A client asked me if there are any restrictions on sending money outside the country (USA). I've never heard of any (other than possibly having to file a gift tax return) and that's what I told her.
But I thought I'd check here to see if I'm missing something. An I?
Thanks.
If you take more than $10,000 in cash or the equivalent in or out of the USA, you have to file a FinCEN 105. It's legal, the feds just want to know about it.
Other than that, the U.S. has no capital controls so transfer at will.
Stuart asked about sending money. The Fincen 105 is for people who physically transport the funds out of the country. I know of no restrictions on the electronic transfer of funds outside the country. Naturally, there is "someone" monitoring to whom the money is sent. The sending financial institution is required to report any transfer that exceeds $10K.
John Levine wrote: : >But I thought I'd check here to see if I'm missing something. An I?
: If you take more than $10,000 in cash or the equivalent in or out of : the USA, you have to file a FinCEN 105. It's legal, the feds just : want to know about it.
: Other than that, the U.S. has no capital controls so transfer at will.
: -- : Regards, : John Levine, snipped-for-privacy@iecc.com, Primary Perpetrator of "The Internet for Dummies", : Please consider the environment before reading this e-mail.
Didn't that $10.000 thing have to do with problems of drug money moving about,or am I confusing this with something else, possibly internally wihin the US?
Wendy Baker
There's a separate rule in which banks have to report $10K cash deposits and withdrawals.
I presume they're all about drug money.
As someone else noted, these reporting rules are about CASH. Electronic transfers or checks don't have to be reported.
R's, John
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