My son’s Financial aid office is asking for US as well as foreign bank statements, I have provided US bank statements but I do not have foreign bank statements as they do not mail them and they do not communicate if you send them a mail. Also the school requires statement in US dollars, the foreign bank will report statements in local currency. The foreign bank account that I have are not checking or saving accounts, they fixed deposit accounts and therefore they don’t send you a monthly statement. Any ideas on how to resolve this?
You need documentation of the total amount in each of your foreign accounts. You can ask each bank for a letter stating the total amount that you have in that bank. It is OK if it is in a foreign currency. You need to supply the college with the exchange rate for US$ on the day of the letter from the bank.
Banks do this sort of thing all the time. They will write a letter if you ask them. Call them and ask them what you need to do. They might want a letter from you that is sent by courier, or a fax might be acceptable.
http://www.irs.gov/uac/Foreign-Financial-Accounts-Reporting-Requirements
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