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I am permanent resident in US and I want to transver my

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Hello I am permanent resident...
Hello I am permanent resident in US and I want to transver my savings to BAO.Amount of saving over 50.000$..Should I do any special procedure for wire transfer? Should I report wire transfer anywhere or fill a form?
Submitted: 8 months ago.Category: Tax
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11/22/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago

The bank is responsible for completing any forms necessary to report the wire transfer. There is nothing special that you have to do. SEE BELOW:

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While you can make large transfers depending on your bank’s policy, the bank must report wire transfers over $3,000 and any transaction over $10,000. These Currency Transaction Reports (CTRs) are filled out, usually electronically, by the bank and forwarded to the Financial Crimes Enforcement Network (FinCen). Failure to fill out this report can result in regulatory action, including fines and sanctions, against the bank. The bank is responsible for filling out the report, but it does not have to inform the customer unless he requires such information. There is no illegality in making a large transfer as long as a CTR is properly submitted.

REFERENCE SOURCE:

https://budgeting.thenest.com/us-bank-transfer-limits-32363.html

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