what is the fee for wiring money? is there a limit on it? if it's $10,000, will I be taxed?

Question

it will be from California to Indiana.

Answer 1

depends whete r u sending???

Answer 2

Fees for wiring money vary from bank to bank. Contact the bank or company who will be sending the transaction to find out precisely the cost. It is possible that some companies may limit the funds you are trying to transfer. You are not taxed on transferring the funds, but the transaction will be noted by the IRS. It's not a big deal, transactions over 10,000 are always recorded, and a bank now can report any activity they deem suspicious. Unless you are wiring the money for some illegal purpose, this is nothing to worry about.

Answer 3

As another responder noted, the wiring fee varies from bank to bank. My bank charges $15 and that's probably in the ball park for a lot of banks. Concerning the question as to whether or not you will be taxed for the dollar amount, the answer is no. The reporting requirement to the IRS for amounts $10000 or more is for cash transactions only. This doesn't play a role for wire transfers. Good luck to you.

Answer 4

You may have to pay a tax on the service you receive from the company that wires the money , but it would be based on the fee they charge to send it. There may be a limit of 10,000 dollars.
Transfer Fees. In consideration for the use of the Service, you agree to pay to Western Union a fee for each Money Transfer initiated by you at the applicable rate then in effect (the "Transfer Fee"). The applicable Transfer Fee for your transaction will be provided to you prior to your final authorization of the transaction, in addition to any applicable fees for additional services.

Any dispute or claim arising from or relating to this Money Transfer that involves a claim by Sender for less than $10,000, exclusive of interest, arbitration fees and costs, shall be settled by arbitration administered by the American Arbitration Association ("AAA") under its Arbitration Rules for the Resolution of Consumer Related Disputes.