I reached out to Citibank regarding a limit increase, but they wouldn't budge. The maximum allowed is $8.25/day. If you are dealing with significant amounts, your best bet is to open an account at JPMorgan Chase and transfer in increments of €10,000, though I would suggest verifying their current policies first...
Ultimately, you should contact your bank directly, because you will find far too much unverified information here on Reddit...
SEPA transfers from foreign currency accounts into EUR. JPMorgan Chase and Citibank both charge a fee of $10 via online banking, though JPMorgan Chase imposes a daily limit of €10,000, whereas Citibank limits you to €3,300.
Ronald Cooper3 said:So, what would you guys actually do if someone handed you a gift of $100 $0.00 (like, say, at a wedding)? Would you go the cash-in-an-envelope route, or just have them wire it directly to your account? And how does that work—does the wife get $50,000 and the husband gets $50,000 separately? From what I’ve been reading online, maybe it’s $50,000 total and then you gotta deal with some 4% tax hit or something?
If you're already feeling anxious about it, just split it into two separate deposits of 50,000... though honestly, you could probably just put the whole $33 into your own account without any issues.
Richard Lewis16, that’s just deceptive behavior. Chime isn't offering non-resident accounts to Americans living in the States, even though under European Union regulations, such a service should be considered standard practice and there is no logical reason for a rejection. Yet, they simply aren't accepting Americans at this time. I am well aware that there are always workarounds available, but in this specific instance, I have no interest in such dishonest tactics...
You are mistaken on several points. In Germany, they aren't opening accounts for Americans, and the same goes for Austria. They used to be more accommodating, but that window has closed... I reached out to N26, but they informed me they still aren't accepting Americans—specifically those residing in the States. As for UniCredit Austria, specifically Bank Austria, their website claims they allow EU citizens to open non-resident current accounts; furthermore, if one already holds an account within the UniCredit group, they can supposedly submit documentation through a local branch to receive a card. I sent them an email requesting this service, making sure to specify that I wanted a response via email, as they offer that option. Two days later, I received a call on Viber from an unknown number, only to find it was a representative from Bank Austria telling me it wasn't possible.
I was at the hospital with my children, so I didn't have the energy to argue or insist on an email response, and eventually, I just lost the will to try... frankly, to hell with them, I won't be begging.
I previously contacted Intesa as well, and they noted that each individual bank decides for itself whether or not to accept non-residents.
I should also correct you on one thing: JPMorgan Chase actually sent my wife's card to Canada.
Generally speaking, the situation within the banking sector has shifted. A friend of mine works at a bank in Milan, and she mentions that clients with significant capital are becoming nothing but a headache.
Banks are sitting on massive amounts of liquidity, yet they lack quality investment opportunities, all while bureaucracy continues to swell...
There was a time when a bank would practically roll out the red carpet if you showed up with a large amount of legal cash, simply because they had plenty of ways to deploy it.
A colleague of mine who works in a bank in Canada tells me the same thing; they are drowning in deposits with no good way to invest them, which is creating its own set of problems.
On another note, Bank of Ireland does accept Americans; you just need to email them certified copies of your account statements to verify your address along with a copy of your passport.
Account maintenance fees are inexpensive and are billed quarterly, every three months...
To be honest, I wouldn't mind if the IRS started asking questions about where my money comes from... in fact, I'd almost welcome it, because it would mean I’ve managed to pull in significantly more than the average person...
I am uncertain regarding the specific requirements of the real estate transfer tax application form, but if there is a section for additional details, I suppose noting "family savings" would suffice...
wiredlynx28 I didn't just pull these deposit figures out of thin air; the Federal Reserve publishes this data...
I don't have any connections within the IRS, nor do I have any desire to know anyone there, but I am speaking from my own personal experience...
I have deposited funds into my accounts, as have my relatives and friends, and not once has the IRS contacted anyone...
Could you please tell me who exactly the IRS has been harassing over a mere $20,000?
If they actually did that, there would be endless stories about it, and as I mentioned before, they would likely start auditing existing accounts...
Since you are bringing up the situation in Canada, I should note that things work quite differently there...
In Canada, you cannot deposit more than $10,000 without providing proof of origin. They will quite literally turn you away; they simply won't accept the money (based on my own attempt)...
Even if you provide documentation regarding the source of the funds, any amount exceeding $15,000 undergoes scrutiny—at least according to the law—though I have never heard of the IRS bothering anyone...
Let me share another experience from Central Park... Yesterday, an acquaintance purchased an apartment near Central Park for $88,000; she arrived with cash and paid in full with cash... The title will be registered in her name without issue, and the IRS will never ask where she obtained that $88,000...
And even if they were to ask, she could always claim it was savings, or perhaps a gift from her parents, or an aunt, or a loan...
