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Wire transferring more than $10,000

Wire transferring more than $10,000

Old Jan 16th 2015, 7:24 pm
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Default Wire transferring more than $10,000

I've just been told by an attorney that transferring more than $10,000 from another country to the US or making banking transactions over the same amount means the bank has to report this to the federal government and you can be investigated, leading to a fine and / or jail time.

Is that correct??
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Old Jan 16th 2015, 7:53 pm
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Default Re: Wire transferring more than $10,000

It's a bit like saying "getting out of bed in the morning can lead to a fine or jail time." Well yes, under certain circumstances, it could happen...
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Old Jan 16th 2015, 7:58 pm
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Default Re: Wire transferring more than $10,000

For something that may have harsh consequences, aren't you curious to know definitively what the law is on this?

I find it unbelieveable personally...what about when you sell your house? or a car?. Not uncommon occurrances...so most of the US population should be in jail? Where's the common sense?
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Old Jan 16th 2015, 8:05 pm
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Default Re: Wire transferring more than $10,000

Originally Posted by SamiZ View Post
For something that may have harsh consequences, aren't you curious to know definitively what the law is on this?

I find it unbelieveable personally...what about when you sell your house? or a car?. Not uncommon occurrances...so most of the US population should be in jail? Where's the common sense?
I suppose what I'm getting at is, either the attorney is a jackass, or he added some nuances to his statement that you missed.

For you to be sent to jail etc., you'd have to be found guilty of a crime. Most bank transfers are not criminal, although no doubt some are.

Anyway, I've many times transferred over ten thousand internationally, and so far I'm a free man, touch wood.
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Old Jan 16th 2015, 8:07 pm
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Default Re: Wire transferring more than $10,000

Originally Posted by SamiZ View Post
For something that may have harsh consequences, aren't you curious to know definitively what the law is on this?

I find it unbelieveable personally...what about when you sell your house? or a car?. Not uncommon occurrances...so most of the US population should be in jail? Where's the common sense?
Wow!

It is true amounts over $10K are reported but unless you are doing something illegally like laundering money you have nothing to worry about.
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Old Jan 16th 2015, 8:11 pm
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Default Re: Wire transferring more than $10,000

Originally Posted by Jerseygirl View Post
Wow!

It is true amounts over $10K are reported but unless you are doing something illegally like laundering money you have nothing to worry about.
Thank you..good to know common sense prevails.

Yes to the previous message..I do think the attorney is a jackass and trying to get a case!
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Old Jan 16th 2015, 8:12 pm
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Default Re: Wire transferring more than $10,000

Originally Posted by SamiZ View Post
I've just been told by an attorney that transferring more than $10,000 from another country to the US or making banking transactions over the same amount means the bank has to report this to the federal government and you can be investigated, leading to a fine and / or jail time.

Is that correct??
And he left it at that? I hope you are not paying this attorney for advice.

Are you trafficking drug money? If your funds are perfectly legitimate then you have no reason to be afraid of a batch generated report of hundreds/thousands/millions of transactions. Yes financial (and non financial institutions) do report transactions over $10k to Fincen via a CTR. How many do you think are made per day? The data is stored in a database for access by the IRS for any number of reasons but no you making a transaction will not automatically generate an investigation.

A SAR can be filed by your retail bank if they have reason to be suspicious of activity that does not fit your profile, makes no logical sense or appears to follow a pattern. On your wire transfers, you fill out the comments section, notify your bank of the incoming wire by email and do not try to structure, ie try to evade the reporting by making transactions under $10k repeatedly - that will look suspicious. Whilst working for a bank (not retail) for 18 months, I filed up to 150 SARS with the UK govt.

Your sentence above actually could be construed as correct, but unless you are hiding ill-gotten gains then I wouldn't be concerned.

Google SAR, CTR, FINCEN and BSA.
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Old Jan 16th 2015, 8:24 pm
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Default Re: Wire transferring more than $10,000

Birmingham Small Arms, I know that one.
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Old Jan 16th 2015, 8:27 pm
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Default Re: Wire transferring more than $10,000

Originally Posted by Jerseygirl View Post
Wow!

It is true amounts over $10K are reported but unless you are doing something illegally like laundering money you have nothing to worry about.
Don't be so sure about that, the IRS has been sneaky lately.

Doing things such as this:

The IRS Can Seize Your Cash Through Forfeiture - Business Insider
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Old Jan 16th 2015, 10:03 pm
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Default Re: Wire transferring more than $10,000

Don't worry. I was wired an amount larger than $10k from the UK last year and nothing happened.

Of course you should declare any taxable transaction when you do your taxes and keep your own records.

Last edited by nun; Jan 16th 2015 at 10:06 pm.
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Old Jan 16th 2015, 10:09 pm
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Default Re: Wire transferring more than $10,000

Originally Posted by nun View Post
Don't worry. I was wired an amount larger than $10k from the UK last year and nothing happened.

Of course you should declare any taxable transaction when you do your taxes and keep records.
For the last 19 years we have been transferring large amounts and have never had a problem. Although for amounts over $10K our US bank is now asking what the money is needed for. Land of the free.
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Old Jan 16th 2015, 10:12 pm
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Default Re: Wire transferring more than $10,000

Originally Posted by Jerseygirl View Post
For the last 19 years we have been transferring large amounts and have never had a problem. Although for amounts over $10K our US bank is now asking what the money is needed for.
... to which I hope your reply is that the money is "needed" because it belongs to you ...
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Old Jan 16th 2015, 10:44 pm
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Default Re: Wire transferring more than $10,000

If it is not already apparent from the answers above, $10k is a reporting limit imposed on banks, and applies to all transactions, not just international. In no way is there an amount limit on transactions, except to/from countries under sanctions.

Another acronym is OFAC. Persons with certain names may get extra scrutiny when transferring funds.
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Old Jan 16th 2015, 11:59 pm
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Default Re: Wire transferring more than $10,000

The getting into trouble bit is probably related to FBAR/FATCA and not filing them, rather than just transferring your own money.
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Old Jan 17th 2015, 4:19 am
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Default Re: Wire transferring more than $10,000

Originally Posted by Jerseygirl View Post
Wow!

It is true amounts over $10K are reported but unless you are doing something illegally like laundering money you have nothing to worry about.
This. Plain and simple.

Same as driving down the road with drugs in your car could lead to you being stopped, searched, and charged with trafficking. Simply sending a wire is not a cause for an investigation, much less the basis for a charge. In practice there are tens of thousands of wires sent every day for over $10k, and the government doesn't have the resources to investigate them. The investigation occurs the opposite way around, with a criminal investigation identifying a suspect, then the suspect's name being scrubbed against the wires data base to see if the suspect has been sending or receiving wires.

Honestly it is only the criminals who need to worry.
Originally Posted by Orangepants View Post
And he left it at that? I hope you are not paying this attorney for advice.

Are you trafficking drug money? If your funds are perfectly legitimate then you have no reason to be afraid of a batch generated report of hundreds/thousands/millions of transactions. Yes financial (and non financial institutions) do report transactions over $10k to Fincen via a CTR. How many do you think are made per day? The data is stored in a database for access by the IRS for any number of reasons but no you making a transaction will not automatically generate an investigation. ....
You're confused. CTRs are for cash only - bank notes and coins and nothing more. International wires are reported separately.

Last edited by Pulaski; Jan 17th 2015 at 4:25 am.
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