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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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If my wife and I retire abroad, what must we know about bringing

Resolved Question:

If my wife and I retire abroad, what must we know about bringing cash, or certified check,or bank check, or money order, or traveler's checks, with us as opposed to keeping our USA bank account and either getting cash from an ATM machine abroad, or opening a foreign bank account and merely transferring money into it from our USA bank account.
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

Megan C :

Thank you for your question. My name is XXXXX XXXXX I will be happy to help you tonight

Megan C :

How are you doing tonight?

Megan C :

Congrats on your decision to retire abroad! What country are you looking to live in?

Megan C :

First things first, I would never travel with a large amount of cash. If it's lost or stolen, it's gone forever. Plus, various countries may require you to declare the cash to customs, which may cause customs delays.

Megan C :

With a certified check or bank check, you need to check with the bank that you will use abroad and see if they accept foreign checks. Please note that it may take several days or weeks for the check to be processed and clear.

Megan C :

Same with money orders - you will need to ensure that your financial institution will accept them.

Megan C :

Traveler's checks are like cash, and if you lose them you can get them replaced. You'll need to make sure that the bank you choose accepts these as well.

Megan C :

If you want a foreign bank account, I would definitely open an account abroad, and then simply wire yourself money.

Megan C :

Do you have any further questions about this?

Megan C :

If no further questions please rate positive so that I may receive credit for assisting today

Customer: replied 2 years ago.

Megan


Sorry for the delay, but I went to bed for the night. My concerns are about either penalties or IRS problems regarding having foreign bank accounts. If the foreign country has limitations re. the amount you can bring in, does this include not only how much you bring in in one-fell-swoop, or also how much you bring in over time by merely transferring from the US bank to the foreign bank. Philippines is our destination, so could you make your answers as relevant as possible to the Philippines. Thanks

Expert:  Megan C replied 2 years ago.
Thanks for your follow up. The IRS will not tax you on your foreign bank account, but if it has more than 10,000 at any one point during the year, you will have to file form TDF 90.22-1 which is simply a disclosure form. All you need to do is disclose.

There's no restriction on how much you can transfer from the US to the Philippines. You can't travel with more than 10,000 without having to declare the funds in customs.

Please let me know if you need anything additional. If not, please rate positive so that I may receive credit for assisting you today.
Customer: replied 2 years ago.

What if you have two or more bank accounts with 9999 in each of them. Is the TDF 90.22-1 still required?

Expert:  Megan C replied 2 years ago.
Yes, the form is still required if you have $10,000 aggregate in all banks. You would still need to report this. Please let me know if you need anything else. If not, please rate positive so that I may receive credit for assisting you today.
Megan C and other Finance Specialists are ready to help you
Customer: replied 2 years ago.

Is there a time span during which you cannot have transferred over 9999? i.e. If I transferred 9999 then spend it in a day, and I transfer another 9999 and spend it in a day, ad nauseum, but never have shown a balance of 10000 or more in the account: Is this ok?

Expert:  Megan C replied 2 years ago.
So long as you never show a balance of $10,000 or more you will be ok.

Please let me know if you need anything additional. Please rate me positive so that I can get further credit for assisting today.
Megan C and other Finance Specialists are ready to help you