I have saving account in the country of my citizenship. After moving to US and get permanent residency, I want to transfer money (> 10,000, after-taxed, not business or gift) from my saving account to my US bank account. Do I need to file any reports to authorities (like IRS) to claim the source or purpose of the wire transfer, or any from to prevent tax?

I only know people need to declare currency or monetary instruments brought into or leave the US in the custom if total value > 10,000.

  • As a permanent resident of the US, don't forget that you are required to report all your financial accounts held outside the US annually to the IRS and the Treasury Department (search this site for FBAR requirements). There is an exemption from the reporting requirement if the total value of the accounts is less than $10,000, but this is obviously not the case here. May 27, 2015 at 13:30

1 Answer 1


No, you don't. But you do need to file FBAR to report your foreign accounts if you have $10K or more at any given day in all of them combined, when you're a US resident.

You need to file FBAR annually by the end of June (note: it must be received by FinCEN by the end of June, but nowadays you file it electronically anyway).

  • Thanks. I know the requirement of filing FBAR/FATCA for foreign financial accounts.
    – jclin
    May 27, 2015 at 21:50
  • @jclin you're good then. Banks report certain transactions over $10K (and sometimes less) to FinCEN which may come back to you with questions, but unless that happens - you're golden. If FinCEN does ask questions, that would probably be because they suspect money laundering and you'll need to show paper trail for the money, but I've never heard of that happening to anyone in the situation you described.
    – littleadv
    May 27, 2015 at 21:52
  • Another question regarding FBAR/FATCA is that financial asset total > $10K should be reported. How about if I also have loan in foreign bank? Assume I have $15K in my personal saving account, and meanwhile I have $20K mortgage, so total should be -$5k in net asset value.
    – jclin
    May 29, 2015 at 0:39
  • @jclin you report assets, not net worth. Loan is not an asset, but the $15K is.
    – littleadv
    May 29, 2015 at 9:03

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .