Q&A for How to Make an International Wire Transfer

Return to Full Article

Coming soon

Add New Question

Question

Do I need to notify the IRS if I make an international transfer of $25,000?

Michael R. Lewis
Business Advisor
Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. He has over 40 years of experience in business and finance, including as a Vice President for Blue Cross Blue Shield of Texas. He has a BBA in Industrial Management from the University of Texas at Austin.

Michael R. Lewis

Business Advisor

Expert Answer

A wire transfer is not a reportable transaction under Bank Secrecy Act compliance. There is no need to notify the IRS for any wire transfer. The transferring bank must report all wire transfers over $3000 in their Currency Transaction Reports filed with the Financial Crimes Enforcement Network, but the customer is often unaware of the report.

Thanks! We're glad this was helpful.
Thank you for your feedback.
If wikiHow has helped you, please consider a small contribution to support us in helping more readers like you. We’re committed to providing the world with free how-to resources, and even $1 helps us in our mission. Support wikiHow
Yes No

Not Helpful 1 Helpful 14
Question

What can I do if the money is not in an account 2 weeks after sending it?

Jill Newman, CPA
Financial Advisor
Jill Newman is a Certified Public Accountant (CPA) in Ohio with over 20 years of accounting experience. She has experience working as an accountant in public accounting firms, nonprofits, and educational institutions, and has also honed her communication skills via an MA in English, writing jobs, and as a teacher. She received her CPA from the Accountancy Board of Ohio in 1994 and has a BS in Business Administration/Accounting.

Jill Newman, CPA

Financial Advisor

Expert Answer

The SWIFT number is the identification code used by banks for wire transfers. Your bank will use this information to determine if a deposit is pending. If no wire is located initiate a trace through your bank or other service used to locate the funds.

Thanks! We're glad this was helpful.
Thank you for your feedback.
If wikiHow has helped you, please consider a small contribution to support us in helping more readers like you. We’re committed to providing the world with free how-to resources, and even $1 helps us in our mission. Support wikiHow
Yes No

Not Helpful 1 Helpful 4
Question

Is the transfer rate better when sending in home country or changing to the recipient's currency?

Michael R. Lewis
Business Advisor
Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. He has over 40 years of experience in business and finance, including as a Vice President for Blue Cross Blue Shield of Texas. He has a BBA in Industrial Management from the University of Texas at Austin.

Michael R. Lewis

Business Advisor

Expert Answer

While home country banks encourage the currency exchange prior to sending, many experts believe that the rates of exchange and fees are generally better int the destination country. The primary benefit of exchange in the home country is more convenience for the recipient.

Thanks! We're glad this was helpful.
Thank you for your feedback.
If wikiHow has helped you, please consider a small contribution to support us in helping more readers like you. We’re committed to providing the world with free how-to resources, and even $1 helps us in our mission. Support wikiHow
Yes No

Not Helpful 2 Helpful 6
Question

How do I safely make an international wire transfer? What do I do if it's having problems?

Jill Newman, CPA
Financial Advisor
Jill Newman is a Certified Public Accountant (CPA) in Ohio with over 20 years of accounting experience. She has experience working as an accountant in public accounting firms, nonprofits, and educational institutions, and has also honed her communication skills via an MA in English, writing jobs, and as a teacher. She received her CPA from the Accountancy Board of Ohio in 1994 and has a BS in Business Administration/Accounting.

Jill Newman, CPA

Financial Advisor

Expert Answer

You can safely make an international wire transfer by consulting with your bank or using a reputable online service such as Western Union, OFX or Paypal's Xoom.

Thanks! We're glad this was helpful.
Thank you for your feedback.
If wikiHow has helped you, please consider a small contribution to support us in helping more readers like you. We’re committed to providing the world with free how-to resources, and even $1 helps us in our mission. Support wikiHow
Yes No

Not Helpful 5 Helpful 5