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). An international wire transfer may expose you to various civil penalties and even criminal tax reporting liability.
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