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Transferring money

Transferring money

Old Apr 11th 2011, 11:19 pm
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Default Transferring money

All, i have read threads on money transfers and have been using UKforex in the past. we have just sold our home and i have transferred just under 120k to the US to assist with our house purchase. Will this wire transfer be alerted by the banks and will they banks see this as suspicious?? Its never as easy as you think
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Old Apr 11th 2011, 11:43 pm
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Default Re: Transferring money

Your bank will receive the funds and credit them to your account which will, in most bank's software programs, automatically generate a CTR or CMIR. If the transaction is deeemed suspicious by a bank employee, the CTR or CMIR can be checked as suspicious and will also generate a SAR (Suspicious Activity Report). Both are filed with FinCen. Hundreds of thousands of CTRs and CMIRs are filed every day. It is the SARs which are investigated (or not!).
Don't assume because your transaction is being reported that it is suspicious; it is being reported as it is a legal requirement of the BSA.
Unless you have a pattern of suspicious activity or cannot document the source of funds then you have nothing to worry about.
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Old Apr 11th 2011, 11:52 pm
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Default Re: Transferring money

Thanks, of course we can document with the solicitors letter re house proceeds if we should need to.Goodness its a lot to worry about, just thought you could transfer money with no problem, but i guess everythinh has to be checked and triple checked these days. thanks again





Originally Posted by Orangepants View Post
Your bank will receive the funds and credit them to your account which will, in most bank's software programs, automatically generate a CTR or CMIR. If the transaction is deeemed suspicious by a bank employee, the CTR or CMIR can be checked as suspicious and will also generate a SAR (Suspicious Activity Report). Both are filed with FinCen. Hundreds of thousands of CTRs and CMIRs are filed every day. It is the SARs which are investigated (or not!).
Don't assume because your transaction is being reported that it is suspicious; it is being reported as it is a legal requirement of the BSA.
Unless you have a pattern of suspicious activity or cannot document the source of funds then you have nothing to worry about.
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Old Apr 12th 2011, 12:21 am
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Default Re: Transferring money

Originally Posted by zaze View Post
Thanks, of course we can document with the solicitors letter re house proceeds if we should need to.Goodness its a lot to worry about, just thought you could transfer money with no problem, but i guess everythinh has to be checked and triple checked these days. thanks again
You can transfer it with out problem. You don't do anything, the bank automatically reports anything over $10K and you only really have a hassle if you are doing lots of transfers under the $10K mark.
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Old Apr 12th 2011, 4:23 am
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Default Re: Transferring money

Do you mind me asking what exchange rate you got?
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Old Apr 12th 2011, 5:41 am
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Default Re: Transferring money

Originally Posted by zaze View Post
Its never as easy as you think
Yes it is.

Originally Posted by zaze View Post
Goodness its a lot to worry about
No, it's not.

Honestly.
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Old Apr 12th 2011, 11:02 am
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Default Re: Transferring money

well the transferring was easy enough with UK forex. I guess i didn't want hassle with the banks which would hold up my house sale. Thanks for all yur advice. I will keep documents as evidence of funds. I have only just heard about the FBAR reporting which is another matter totally.
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