An FBAR is a report of foreign bank accounts with over 10k usd equivalent in them. It is filed with your taxes.
You don't have to file an FBAR if you transfer money American citizens with foreign bank accounts must file. Eg in this situation, if the son has over over 10k in his bank Dutch bank acct at any one time, he will have to file an fbar with is tax returns. But really it's not a big deal. |
Check their website. https://wise.com/us/ |