Tax on money transfers to the US?

We'd like to transfer some of our savings from euros to dollars. Is there any tax liability on such a transfer besides whatever interest it may earn once in the account? Also, does anyone have any advice on the best way to transfer between Europe and the US (lowest fees, etc)?

We'd like to transfer some of our savings from euros to dollars. Is there any tax liability on such a transfer besides whatever interest it may earn once in the account? Also, does anyone have any advice on the best way to transfer between Europe and the US (lowest fees, etc)?

If you're US citizens you should have already paid income tax (outside any double taxation limits) to the IRS when you earned the money.

You haven't said which country in Europe. In the UK Citibank allows you to open a dollar account so you can exchange pounds whenever the rate is better, then send it to the US when you need to.

You need to ask your banks how much they charge for sending and receiving wire transfers. One site which may be useful is http://www.fxcompared.com/

Alternatively if the amount isn't too big you can just use cash? I do, but only because I travel a lot anyway so I don't need to carry large amounts which could raise suspicions.

You might want to look at Internal Revenue Code section 988 to see if there is a taxable foreign currency gain.

The money is actually my husband's, an EU citizen. Each year i file married filing separately and list him as a non-res. alien. Could we transfer from his French account to a US account my name without making the tax thing complicated?

So ...you are receiving a gift from an NRA, not quite the question you first asked. You may need to file the 3520 to report the receipt of the gift.