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Hassles Transferring Money To Us Bank Account?

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Has anyone had hassles transferring larger amounts of money to their US bank account? I am asking because of this quote from a website called Tax for Expats:

  • FinCEN Form 104: This form is known as a Currency Transaction Report, and it should actually be filed by your bank if your account receives a transfer exceeding $10K. If you’re expecting a large transfer from a foreign account from abroad, take the time to notify your bank of the nature of the transaction so that it’s not reported as ‘suspicious activity.’

Did you notify your US bank before the transfer as advised here?

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Has anyone had hassles transferring larger amounts of money to their US bank account? I am asking because of this quote from a website called Tax for Expats:

 

  • FinCEN Form 104: This form is known as a Currency Transaction Report, and it should actually be filed by your bank if your account receives a transfer exceeding $10K. If you’re expecting a large transfer from a foreign account from abroad, take the time to notify your bank of the nature of the transaction so that it’s not reported as ‘suspicious activity.’
Did you notify your US bank before the transfer as advised here?

I did. My banker told me to notify them of any movement larger than $10k in fact (e.g. writing a large check), no matter whether local or international. No hassles, but definitely keep them informed. They seem pretty strict about following the anti money laundering requirements.

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We didn't have any hassles with Chase Bank, although we did mention to them a number of times when we opened our account that we'd be transferring large sums from a foreign account later after the sale of our house went through.

 

However, when we put down our down payment for our new mortgage here, we did have to show a chain of financial transactions and records for the source of all said monies and show supporting docs where possible. We may have even had to complete a FinCEN form of some sort at that time. Can't really remember exactly, because we filled out about a million forms and signed twice as many documents. I do remember having to disclose the source of the cash to dispel any concerns of laundering etc. Apparently property transactions are a favored method for that.

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^^ yes at some point we were asked for source of funds, I forgot about that, but I think also it was for the house payment. I don't remember having to show evidence of what we said, though; I think it's pretty reconcilable on the tax returns.

We were also asked source of funds for the transfer out of SA by the bank, or SARb, or someone...it was a while ago and don't remember all the details.

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Thanks for your replies. I assume it would also be better to deal with the bigger banks when it comes to large international transfers - BoA, Chase, Wells Fargo? other suggestions?

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I don't know that it really makes a difference to be honest. Your bank branch will have a ...I forget what it is, I think in SA it's called SWIFT number but I think it's called something else here - and wire from bank branch in SA to bank branch here works the same regardless of bank. It's possible there's a difference in charges, that will depend on the bank but will also depend on the type of bank account you have (I don't pay incoming wire transfer fees but some other accounts do).

 

On another note, hope everyone affected by the storm is keeping safe, warm and dry.

Edited by SJ27

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