Send money from the United States
Over 4.4 million Indian-Americans live in the US, making it the largest Indian diaspora in the world. Combined with Filipino, Mexican, Pakistani, and other diaspora communities, the US sends over $80 billion abroad annually.
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Regulations & Compliance
FBAR Reporting
If you hold foreign financial accounts with an aggregate value over $10,000 at any point during the year, you must file an FBAR (FinCEN Form 114) with the US Treasury.
IRS Form 3520
Gifts from foreign persons exceeding $100,000 per year must be reported to the IRS using Form 3520. Sending is generally not reportable — but receiving large amounts may be.
Bank Secrecy Act (CTR)
Banks and MSBs must file a Currency Transaction Report (CTR) for cash transactions over $10,000. Structuring transactions to avoid this threshold is illegal.
OFAC Sanctions
The US Office of Foreign Assets Control (OFAC) maintains sanctions lists. Transfers to sanctioned countries or individuals are prohibited.