International wire transfer limits: US banks and providers (2024)

FAQs

International wire transfer limits: US banks and providers? ›

How much money can you wire without being reported? Financial institutions and money transfer providers are obligated to report international transfers that exceed $10,000. You can learn more about the Bank Secrecy Act from the Office of the Comptroller of the Currency.

Generally speaking, you can send as much as you like overseas. There aren't any US laws on sending money abroad that limit the amount you can send. But as above, payments over a certain threshold will trigger IRS reporting and tax obligations.

Under the Bank Secrecy Act (BSA) of 1970, financial institutions are required to report certain transactions to the IRS. This includes wire transfers over $10,000, which are subject to reporting under the Currency and Foreign Transactions Reporting Act (31 U.S.C.

It is also possible to transfer millions of dollars in cash by utilizing an international money transfer center. Organizations like Western Union, Ria Money Transfer, and MoneyGram provide this service. These companies have thousands of local branches around the world.

Both Western Union and PayPal are popular choices for sending large sums of money overseas.

Typically, you can send as little as $1 up to as much as $500,000 or more with an international money transfer provider. However, transfer limits vary between providers. For example, Western Union has a $5,000 daily limit and a $50,000 upper transfer limit.

Financial institutions and money transfer providers are obligated to report international transfers that exceed $10,000. You can learn more about the Bank Secrecy Act from the Office of the Comptroller of the Currency.

The total wire transfer limit is $250,000 per business day and the wire cut-off time is 4pm EST.

When sending an international bank wire, you will need to provide the recipient's name, address, banks SWIFT BIC, and bank account number, plus the International Payments System Routing Code, for certain countries (you will be prompted for this).

Because of the Bank Secrecy Act, all banks and other financial institutions must file a Currency Transaction Report (CTR) for any wire transfer over $10,000. The CTR includes the following information: The name and account number of the person or party initiating the transfer.

Can you transfer $10,000 from bank to bank internationally? ›

Transferring Large Sums of Money Internationally - FAQ

Any international money transfer exceeding $10,000 USD must be reported to the US government on a Foreign Bank Account Report per the Bank Secrecy Act. Many people wonder, “Do large bank transfers take longer than online services?” Typically, the answer is yes.

Wire transfers also have limits, but in general they are higher than ACH transfers. As with an ACH transfer, many major banks impose a per-day or per-transaction wire transfer limit. For example, Chase Bank sets the limit at $100,000 for individuals, but offers higher limits to businesses on request.

International money transfer limit: IRS

The IRS doesn't place limits on the amounts of money being sent, but there are reporting requirements for payments valued at 10,000 USD or more — or individual payments made within a short period which in total add up to over 10,000 USD.

This means that in theory, you can send as much money as you want overseas. However, the transfer provider you use may set a limit on how much you can send per day, month or year. For example, banks tend to have international transfer limits of around £25,000 to £50,000 (depending on the bank).

How much can you transfer abroad annually? The Reserve Bank of India (RBI) has set a financial year limit of $2,50,000 (INR 2.08 Cr) for foreign remittances, which applies mainly to personal remittances. For international business- payments, the volume of transactions generally goes above and beyond $250,000 annually.