I live outside of the US and am not a US citizen. I lent $9,900 to a man who also lives outside of the US and I want to receive that money from his friend who lives in the US via Internet banking or wire transfer. Is this possible and lawful? Do I need to report the Currency Transaction Report? What is the limit of the CTR? Is there any other information that I need to know regarding this issue?
Assuming that the loan is genuine and that your debtor's U.S. friend knows about the transaction and is participating in the transaction of his or her own free will, there doesn't seem to be anything illegal. Whether the bank holding the funds will permit a transfer outside the U.S. to be made via internet banking or wire transfer will depend on that bank's policies.
The dollar amount in question and your questions about Currency Transaction Reports (CTRs) make your inquiry seem suspicious. Ordinarily a transaction of the type you've described would not cause a CTR to be filed.
Published on BankingQuestions.com 4/17/08
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Assuming that the 