$3000 Limit on International Bank Wires

Some people have asked is there now a divergence between the US Customs & Banking regulation? The answer appears to be yes! Under the Patriot Act of 2001, the Financial Crimes Enforcement Network (Fincen) requires that financial institutions transmit full information about your wire transfer to them for amounts of $3,000 or more. The information must include your identity as well as the person receiving the money just in case it might be your own offshore account. The Customs Department did not change the $10,000 in cash limit. This is a banking regulation. Therefore, it was a crime prosecutiable in a federal court known as “structuring” if you wrote say three $9999.99 checks abd cashed them to avoid the bank reporting you paid $30,000. Now, if you did the same thing in three $2999.99 transactions you would end up in prison. With inflation, it should be going up over the decades. Instead, we are going down and down. Pretty soon, they might make it a crime to pickup a penny in a parking lot withing informing the IRS you owe them 50%.


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