Transferring Large Sums of Money to US (2023)

At a glance

Sending large money transfers to the United States

Choosing the best service for sending large sums of money to the US

Tax considerations of transferring large sums of money to the US

Top 3 Companies for Transferring Large Sums to US

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Sending large money transfers to the United States

Money transfers to the United States have never been so widely available, with so many options to choose from including banks and specialist transfer providers. To pick the best option you will need to consider transfer limits, fees, exchange rates, and payment options.

To save money on fees avoid percentage-based fee structures and services that do not match the mid-market rate. These add to the fees and result in a significant charge for large transfers.

This guide will help you choose the best company for sending large sums of money to the United States. It will save you time and simplify the process of choosing the best service to make fast and cheap transfers.

Choosing the best service for sending large sums of money to the US

This section outlines the process of choosing the best money transfer service for sending money to the US. We share the noteworthy factors so you can quickly decide on the best selection for your requirements.

Transfer cap

Customers that want to make big transfers should pay attention to the transfer cap. You need to consider the daily, weekly, monthly and yearly transfer caps to ensure that you do not face limitations. For instance, a service might have a high daily cap, but the monthly cap is low. It means you will have to wait until the end of the month to repeat a large transfer.

Specific countries may also have additional caps that could limit making large transfers. Most money transfer companies do not increase restrictions when sending money to the US, but you need to check for yourself.

Accepted countries

This guide is about sending money to the US, so you need to ensure that it is one of the accepted countries. The top money transfer companies offer hundreds of destination countries and the US is typically included. However, before creating an account go through the list to make sure.


Before registering for an account with a money transfer company, check out their social media and customer reviews. You can also use Trustpilot to figure out the customer sentiment on the quality of service. Ideally, the company should have an overall rating of 4.0 out of 5.

Fees and exchange rates

You are unlikely to find a service that offers entirely free money transfers to the US, but you can save money by choosing the best option. Start by considering the fee structure, which could be percentage-based or fixed. Look for a service that offers a fixed fee structure that remains constant regardless of the transfer amount.

The exchange rate can also result in a big charge if you do not secure a good one. Ideally, the company will match the mid-market rate, which means you will be getting the best deal possible when converting currencies. Services like Xe offer transparent FX rates that offer good value.

Payment options

The top money transfer companies provide multiple payment options for maximum flexibility. The top options include bank transfers, credit or debit cards, Google Pay and Apple Pay. Options are important because you need to find the lowest fee when transferring large sums of money. For example, debit and credit cards may charge a fee of 1.5-3% of the transaction amount, which is a significant charge for larger transfers. Bank transfers might be the best choice because it is a safe transfer method that is available to most people and the transfer fee is fixed.

Transfer time

Pay attention to the transfer time if you want to send money quickly. Balance transfers are a good choice because they provide instant transfers in many instances. Bank transfers are one of the slowest methods of sending money internationally. Check with the company you are using for the estimated transfer time.

Good quality services will offer notifications that update the sender and recipient of the status. Also, you may have access to a tool that enables you to check the transfer status and estimated time of delivery.

Tax considerations of transferring large sums of money to the US

We understand that some money transfer customers may be concerned about the tax implications of sending large sums of money to the United States. This section provides an overview of what you need to know.

US law states that money transfers sent as gifts are not taxable up to $15,000. Note that the $15,000 limit is an annual one, which means that you can send multiple smaller transfers and reach this figure. Keep in mind that the sender has to pay tax and not the recipient.

The amount of tax that is applied to a transfer depends on multiple factors such as the relevant state and the amount sent. To find out the specific details you should consult with a tax accountant that understands the relevant laws.

What is Wire Fraud?International TaxesTransfer Money From Overseas to Australia: Tax ImplicationsTransfer Money From Overseas to UK: Tax ImplicationsAre Money Transfers Taxed?

Top 3 Companies for Transferring Large Sums to US

This section showcases the best companies to choose when sending money to the United States. Each of these accepts the US as a valid destination and offers large transfer caps. Also, the fees are competitive and some even match the mid-market rate.

1. Wise

Wise is an industry-leading money transfer company that has a large global network and supports large transfers to the US. Transparency is one of the key reasons why Wise is such a popular choice among international money transfer customers. They clearly display fees and the charges are competitive. Also, they match the mid market rate, which means you will be getting the best rates possible.

