Let's say I'm withdrawing money from my debit card(issued by bank from my country) and depositing them in the US bank account. Will it cause some kind of problems? The total amount is a bit below $100K.

P.S. I do not want to do wire transfer if possible because my country has some weird regulations in this regard and I will have to fly back to do it.

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    Too late -- the NSA has read your question :-) – Carl Witthoft Jun 2 '14 at 14:19
  • Can you comment as to where you are from? Another user may have experience with your nations particular circumstances and have a specific suggestion. – Freiheit Jun 2 '14 at 14:53
  • sure, I'm from Russia – Mendor Jun 2 '14 at 18:25
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    Most debit cards have a withdrawal limit per day (mine is $500). Might be different in Russia but it would take a while to withdraw $100k from the ATM – David Hayes Jun 2 '14 at 20:47
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    Assuming you're going to convert this from Rubles into USD the FX rate you get is probably the most important thing to consider. I've used xe.com for currency conversions and they give you a much better rate than your bank will – David Hayes Jun 2 '14 at 20:49

This will probably require some explanation from you on the source of the money and the reasons for the transaction. Cash transactions over $10k will be reported by the bank (in this case) on a CTR report to FinCEN.

Keep in mind, mere breaking the transaction into multiple smaller ones in order to avoid the CTR is on its own a criminal offense. Just deposit what you want to deposit, and report what's needed to be reported.

Note that if you're a US tax resident - these foreign bank accounts must have been reported already to FinCEN via FBAR, if not - you should expect a very nasty audit with the IRS.

  • Could you elaborate on explanation part? What kind of explanation and to whom? to the bank? to the IRS? – Mendor Jun 3 '14 at 0:47
  • @Mendor to the IRS and to FinCEN. Basically, depositing large amounts of cash is a sign of money laundering. Especially if you're from Russia (Russians with suit-cases of money can't be anything but criminals, right?) – littleadv Jun 3 '14 at 2:27
  • Thank you! If I will go instead via wire transfer route, will I be spared from all this reporting? – Mendor Jun 3 '14 at 6:05
  • @Mendor probably not, since the bank will have a proper paper trail. Depending on where the money comes from, FinCEN may still take interest, but it will at leas look more legit. – littleadv Jun 3 '14 at 6:06

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