Transferring money from US bank acct

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Transferring money from US bank acct


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Old 20th May 2019, 07:51 PM
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Default Transferring money from US bank acct

Hi,

I'm interested in transferring a sum of money from my US bank account to my account in Germany - more than $10,000. Do I need to declare this amount? I've heard that transferring sums slightly under the $10,000 threshold can arouse suspicion. Not to worry - I'm not laundering anything. I just don't want to run into trouble.
Thanks!

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Old 20th May 2019, 08:23 PM
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Depending on how you're transferring the funds, the bank or the transfer agent is responsible for reporting the transfer (basically to both the US and German authorities). Normally, as part of the transfer the bank will ask you what the purpose is of the transfer. That's normally the clue that they are doing the necessary reporting for you.

Don't forget next year to report the German account on your FBAR report of overseas accounts.

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Old 21st May 2019, 08:41 AM
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Thanks!

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