a valuable resource  for you ! 

[Crazy Cat 41,981]

3 hours ago, Rils said:

Hello, I did some reading on previous topics about this and I think I understand but wanted to double check. My spouse has savings here in taiwan, money shes gotten from family, from work etc. She wants to bring the money to the US but is not able to set up a US bank account until we immigrate together.

 

Can she wire money to my US bank account for me to wire back to her once she sets up her own. The amount would be under 50K, probably closer to 20K USD. Is there any tax issue or IRS reporting issue that I need to worry about basically acting as an intermediary account for her funds until she can set up her own? Or when I transfer the money back to her US account when she makes it, will there be an issue then?

 

Thanks for you help all!

Greetings!!  Long Live Taiwan!!

My wife has wired money to the US from banks in Taiwan several times over the past 5 years.  Yes, she can wire money to you, then you can transfer to her account later.  The bank fees are pretty low.  My wife wired a very substantial amount the last time.  There are no tax implications, no special actions to take, etc.  The only reporting is maybe a an FBAR next year at tax time.  We have an excellent CPA in Dallas who handles that for us every year.   

 

Note:  My wife and I each have personal bank accounts and a joint account at the same bank here in the US.   We can easily transfer money between accounts, and we pay household expenses from the joint account.  It works well for us.  

Edited March 5, 2022 by Crazy Cat

[Rils 0]

1 minute ago, Crazy Cat said:

Greeting!!  Long Live Taiwan!!

My wife has wired money to the US from banks in Taiwan several times over the past 5 years.  Yes, she can wire money to you, then you can transfer to her account later.  My wife wired a very substantial amount the last time.  There are no tax implications, no special actions to take, etc.  The only reporting is maybe a an FBAR next year at tax time.  The bank wire fees were low.  

 

Note:  My wife and I each have personal bank accounts and a joint account at the same bank here in the US.   We can easily transfer money between accounts, and we pay household expenses from the joint account.  It works well for us.  

Thanks so much for the info! That's very reassuring. I am currently putting together our NVC application right now and hoping to be back stateside before next year!

[Crazy Cat 41,981]

1 minute ago, Rils said:

Thanks so much for the info! That's very reassuring. I am currently putting together our NVC application right now and hoping to be back stateside before next year!

Great!  AIC is, normally, very efficient once they get the case.  

[Wuozopo 4,293]

5 hours ago, Rils said:

Can she wire money to my US bank account for me to wire back to her once she sets up her own. The amount would be under 50K, probably closer to 20K USD. Is there any tax issue or IRS reporting issue that I need to worry about basically acting as an intermediary account for her funds until she can set up her own?

US banks are required by law (banking section of the Patriot Act) to report transactions/transfers exceeding $10k They handle reporting for you. Nothing for you to do.