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How to Fill Out CTR for Purchased Foreign Currency

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Question: 
We have a customer who purchased foreign currency (reportable transaction) with a check. I am trying to complete the CTR by putting the foreign cash out in section 27A but I get an error message that I have to complete either Item 26 or item 27. What do I put in that field since no other currency was involved?
Answer: 

On a legacy CTR (Form 104) for the transaction you describe, the cash out amount in U.S. dollars must be entered in item 27, and the amount denominated in the foreign currency goes in item 27a. For example, if the foreign amount is 10,000 euros, and the exchange rate is €1 = $1.24, you'd put 10,000 in item 27a and 12,400 in item 27. Then you'd put the country code (EE) in item 29.

For the new CTR (Data Entry Form 112), the 12,400 entry goes in item 27e, and the 10,000 euros is recorded by placing 10,000 in item 28 (Foreign cash out) and selecting the country (use European Union) from the drop-down menu to the right.

First published on BankersOnline.com 12/03/12

First published on 12/03/2012

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