You can transfer any amount of money overseas, but transfers exceeding $10,000 are reported. Financial institutions and money transfer providers are obligated to report international transfers that exceed $10,000 to the government. You can learn more about the Bank Secrecy Act from the Office of the Comptroller of the Currency.
Here's a more detailed explanation:
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No Limit, But Reporting Required: There isn't a legal limit to how much money you can transfer internationally. However, transfers over $10,000 trigger a reporting requirement.
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Who Reports? Banks, credit unions, and money transfer services like Western Union and MoneyGram must report these large transactions.
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What Information is Reported? The financial institution reports the sender's and recipient's information, the amount transferred, and other details of the transaction to the relevant authorities.
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Why Report? These reporting requirements are in place to help prevent money laundering, tax evasion, and other financial crimes.
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Avoiding Reporting is Illegal: Structuring transactions to avoid the $10,000 reporting threshold is illegal and can lead to serious penalties. For example, if you make multiple transfers each below the 10,000 threshold so that none of them are reported, it is illegal. It's best to be transparent and comply with all reporting requirements.
In summary: You can transfer more than $10,000, but be prepared for the transaction to be reported.
