Is there a limit to international money transfers?
There’s no official limit on how much money you can send to another country. However, individual restrictions can apply to specific countries and payment methods, as well as some limits applied by certain banks and money transfer providers.
It’s worth noting that financial institutions and money transfer providers are required to report international transfers that exceed $10,000.
For more information about financial reporting, see our Reporting international money transfers section.
How much money can I send with money transfer providers?
Here are the transfer limits for some of the best money transfer companies available.
Provider | Transfer fee | Limit |
|---|---|---|
Wise | From 0.41% | Up to $1m per local transfer, up to $1.6m per SWIFT transfer, and up to $6m if added to Wise balance |
XE | $3 in US for small transfers. | $535,000 or sending currency equivalent |
WorldRemit | From £/$0.99 - £/$3.99 depending on currencies | $9,000 per 24hrs, $5,000 per transfer, or $300 per Apple Pay transfer |
TorFX | No fees with this provider, the fees are in the exchange rate which typically range from 1 - 2% above the mid-market rate | No limit. |
Instarem | From $0 - $35 depending on currency pair and payment method | ACH: $3,000*. Set up Instarem as ‘Payee’: No sending limit. International wire transfer: No sending limit. Debit/Credit card: $2,500* |
Why do some money transfer providers set their own spending limits?
Some providers set transfer limits to protect against possible money laundering. Others limit the amount that can be transferred to specific countries due to regulatory or reporting requirements.
Do banks have international money transfer limits?
Banks will often set their own money transfer limits. We’ve summarized some of the main branches here.
Bank | Maximum amount | Notes |
|---|---|---|
Chase | $ 25,000 for standard account holders $100,000 for Sapphire and Private Client account holders | Business accounts have a maximum of $250,000 |
ING Bank | $100,000 for SEPA instant payments$ 25,000 for HomeBank customers | BusinessBank customers have a maximum of $125,000 |
Bank of America | $1,000 (Wire transfer only) | $5,000 for business account holders |
Capital One | No limit | Can only be completed in-branch |
Do I have to pay tax on international money transfers?
Most international money transfers in and of themselves are tax free, but it depends on the circ*mstances of your transfer, such as the source country, the recipient country, and the amount you’re sending.
Do I have to pay tax on money I’m transferring to my own accounts?
Money transferred to one of your own accounts is not taxable, as you’re essentially just moving your money rather than earning more. However, if your overseas assets total more than $10,000, you’ll need to report this to the US treasury as a Foreign Bank and Financial Accounts Report (FBAR). If they total more than $50,000, you’ll also need to file a Foreign Account Tax Compliance Act (FATCA) report with the IRS.
This does not necessarily mean you will be liable for tax.
Do I have to pay tax on gifts I’m sending to other people?
US citizens have an annual tax exempt allowance on gifts to people, which applies both in the US and overseas. For the 2024 tax year, this stands at $18,000, or $36,000 for married couples. If the transferred sum exceeds this threshold, you can offset the remaining amount using the lifetime gift tax exemption, set at $13.61m for 2024.
For example, if you’re single and you gifted $20,000 to somebody else, $18,000 would be tax-free under the annual gift tax exemption. The remaining $3,000 would need to be deducted from your lifetime gift tax exemption amount of $13.61m. This would leave you with a remaining lifetime gift tax exemption amount of $13.61m.
It’s worth noting that the lifetime gift tax exemption also applies to amounts left to beneficiaries in their inheritance after you die. This exemption is being steadily reduced, and is due to be capped at $6m by 2026.
Are any gifts exempt from taxes?
Certain gifts are not considered taxable. These include:
Gifts to charities approved by the IRS
A gift to a spouse, if they’re a US citizen
A gift to cover someone’s education tuition, if paid directly to the educational institution (this does not cover room and board, books, or supplies)
Gifts to cover someone’s medical expenses, if paid directly to the medical facility
A gift to a political organization
For more information about the tax implications of your money transfer, see our guide on money transfer taxation.
Do I have to report international money transfers to the International Revenue Service (IRS)?
Banks and transfer providers are required to report any transfers exceeding $10,000 to the IRS within 12 months of receiving or sending the money, due to the Bank Secrecy Act.
Reporting requirements for money held in foreign accounts
You must file a Foreign Bank Account Report (FBAR) with the US treasury department if, at any point, your foreign assets* total $10,000 or more.
You must file a Foreign Account Tax Compliance Act (FATCA) form with the IRS if, at any point, your foreign assets* total $50,000 or more.
Your bank or transfer provider will need to report any transfers over $10,000 to the IRS under FATCA regulations.
*Assets do not include physical assets such as a house, but do include financial assets including money in foreign bank accounts, insurance plans, and pension schemes.
These regulations also mean banks and financial institutions must report any other kind of suspicious activity to protect consumers and prevent money laundering. This includes multiple smaller transactions that may be sent to evade the $10,000 rule, such as multiple transactions of $8,000 sent in quick succession.
This doesn’t mean you can’t send amounts over these thresholds, but you’ll need to file some paperwork if your total overseas assets exceed the thresholds.
What are the penalties for non-compliance with the Bank Secrecy Act?
As the BSA is in place to prevent money laundering, deliberate avoidance of or non-compliance with its regulations can result in a hefty fine, and even a custodial sentence. Any person, including a bank employee, violating the BSA is subject to a criminal fine of up to $250,000 or five years in prison, or both.
Banks are also subject to heavy penalties for non-compliance with the BSA. A bank that violates certain BSA provisions faces criminal financial penalties of up to $1 million or twice the value of the offending transaction, whichever is the greater.
Will I need to consider international sanctions?
Some countries may implement economic sanctions against another country for geopolitical reasons. These may include attempting to prevent terrorism and terrorist financing, drugs trafficking, human rights violations, and/or illegal military action or weapon supplies.
Sanctions can target an entire country, or they can be more narrowly targeted at individuals or groups.
Sending money or making money available to sanctioned countries or individuals is illegal under the Countering America’s Adversaries Through Sanctions Act (CAATSA). This applies even if you do not make funds directly available to the sanctioned entity, but could reasonably assume the finances sent may be sent to a sanctioned entity.
How do I send large amounts of money internationally?
There are lots of ways to send large amounts of money internationally, but the easiest and cheapest way is usually via a specialist money transfer provider.
Do certain countries set their own limits on international money transfers?
Some countries set their own limits on international transfers, usually to prevent money laundering. If you’d like to transfer money to these countries, you’ll need to make sure you comply with these rules.
How much money can you transfer to the Philippines?
The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), states you can transfer up to ₱50,000 (PHP) to the Philippines without needing prior written authorization from the BSP. For foreign currencies, the limit is $10,000 (USD) or equivalent in another foreign currency.
How much money can you transfer to India?
There aren’t any hard limits on how much money you can transfer to India, so the standard reporting and taxation rules apply. However, your chosen bank or transfer provider may impose their own transfer limits.
How much money can you transfer to Mexico?
There aren’t any hard limits on how much money you can transfer to Mexico, so the standard reporting and taxation rules apply. However, your chosen bank or transfer provider may impose their own transfer limits.
How much money can you transfer to Canada?
There aren’t any hard limits on how much money you can transfer to Canada, so the standard reporting and taxation rules apply. However, your chosen bank or money transfer service may impose their own transfer limits.
FAQs
What’s the international money transfer limit set by the IRS?
What’s the international limit on wire transfers?
Do I have to pay tax on international money transfers?
What happens if you wire transfer more than $10,000?
Can I transfer $100,000 from one bank account to another?
How much money can you transfer online?Expats: United States Remittances
