Making wire transfers is a convenient and fast method of moving funds electronically from one bank account to another. The process generally ensures a recipient’s access to funds within just a couple of days of transfer. That being said, if you are a taxpayer with foreign income, remember that an international wire transfer could prompt an IRS audit, potentially leading to serious financial and legal consequences. Before using a wire transfer for sending funds to a US bank from your foreign account, make sure you completely understand the potential tax implications under the Foreign Account Tax Compliance Act (FATCA).