Transferring Large Sums of Money to US (1)

2. Azimo

Azimo has a global network of 200 countries and offers transfers to the United States. The transfer fees are competitive and the payout options are flexible. Also, there is no minimum transfer amount, which means you can send large and small amounts. Furthermore, the multi-lingual support is excellent, so it is a good choice for customers where English is not their first language.

Transferring Large Sums of Money to US (2)

3. Cornerstone

Sending money to the United States with Cornerstone is a simple and smooth process. Also, there is no fee for transfers over 5,000 GBP (6,692 USD) and the minimum transfer limit is 1,500 GBP (2,007 USD). The FX rates are competitive so you will not receive a big charge from converting currencies. Each customer receives a relationship manager to help users send money and manage finances on the platform. This service is not designed for personal remittances but instead for business transactions.

Transferring Large Sums of Money to US (3)

Bottom line

To summarize, there are multiple methods of sending large sums of money to the US. We have shared the noteworthy factors you should consider such as transfer limits, fees, exchange rates and reputation. We have also shared 3 viable companies that facilitate big transfers to the US.

Continue reading our website to find out the tax implications of sending money abroad, and what you need to know about international money transfer limits. This will help you understand a few important considerations regarding international money transfers.


Can you send large sums of money to US with a mobile app?

What are the transfer limits for sending money to the US?

Is it safe to transfer large sums of money to the US?

Compare all your options today by using our comparison engine

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Transferring Large Sums of Money to US? ›

There isn't a law that limits the amount of money you can send or receive. However, financial institutions and money transfer providers often have daily transaction limits. This depends entirely on the establishment.

Is there a limit to how much money I can transfer to the USA? ›

There isn't a law that limits the amount of money you can send or receive. However, financial institutions and money transfer providers often have daily transaction limits. This depends entirely on the establishment.

Do I have to pay tax on money transferred from overseas to USA? ›

Americans who receive financial gifts from foreign loved ones won't have to pay taxes on the transfer. However, if you yourself sent funds to an American while abroad, you might. Recipients of foreign inheritances typically don't have a tax liability in the United States.

How much money can I transfer without being flagged USA? ›

A person may voluntarily file Form 8300 to report a suspicious transaction below $10,000. In this situation, the person doesn't let the customer know about the report. The law prohibits a person from informing a payer that it marked the suspicious transaction box on the Form 8300.

How can I bring large amounts of money to the US? ›

You may bring large sums of money with you in the form of cash, money order, or traveler's checks. There is no maximum limit, however, any amount exceeding $10,000 USD must be declared upon arrival on both the Form 6059B and FinCEN 105. All forms must be filled in completely and truthfully.

Do wire transfers over $10000 get reported to the IRS? ›

What is the law regarding wire transfers and the IRS? 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.

Does IRS track wire transfers? ›

The IRS does monitor international wire transfers, and that there's an overseas money transfer limit of $10,000¹ before your transfer will be reported to the IRS.

Do I need to report international money transfer to IRS? ›

In order to complete an international wire transfer through your foreign bank, you will need to complete the Same-Day Taxpayer Payment WorksheetPDF with the proper Tax Type Code and tax period (year and/or quarter) so that the funds will be properly applied to your IRS tax liability.

How much money can you receive from overseas without paying taxes? ›

However, you may qualify to exclude your foreign earnings from income up to an amount that is adjusted annually for inflation ($107,600 for 2020, $108,700 for 2021, $112,000 for 2022, and $120,000 for 2023). In addition, you can exclude or deduct certain foreign housing amounts.

Do I need to report money transferred from overseas? ›

By law, banks report all cash transactions that exceed $10,000 — the international money transfer reporting limit set by the IRS. In addition, a bank may report any transaction of any amount that alerts its suspicions.

Can I get in trouble for transferring money? ›

You can get arrested for illegal transferring of monetary funds at any moment. If you do, invoke your right to remain silent.

What is the $3000 rule? ›

Rule. The requirement that financial institutions verify and record the identity of each cash purchaser of money orders and bank, cashier's, and traveler's checks in excess of $3,000.

How do I transfer 100k to another bank? ›

Steps for Transferring Money Between Banks
  1. Log into your bank's website or connect via the bank's app.
  2. Click on the transfer feature and choose transfer to another bank.
  3. Enter the routing and account numbers for the account at the other bank.
  4. Make the transfer.

