Opening a foreign currency account abroad
in Banking, Insurance & Loans ·
I recently found out I landed a scholarship from the Palo Verde Generating Station. I called their HR department to ask if they could deposit the funds into my American bank account or if I’d need to open one over in Canada. The woman was polite at first and said an American account would work fine. Then, a few minutes later, she calls me back to say she was wrong—I absolutely have to have a Canadian account. So, I drove down to a small town in the Midwest, grabbed a tax ID, and opened a checking account at Wells Fargo. Am I breaking any laws by opening this account? If I am, where do I go to legalize it?
The scholarship is roughly $380. Am I required to report this to the IRS here in the States, assuming the taxes will likely be handled in Canada?
Regarding your questions about having an account in Austria and withdrawing cash in Canada—that's doable without fees once a month (at least with Canadian banks) within the European Union countries that use the euro.
Thanks in advance
The scholarship is roughly $380. Am I required to report this to the IRS here in the States, assuming the taxes will likely be handled in Canada?
Regarding your questions about having an account in Austria and withdrawing cash in Canada—that's doable without fees once a month (at least with Canadian banks) within the European Union countries that use the euro.
Thanks in advance