Sending more that 10K USD to UK Business Account
I have my brother who lives in USA, he wants to send around USD 10000 to UK onto my Business Account Via Wire transfer through Bank to bank for Loan Purposes.
My brother is worried as in US a transaction of more than 10K can be flagged by IRS. If you could advise me
Will it be safe to transfer through wire to wire Transfer or is there any other alternatives.
Your reply would be highly appreciated
Best Regards
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My brother is worried as in US a transaction of more than 10K can be flagged by IRS.
Transactions may be flagged to IRS or any other regulators as required. If the intent is correct, there is nothing wrong, your Brother would have to establish that it was for legit reason.
Will it be safe to transfer through wire to wire Transfer or is there any other alternatives
All legit transfer mechanism would have the same reporting regulation. There is no one better than other method.
As stated earlier, if the purpose is bonafide, there shouldn't be anything to worry about.
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