I heard that there is a limit on the amount I can send. Can someone shed light on this? Also, do I have to notify the IRS if I send above a certain amount? What is the amount?
The lifetime limit would be very peculiar. The question for the IRS is, whether this is a gift of some sorts, which is why they become interested at some point. In the US, you as the giftor would have to pay the taxes. The bank might inquire too, due to money laundering issues. The bank will anyhow report transactions above a certain size to the IRS. As long as you are sending money to yourself, you should be fine, as this is clearly not a gift. If you send it to 3rd person, then this is either for a service, in this case you need a bill or is a gift, in which case you require to pay gift taxes.