EU holding Bank account in USA bank. What are reporting limits?

[DavidS]

If EU citizen has managed to open a bank account in United States with a US address, then what are the reporting, alert limits on this account?

So far it has not caused any issues and is processing payments normally and card can be used.

But might need to transfer larger sums now and afraid of triggering some alerts leading to account being blocked.

Also, would this bank exchange information with local jurisdiction in EU if the address indicated on the account is a United States address?

Source of income is 100% clean and legitimate, only thing that its an unreported account to local government.

Any advice on limits of US accounts and "triggers" would be much appreciated.

 

[Martin Everson]

DavidS said:
If EU citizen has managed to open a bank account in United States with a US address, then what are the reporting, alert limits on this account?
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Reporting to whom?

DavidS said:
Also, would this bank exchange information with local jurisdiction in EU if the address indicated on the account is a United States address?
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I have done whole threads on FATCA agreement if you search forum. FATCA is bilateral so information is exchanged both ways and has been for some time now. In terms of using a US address that is a good question. It comes down to if US banks are using indicia to identify foreign clients to report under FATCA. But this seems highly unlikely although it is clear in Annex of FATCA agreement that foreign banks are to use indicia (i.e U.S telephone, U.S mailing address etc etc) to identify potential US clients and report them anyway if in doubt..lol.

DavidS said:
Source of income is 100% clean and legitimate, only thing that its an unreported account to local government.
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Not a good idea to put yourself in this position.

DavidS said:
Any advice on limits of US accounts and "triggers" would be much appreciated.
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Limits and triggers for what exactly?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[DavidS]

Martin Everson said:
Reporting to whom?



I have done whole threads on FATCA agreement if you search forum. FATCA is bilateral so information is exchanged both ways and has been for some time now. In terms of using a US address that is a good question. It comes down to if US banks are using indicia to identify foreign clients to report under FATCA. But this seems highly unlikely although it is clear in Annex of FATCA agreement that foreign banks are to use indicia (i.e U.S telephone, U.S mailing address etc etc) to identify potential US clients and report them anyway if in doubt..lol.



Not a good idea to put yourself in this position.



Limits and triggers for what exactly?
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Limits and triggers for "suspicious activity". Usually certain sums trigger it.

 

[Martin Everson]

DavidS said:
Limits and triggers for "suspicious activity". Usually certain sums trigger it.
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You need to look at the Bank Secrecy Act they have out there in US. Also keep abreast of treasury proposals like the below.

https://home.treasury.gov/news/press-releases/jy0415
Sorry but I am against US dollar, US banking and US investing in general as you may know. So I am probably the worst person to ask 😕.

But I will say that what happens if they think you are US resident because of US address? Does what you did constitute fraud because you gave false representation of address to obtain access to a US bank? Also if they see money being credited to the account with new reporting mentioned in above link but find no tax filing will they come after you? Last person on earth you ever want coming after you or asking questions is the IRS hi%#.

Have you actually thought all this through? Perhaps someone can explain how this all works in US. US is just not my area.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.