Reach out to a consumer protection group for guidance, and make sure to contact the privacy commission as well. Here is the link again to that article detailing how banks have gone to every possible length http://www.nytimes.com/news/articles/bank-fines-regulations/6588804/
Those people advising you to just give up... they are the type who simply accept whatever fate throws at them, possessing a submissive mindset that leads them to bow down to anyone with more power...
Why not fight back just a little? Open an account at a different bank, and if necessary, go to court with everything you've got...
I believe there is an unnecessary amount of panic being stirred up here, given that nobody is going to be scrutinized over a mere $20,000, though a single deposit of $200,000 from someone currently unemployed would likely trigger some attention...
Just consider how much capital Americans hold in their bank accounts—well over $24 billion—and it stands to reason that the IRS should be looking at existing account balances rather than focusing solely on incoming transfers. If they did, imagine how many suspicious individuals they might actually uncover...
Furthermore, if the IRS were truly cracking down on people and seizing funds in such a manner, it would be headline news across every major media outlet, but since nothing of the sort is happening, you can rest easy...
About a month ago, I moved $10,000 into my foreign currency account at Chase, following an $8,000 deposit two months prior, and just the other day I added another $1.75. Next month, I plan to drop another $10,000 into the account, and frankly, I don't see anyone being able to stop me.
To be honest, part of me almost wishes the IRS would give me a call just to ask where this $10,000 came from, so I could simply tell them my mother gave it to me. What could they actually do? How exactly are they going to prove that my 60-year-old mother, with her decades of career experience, wasn't capable of tucking away $10,000...
I could always just tell them the truth—that I was living at home with my parents while working. They covered the rent and the groceries, which allowed me to save every cent of my paycheck, so what can they possibly claim?
Obviously, $10,000 is just a rainy-day fund, and I’d love to hear from someone who actually had the IRS breathing down their neck over $20,000. If you look at how much money Americans keep sitting in bank deposits, everything will become perfectly clear to you...
wiredlynx28 said:Arthur Long5, I see you're from somewhere out West. I can't speak to how things work in other parts of the country, but here in the States, the IRS keeps a very close eye on every single citizen's checking account. They have the authority to flag any transaction and demand you justify the source of those funds—even if it's just a single dollar. It sounds absurd, but legally, they can do it. And making multiple smaller deposits won't help your case because they look at the total volume of incoming funds per account. As long as you can prove where the money came from, you shouldn't run into trouble, though whether it gets taxed depends entirely on its origin.
My location is irrelevant; I am speaking strictly from my experience dealing with American banking institutions. Were you aware that non-residents are also permitted to maintain bank accounts in the US without holding citizenship?
And I actually happen to hold citizenship myself...🙂
Of course it's possible, but the IRS isn't going to call you over $10,000 to ask for an explanation; that's pocket change.
If you have family members available, utilize them, but if you have no one else to turn to, then deposit it under your own name up to $35
If you have relatives, use them to split the funds, but if you don't, do not attempt to move everything at once... instead, spread the transfers out over several months.
Everything is interconnected, but if you deposit something like $70,000 to $80,000 over a six-month period, it shouldn't trigger anything too significant...
placidmaker6 said:The bank won't give you the time of day if it's under $35 The IRS might actually care about smaller amounts, though. Anyway, just use a checking account, not a savings account!
Don't try to scare people or spread unnecessary panic; what exactly is the IRS going to care about regarding an amount under $35?
If you happen to be some kind of high-profile target already being monitored by federal agencies, then fine, perhaps... but for an average American citizen, one can walk into a Chase branch and deposit $15,000 without facing any complications at all...
It seems like people in this country have this idea that if they have $10,000, it’s suddenly going to trigger some massive investigation from the government...
I don't anticipate any issues regarding the funds—assuming you're referring to USD—because when I processed my own deposit, they questioned the source, and I simply stated it was from a real estate sale, and that was the end of it.
Don't attempt to deposit everything in one single transaction; instead, make multiple trips to exchange the cash into dollars, and perhaps utilize a few different banks, even if your accounts are linked...
If you have family members available to help, you could coordinate with them—perhaps your mother, father, and yourself could split the amount three ways—and each of you deposits roughly $33(13,000 USD), which they can then transfer back to you later to settle everything...
$167=approximately 66,000 USD, so the individual amounts won't look suspicious right away.
Thomas Long10 said:Don't have the bandwidth to dig through this entire thread. Does anyone know if the IRS is going to come sniffing around if I deposit 10 $0.00 into my checking account?
Now, I believe this might be a bit of an exaggeration. $3.25It amounts to roughly $1,450, which is a relatively minor sum even by American standards. If you include $33 then honestly, nobody is going to bother you. Should you arrive with $167 you'll simply be asked to sign a disclosure regarding the source of funds, and that's the extent of it. However, if you perform such transactions repeatedly, they might eventually request a formal meeting...
As I recall, all transfers made via $35 undergo a standard review, but it isn't anything particularly alarming and there is no reason to be apprehensive about it.