I am a US and French citizen and have bank accounts in both countries. One of my friends is a Permanent Resident in the US and also has French citizenship, with bank accounts in both countries.
I have a need for US Dollars, whereas he has a need for Euros. If I transfer EUR 20,000 from my French account to his French account, and he transfers the spot price equivalent (let's say USD 25,000) from his US account to my US account, are there any tax implications for him or for me, as we're simply exchanging the equivalent value in different currency (no profit)?
Are there any specific forms or agreements that we would need to fill-in or execute to document this transaction?