What happens if you bring more than $10 000 into US? ›

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Use the online Fincen 105 currency reporting site or ask a CBP officer for the paper copy of the Currency Reporting Form (FinCen 105).

What is the safest way to transfer large sums of money? ›

Best for sending $10,000 or more within the U.S.: Bank wire transfer. Cheapest for international bank-to-bank transfers: MoneyGram. Fastest for international transfers: Xoom. Best for transferring large amounts internationally: OFX.

What is the cheapest way to transfer large sums of money internationally? ›

An international bank transfer is usually the best way to transfer money internationally because it is secure, fast and cheaper than other methods such as cash, money orders or credit cards. A bank or money transfer company can carry out an international bank transfer for you.

Can my parents send me money from abroad? ›

The fact that the gift is from a foreign person is irrelevant. Therefore, if you receive a monetary gift or an inheritance from relatives abroad, you will not have to pay taxes on it. However, you must report the gift or inheritance to the IRS if the amount you receive exceeds a certain threshold.

How do I transfer large sums of money internationally? ›

Both Western Union and PayPal are popular choices for sending large sums of money overseas. However, they can be expensive compared to other service providers.

Can the IRS see my foreign bank account? ›

Yes, eventually the IRS will find your foreign bank account. When they do, hopefully your foreign bank accounts with balances over $10,000 have been reported annually to the IRS on a FBAR “foreign bank account report” (Form 114).

Do wire transfers get flagged? ›

Wire transfers may be flagged for several reasons, alerting officials to possible wrongdoing by either the recipient or the sender in the case of: Transfers to safe-haven countries. Transfers to non-account holders. Regular transfers for no viable reason.

Can I receive money from abroad in my bank account? ›

You can receive money from overseas directly into your bank account, using an international money transfer service. You'll need to provide your bank details so the sender can set up an online account with the international money transfer provider and exchange the money into your desired currency.

Can I deposit 100k cash in the bank? ›

Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.

Why does IRS want to know about foreign bank accounts? ›

Since foreign accounts are taxable, the IRS and U.S. Treasury have a very rigid process for declaring overseas assets. Any American citizen with foreign bank accounts totaling more than $10,000 in aggregate, or at any time during the calendar year, is required to report such accounts to the Treasury Department.

How much money can I transfer as a gift? ›

For 2022, the annual gift tax exclusion sits at $16,000. This applies per individual. So you can give $16,000 in cash or property to your son, daughter and granddaughter each without worrying about a gift tax. If you and your spouse make a gift jointly, the exclusion is $32,000.

Can you transfer money without being taxed? ›

Double (or quadruple) your limit.

The key to avoiding paying a gift tax is to give no more than the annual exclusion amount to any one person in a given tax year. For 2020, that amount is $15,000. This means if you want to give ten people $15,000 each in one year, the IRS won't care.

Can my foreign parents give me $100 000? ›

Reporting Requirements

For gifts or bequests from a nonresident alien or foreign estate, you are required to report the receipt of such gifts or bequests only if the aggregate amount received from that nonresident alien or foreign estate exceeds $100,000 during the taxable year.

Can my parents give me $100 000? ›

Lifetime Gifting Limits

Each individual has a $11.7 million lifetime exemption ($23.4M combined for married couples) before anyone would owe federal tax on a gift or inheritance. In other words, you could gift your son or daughter $10 million dollars today, and no one would owe any federal gift tax on that amount.

Can I receive a gift of money from overseas? ›

The IRS considers any gift of money or property made to you by a foreign person to be a taxable gift. This includes gifts from foreign corporations and foreign partnerships, as well as gifts from foreign individuals.

Do US citizens have to report foreign bank accounts? ›

Generally, U.S. citizens and resident aliens must report all worldwide income, including income from foreign trusts and foreign bank and securities accounts, such as interest income. To do this you'll need to complete and attach Schedule B (Form 1040) to your tax return.

Can you transfer large amounts of money to family? ›

Technically speaking, you can give any amount of money you wish as a gift to one or more of your children or any other member of family. Some parents also choose to buy property and put it into their child's / children's name(s).

What happens when you deposit over $10000 check? ›

Banks Must Report Large Deposits

“According to the Bank Secrecy Act, banks are required to file Currency Transaction Reports (CTR) for any cash deposits over $10,000,” said Lyle Solomon, principal attorney at Oak View Law Group.

What are illegal transfers? ›

A fraudulent conveyance or fraudulent transfer is an attempt to avoid debt by transferring money to another person or company.

