Hi. I'm an expat living in South Korea. I want to transfer about 10k USD from my US account to my Korean account. Does this trigger any kind of flag or reporting requirement? If so, should I just transfer 9k or 9k and some change? I'm not trying to hide anything but I just don't want to miss a reporting requirement. I don't know of any for transferring my own money from a US account to abroad (or vice versa) except for if it were in cash at customs.
You have no reporting requirement whatsoever when transferring funds from one personal account to another personal account.
Only the bank has the requirement to report cash transfers of $10,000 or more.
Thanks. Would my bank reporting a 10k transfer affect my taxes or flag anything in anyway? I mean, I just need the money over here but I could transfer a bit less like 9,500 or something if it could inconvenience me later.
@shanesnh wrote:
Thanks. Would my bank reporting a 10k transfer affect my taxes or flag anything in anyway? I mean, I just need the money over here but I could transfer a bit less like 9,500 or something if it could inconvenience me later.
No, the bank reporting the transfer of funds does not affect your taxes or tax return in any way.
The purpose of this requirement is to prevent money laundering and other criminal activity.