Receiving a large wire transfer from abroad: What to know

Is there a limit to receiving money from overseas?

Technically, there isn’t a limit to how much money you can receive from abroad in the US. However, some banks may limit how much you can send and receive overseas. You’ll also need to report some large payments to the government.

Do I have to pay tax if I receive a large amount from abroad?

Most personal transfers between friends and family aren’t typically considered taxable in the US.

However, there are some exceptions, such as income earned from a job, self-employment, or foreign investments. You may also need to fulfil additional reporting requirements for large gifts from abroad.¹

If you receive an international wire transfer of over 10,000 USD, your bank or money transfer provider is also required to report the transaction to the Financial Crimes Enforcement Network (FinCEN).²

How to receive a large amount from abroad

Let’s take a look at how to receive an international wire transfer – your step-by-step guide to receiving wire transfers from overseas.

Step 1. Choose your transfer method. There are a few different ways to receive money from abroad, such as a wire transfer or a digital money transfer

Step 2. Provide your sender with the required information. This will depend on your transfer method, but your sender will typically need your full name and bank account details

Step 3. Track your transfer using your bank’s online tracking system. You can monitor your funds and spot any additional transfer fees

If you regularly receive large wire transfers from abroad, you’ll need to protect your accounts with strong passwords and 2-factor authentication.

You should also choose a bank or money transfer app with the latest security features, such as biometric technology.

Send high amount, low cost international transfers with Wise

A smart option if you’re sending money overseas: meet Wise.

Over 70% of Wise payments arrive instantly* — and all Wise transfers are deposited directly into your recipient's bank account for convenience.

No ongoing fees, no hidden charges and no hassle — just fast, transparent international transfers that can beat the banks.

🚀Get started with high amount transfers

*Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

What information do I need to provide to receive an international wire transfer?

Most international wire transfers are processed using the SWIFT network – a global payment system used by banking institutions worldwide. Each bank uses a unique SWIFT code to facilitate secure international transfers.

You’ll need to provide your sender with some key information, including:

• your full name and address
• your bank’s name and address
• your account number
• your bank’s SWIFT or BIC code
• your bank’s IBAN (if necessary)
• your transfer amount

You or your sender may also need to provide the reason for your transfer and a reference for your payment.

Fees when receiving an international wire transfer

There are a few fees to consider before receiving an international wire transfer from abroad. Let’s take a closer look.

Incoming wire transfer fees

If you’re receiving a large wire transfer from abroad, your bank will likely charge an incoming wire transfer fee. This is charged as a flat fee or a percentage of your transaction, which is automatically deducted from your transfer amount.

For example, Bank of America® may charge up to 15 USD per incoming international wire transfer, depending on your account type.³

Exchange rate fees

You may also pay exchange rate fees to convert your international foreign currency payments into US dollars.

Many banks charge a markup on the standard ‘fair’ mid-market exchange rate for currency conversion. This can significantly reduce how much money you receive into your account.

Intermediary fees

Some banks may charge an intermediary or correspondent fee if your transaction passes through them on the way to your account.

Many providers rely on these intermediary banks to process international wire transfers, so look out for any small charges from additional sources.

How long does it take to receive an international wire transfer?

International wire transfers typically take 1 to 5 business days, depending on your bank’s processing times, currency availability, and when you make your payment.

Bank of America international wire transfers⁴ should be credited to your account within 1 to 2 business days, for example, whereas Chase international wire transfers should show up in your account 24 hours after the bank receives your payment.⁵

What is the best way to transfer large amounts of money internationally?

You can choose from a range of transfer methods for your large international money transfer, including a bank transfer, wire transfer, or digital money transfer.

A bank transfer is a simple way to transfer large sums of money between bank accounts. You can typically initiate a bank transfer yourself via online banking, but your provider may impose some transaction limits.

A wire transfer is an electronic transfer between 2 banks, using a secure transfer network like SWIFT. This type of transfer is best suited to large transactions, such as paying the down payment on a house.

However, you’ll need to consider any costs for incoming or outgoing wires – and you may only be able to initiate your wire transfer in person at a bank.

You can also use a digital money transfer provider like Wise to receive money from abroad. Online transfer providers aren’t traditional banks, but they offer a range of flexible, low-cost features, such as 24/7 in-app global transfers.

You can use your US bank account to receive large transfers from abroad, including wire transfers and digital payments.

However, it’s important to consider how much it costs to receive money from overseas. With many providers charging incoming costs and exchange rate markups, large payments can often end up costing more than you may expect.

Choose a flexible alternative like Wise to receive money from across the world at the ‘fair’ mid-market exchange rate. You can save on hefty conversion fees by requesting local account details in over 9 currencies.

With Wise, you can send secure and trackable large amount transfers to 140+ countries worldwide with transparent fees and the fair mid-market exchange rate.

Have a look at the main benefits for using Wise to send large transfers:

• Dedicated support for large transfers
• Fast and easy setup with no physical paperwork
• Upfront, transparent fees
• Fully trackable transfers
• Fast transfer times
• Two-factor authentication and real-time notifications

🚀 Get started with Wise

Sources

1. NYC Accounting Consulting - Do I have to pay tax on money transferred from overseas to the US?
2. Exiap - International wire transfer regulations guide
3. Bank of America - Personal miscellaneous fees
4. Bank of America - Wire transfers
5. Chase - Wire transfers FAQs