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dudu
Level 1

Transfer money from US bank account to foreign bank acount

I am a resident alien in the US and I'd like to transfer money from my US bank account to my foreign bank account (in my country of origin).

What do I have to declare and will I be taxed for the transfer?

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pk
Level 12
Level 12

Transfer money from US bank account to foreign bank acount

@dudu , monies from your own account in USA ( already taxed income/savings ) are not subject to any US taxes .  You  indeed can transfer such funds to a bank account in another country without US tax consequences.  Assuming  that you are a citizen but not a resident of France, I suspect  that France will not tax this transfer either ( taxation is residency based in most countries ).  Good Luck 

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4 Replies
pk
Level 12
Level 12

Transfer money from US bank account to foreign bank acount

Transferring monies from your US bank account to a bank account in a foreign country is generally not a tax event for US tax purposes. However,  an account in a foreign bank that you own or control  may come under FBAR rules ( Treasury form 114 ).   I am assuming that you are  US Resident ( Green Card ) / Resident Alien for tax purposes ---- which country are you sending money to ?

dudu
Level 1

Transfer money from US bank account to foreign bank acount

Yes, I am a resident Alien for tax purpose. My country of origin is France. I declare my foreign bank account every year but as there has always been less than 10,000USD on it, I never had to fill a FBAR report.

I'd like to transfer > 10,000USD on my foreign account, coming from my savings in the US. I wonder if I have to pay taxes on the transfer, and if so how much and how declaring it. I read that US banks always notify the IRS for transactions higher than 10,000 USD, I want to be sure that I do not make any mistake.

 

pk
Level 12
Level 12

Transfer money from US bank account to foreign bank acount

@dudu , monies from your own account in USA ( already taxed income/savings ) are not subject to any US taxes .  You  indeed can transfer such funds to a bank account in another country without US tax consequences.  Assuming  that you are a citizen but not a resident of France, I suspect  that France will not tax this transfer either ( taxation is residency based in most countries ).  Good Luck 

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dudu
Level 1

Transfer money from US bank account to foreign bank acount

Thanks for the reply!

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