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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

  • Perform the transfer in a few unequal tranches, with a few days gap between each? – James Jul 1 '16 at 14:52
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    @b3njamin: that could be very bad advice. If this is a cash transaction at the US end, which isn't stated, dividing it up to evade reporting is a crime called 'structuring' and the money can be seized and you might be prosecuted even if the underlying transaction is legitimate. Prosecution is costlier for the government and so less likely in a small case, but if the money is 'forfeited' you bear the (civil) burden of proof to get it back and that may well cost you more than value of the money. – dave_thompson_085 Jul 1 '16 at 18:54
  • @dave_thompson_085 Wow! Yay for living in the 'free world'. – James Jul 1 '16 at 19:50
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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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