You need to report all of your foreign bank acc

You need to report all of your foreign bank accounts each year if the total balance is over US $10,000 or the foreign equivalent.  So if you have a checking and a savings account overseas and you move $5,001 from the checking to the savings you now have $10,002 in all your combined off shore accounts so they need to be reported.  It’s a hassle, but it’s not difficult to report.

 

(Swiss National Bank, pictured.)