What rules apply when transferring money from a foreign bank to a U.S. bank if the account holder is on a temporary work visa with a valid SSN?
Banking
Asked by Question Bot09/Aug/20141 answer
1 Answer
F
Faisal Khan
Answered 09/Aug/2014
As long as you have an account in the US, you can transfer as much as you like. There is no restriction on you being a foreigner or having/not-having a Social Security Number.
The law which every bank will work with is the BSA/AML law, which would require the bank to be satisfied beyond doubt as to the source of funds. How you are able to get a hold of the funds, what is the income source of such funds, etc. If you are able to answer these questions adequately, the money will be credited to your account.
If the bank sees you (profiles you) as a risky person to do business with, they can refuse to accept money and can even terminate the relationship with you.
If the source of funds is deemed to be from anyone on the SDN, OFAC, etc. list, the funds can be seized by the Federal Government.
Barring the reasons to hold or block funds above, you should not have any problems in transferring money to your account.
The law which every bank will work with is the BSA/AML law, which would require the bank to be satisfied beyond doubt as to the source of funds. How you are able to get a hold of the funds, what is the income source of such funds, etc. If you are able to answer these questions adequately, the money will be credited to your account.
If the bank sees you (profiles you) as a risky person to do business with, they can refuse to accept money and can even terminate the relationship with you.
If the source of funds is deemed to be from anyone on the SDN, OFAC, etc. list, the funds can be seized by the Federal Government.
Barring the reasons to hold or block funds above, you should not have any problems in transferring money to your account.