Wire transfer question

[Slash]

I am about to do some wire transfers from sportsbooks to a bank account. I have heard that I should limit my transfers to $10,000 a piece. Is that correct or is there no problem doing even higher transfers?

Any advice appreciated.

 

[SENDITIN]

I would keep it under $10,000 and don't do them the same day.

 

[Slash]

Thanks Senditin,

Is this a general rule or is it mostly applicable to the US?

 

[SENDITIN]

It's a general rule of thumb in the U.S. Personally I won't do over $5000 either via cash, wire or neteller. It requires a little more planning and hassle but it's worth the effort. Why wait until you need to remove 10 dimes from a place? Take advantage of the free payouts when offered or pay the fee if required. Don't allow the water level to be raised too high offshore. Remember these places aren't banks and should never be used as resting places for cash no matter how secure people think they are.

 

[SixthSense]

I would keep it under 2500. I'm not a banker so I might have all this wrong but here is my take on this.

Banks must report to the IRS any transaction 10000 and over.

Any transaction under 10000 a bank can report to the IRS, if they feel it is suspicious activity.

That's my take.

 

[dimeplayersonly]

since 9/11, overseas wire transfers to U.S. banks are subject to federal eyes.........REGARDLESS OF AMOUNT........

reason....the FBI profiled the Hijackers banking histories, and found numerous transfers of amounts ranging from 2k to 5k well under the 10k reporting amount..........now thats not saying that EVERY or ANY wire transfer from a book is being marked by the feds. its just that there is much more scrutiny than before..

IMO.. a person willing to do a wire-transfer should have all his ducks in a row so to speak, if your concerned with the IRS then i would suggest a different means of receiving my money