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More information about International Money Transfers

5 minutes read

There are many ways to send money abroad and identifying the best and cheapest option for you is a key step to getting the most out of your money. Before you send money though, here are a few items you’ll need and other information you need to know before doing so.

Required information

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Each transfer tool will require different information, but overall financial entities ask for general information from both sender and receiver:

  •  Recipient’s full name and address
  • Sender ID
  • Sender social security number
  • Name and destination country of recipients bank
  • Routing number
  • Recipients SWIFT or BIC code
  • Recipients account number

Relevant regulation

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When it comes to sending large amounts of money there are some things to consider. For example, if you were to send 10,000 USD or more, banks must collect specific information that will be reported to the US Financial Crimes Reporting Network (FINCEN). This institution collects and reports information on international wire payments. Although there is no transaction limit, you must report to the IRS via Foreign Bank Account Report (FBAR) any international account that was funded by incoming money from the US, even if you hold that balance for a short period.

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Daniel Quiroz

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