What makes a wire transfer suspicious? ›

Suspicious transactions would include (1) wire transfer volumes that are extremely large in proportion to the asset size of the bank; (2) when the bank's business strategy and financial statements are inconsistent with a large volume of wire transfers, particularly outside the United States; (3) a large volume of wire ...

Which are the 3 stages of money laundering? ›

There are three stages introducing laundered funds into the financial system:
  • Placement.
  • Layering.
  • Integration/extraction.
Mar 10, 2023

How much cash can I deposit in a year without being flagged? ›

Banks must report cash deposits totaling $10,000 or more

When banks receive cash deposits of more than $10,000, they're required to report it by electronically filing a Currency Transaction Report (CTR). This federal requirement is outlined in the Bank Secrecy Act (BSA).

What are the 4 stages of money laundering? ›

Each individual money laundering stage can be extremely complex due to the criminal activity involved.
  • Placement.
  • Layering.
  • Integration.
  • Examples of the Money Laundering Stages.

How much cash deposit is suspicious? ›

The $10,000 Rule

Ever wondered how much cash deposit is suspicious? The Rule, as created by the Bank Secrecy Act, declares that any individual or business receiving more than $10 000 in a single or multiple cash transactions is legally obligated to report this to the Internal Revenue Service (IRS).

How do I transfer 100k internationally? ›

The following are five of the best and most secure ways to accomplish this task.
  1. Bank-to-Bank Transfers. Some banks let people take money directly from one bank account and deliver it to a recipient's bank account. ...
  2. Wire Transfers. ...
  3. Automated Clearing House Transactions. ...
  4. Cash-to-Cash Transfers. ...
  5. Prepaid Debit Cards.

How to transfer millions of dollars internationally? ›

Options for Transferring Millions of Dollars:
  1. Bank-to-Bank Transfer: The vast majority of banks will provide a service to transfer money from one bank account to another. ...
  2. Wire Transfers: ...
  3. Automated Clearing House Transactions: ...
  4. Cash-to-Cash Transfers: ...
  5. Specialist Money Transfer Services:
Apr 3, 2023

How do I transfer $20000 from one bank to another? ›

Here are four ways to transfer money from your bank to another institution.
  1. Wire transfers. ...
  2. Mobile apps. ...
  3. Email money transfers (EMTs) ...
  4. Write a check. ...
  5. 6 ways to deposit cash into someone else's account. ...
  6. 5 ways to cash a check without a bank account.
Mar 14, 2023

How many dollars can a family carry to USA? ›

International travelers entering the United States must declare if they are carrying currency or monetary instruments in a combined amount over $10,000 on their Customs Declaration Form (CBP Form 6059B) and then file a FinCEN Form 105.

Can you fly with 20k cash? ›

You can fly with any amount of cash. No law prohibits you from bringing any amount of money on a flight. Likewise, TSA has no rules that limit how much money you can bring through security. In other words, TSA has no cash limit per person.

Can I carry 5000 dollars to USA? ›

Foreign Currency-

There is no limit to carry foreign exchange to the US. However, amounts exceeding USD 5,000 or equivalent and foreign exchange in the form of currency notes, bank notes or traveller's cheques in exceeding USD 10,000 or its equivalent must be declared to the customs.

What is the limit of foreign money transfer? ›

RBI Rules Related to Forex Transaction

According to RBI regulations, remittances of up to USD 25,000 (INR 20,42,200) are allowed per calendar year. Earlier, PAN cards were not required for abroad money transfers up to USD 25,000 or equal.

What is the limit of foreign transfer? ›

The Reserve Bank of India (RBI) has a limit of $2,50,000 (approx. INR 2,04,50,250) per financial year for foreign remittances. This includes both personal and business-related transactions. Any remittance amount that crosses this limit requires you to take prior permission from the RBI itself.

How much can a bank wire transfer in USA? ›

Is There A Wire Transfer Limit? The IRS does not impose any transfer limits on international transfers but there are reporting requirements for transfers of $10,000 or more and for individual payments made over a short period of time that add up to exceed $10,000.

How to send $10,000 dollars to someone? ›

Best for sending $10,000 or more within the U.S.: Bank wire transfer. Cheapest for international bank-to-bank transfers: MoneyGram. Fastest for international transfers: Xoom. Best for transferring large amounts internationally: OFX.


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