Transfer money from overseas account to US account

Forum|Forum|11 months ago
April 7, 2025
1 reply
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Hello, I am a green card holder, and I have some money on my overseas account. I have been filing FBAR so far, but I am trying to bring the money to my US account. If the amount is more than $100,000, what forms would I need to fill out for reporting purpose when I transfer the money from overseas?

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pk12_2

Employee

@classicore7 , there is NO tax implications when you move monies between Foreign and domestic accounts that you own. While the money is abroad FBAR and FATCA forms are the only ones that come to mind. If the monies are from foreign trust / estate / person then there may be a requirement to file form 3520. But all these are informational forms.

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classicore7Author

Thank you for the reply. I had a follow up question. Let's say you have $100k in a foreign account and you filed fbar and fatca and you plan to move the money in the US this year. If you move $50k to the US bank and left with $50k in the foreign account, for next year tax return, you would file the max ($100k) value and the year after you would file $50k? Also, if you moved all the money leaving $0 in the foreign account, you would no longer file fbar and fatca?

pk12_2

Employee

@classicore7 that is generally correct. Each year stands on its own i.e. each year you test the balance in the foreign accounts ( total of all accounts ) for requirement/ need to file FBAR and/or FATCA ( form 8938 ) forms. Note that exchange rate fluctuations may affect your requirement to file. Hence my view is when in doubt, just file the forms -- they have no tax impact anyways.

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