![]() This makes it easy to see exactly how much you’re paying for your transfer, and how much your recipient will get in the end. Wise uses the mid-market exchange rate for all payments, with no markup and no hidden fees. Sending money overseas with your bank might seem like the natural choice, but can actually work out more expensive than using a specialist service like Wise. Save money on international payments with Wiseīefore you arrange your international payment, take some time to find the service which best suits your needs. Take legal advice if you need it, to make sure you’re clear on your duties. It’s important to understand your own obligations when it comes to reporting foreign payments or funds held in overseas accounts. This is required if you hold the equivalent of USD10,000 in a foreign bank account at any point in the calendar year. For example, if you’re receiving money to an account in your name held overseas, you may need to file a report with the IRS, known as FBAR. If you’re receiving a payment to an account in the US or abroad, you may have some reporting responsibilities depending on the exact situation. If you’re sending money internationally, your bank or the money transfer service you choose will normally be responsible for making any legally required reports, or retaining information about your transfer. Ask a service agent if you have any specific questions about limits or reporting requirements for your payment, as these will vary according to the exact type and value of payment you’re making. Your bank or chosen service provider will be able to guide you through the process of making an international wire transfer. International wire transfer reporting requirements We’ll cover this in general terms in a moment - but you may need to take professional advice if you’re unsure about what your obligations are. However, if you’re sending or receiving large international payments, it’s worth checking out your own responsibilities too. Most of the reporting duty falls on the bank or transfer service provider. This is to help them fulfil their legal requirements and to check that no payments are being made for illegal purposes. If you’re making a larger international wire payment, your service provider may ask for more information about where the money has come from and where it is going to. Service providers must also report activities including cash-in or cash-out to a value of over USD10,000 per day so that this can be checked for money laundering or other suspicious activity. For example, you usually need to make a declaration if you travel abroad with more than the equivalent of USD10,000 in cash or other things which could easily be converted to cash like travelers checks. The rules governing some types of payments are different when dealing with values of USD10,000 or above. Rules for making an international wire transfer over 10000 USD These limits can be per transaction, per day, or per month for example - and may vary depending on where you’re sending to. Instead, there are reporting requirements for the bank or transfer service provider, which mean that information needs to be collected about payments from USD3,000 and upwards.Īll that said, you’ll likely find your own bank or chosen money transfer provider has limits on the amount you can send overseas. FINCEN enforces the Bank Secrecy Act, which requires banks and money service businesses to retain and report information about international wire payments.įINCEN doesn’t actually put a limit on the amount individuals or businesses can send overseas. Monitoring international payments - and protecting the rights of consumers sending money overseas - is the responsibility of the US Financial Crimes Reporting Network ( FINCEN). A government issued form of identificationįor high value international payments - or to comply with the law in the country you’re sending a wire to - you may also need to show proof of the source of funds, provide documentation such as receipts if relevant, and give a reason for the transfer.Although different institutions might implement the rules in slightly different ways, this usually means you’ll need to provide the following when you send money abroad: ![]() One of the key duties of banks and payment providers is to check on the identity of people making payments, including wire transfers. Banks, money service providers and other organizations are required to comply with a complex set of rules and legislation, which is designed to stop fraud, money laundering and funding of illegal activities. What documents do I need to send money abroad?įinance is a highly regulated area.
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