Wikipedia:Reference desk/Archives/Humanities/2023 November 27

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November 27

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IBAN for money transfers from the US

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So, I'm in the EU and have done work for US clients and they'd always paid me through PayPal. However, my latest client works for the federal government and his superiors don't clear foreign money transfers from his bank account via PayPal. Would money order via IBAN work? International Bank Account Number only states that US banks don't recognize it as a notation for *US* bank accounts, but my account as the receiving one is in the EU. 2003:DA:CF0A:F220:9CC0:F287:59BF:13BE (talk) 02:30, 27 November 2023 (UTC)[reply]

Why are you asking us? Any answers you might receive here may not be reliable. Ask your client if they can transfer the money via IBAN. --Viennese Waltz 08:11, 27 November 2023 (UTC)[reply]
Because it may be a legal regulation or basic (in)capability of US banks. And even if it's technically possible, there may be legal requirements as to what he needs to do because he works for the government in order for his superiors to clear it. --2003:DA:CF0A:F209:50D8:6AFF:FD0D:F8CF (talk) 12:52, 27 November 2023 (UTC)[reply]
It depends on the client's bank. Major US banks will be able to make wire transfers to an IBAN account, but the details may differ from bank to bank.  --Lambiam 09:04, 27 November 2023 (UTC)[reply]
As said, there may be legal requirements of him as to what he needs to do first for his superiors to clear it, as he's working for the government. That's also what I'm asking you guys here about. --2003:DA:CF0A:F209:50D8:6AFF:FD0D:F8CF (talk) 12:52, 27 November 2023 (UTC)[reply]
Yeah, do a wire transfer. That involves humans on both ends, so they'll be able to figure out the international incongruities. Folly Mox (talk) 13:15, 27 November 2023 (UTC)[reply]
Your client should also be able to download or be emailed their bank's wire transfer form, so it can be sent to their bosses for clearance. Folly Mox (talk) 13:18, 27 November 2023 (UTC)[reply]
OR, so take with a pinch of doubt:
You may have to live with a reduction of your invoice, as 25% (from dim memory) may be mandatorily claimed by the IRS of the US client. Your tax advisor should have reliable data on that. --Cookatoo.ergo.ZooM (talk) 17:14, 27 November 2023 (UTC)[reply]
Some information at Foreign Account Tax Compliance Act and IRS tax forms#W series. 2A00:23C5:E103:3301:454D:AF51:1ECF:109D (talk) 11:44, 28 November 2023 (UTC)[reply]
FATCA only applies to US citizens with foreign bank accounts. My client is a US citizen by birth, but doesn't have a non-US bank account. I'm a EU citizen by birth and only have an EU bank account. All the rest is taken care of by double tax agreements between the EU and the US, and between the US and (West) Germany that have been in effect since the 1970s. --2003:DA:CF0A:F298:28C4:E2A5:B109:A234 (talk) 22:39, 28 November 2023 (UTC)[reply]