Western Union is a multinational financial service provider with which you can transfer money domestically or internationally. And if like many, you also question whether Western Union reports transactions to the IRS, we recommend you read this article and find out yourself.
Does Western Union report to IRS?
Yes, Western Union does report to IRS. On December 2011, Western Union and IRS agreed to resolve Western Union’s international operations issues. And they decided to report transactions exceeding $10,000 to IRS.
Individuals who receive payments from all over the world must fill out IRS form 8300 and report it themselves.
Why use Western Union?
- Western Union does not charge any hidden fees for sending money, as you will always know the charges before making a transaction.
- With Western Union sending funds to your loved ones is also easier. One doesn’t have to physically come to get the money as it will be delivered to their bank account without any hassle.
- For an account where you transfer money regularly, you will only have to put the details down once. With this feature, you won’t have to enter the exact information repeatedly.
- You can easily send a vast amount of money securely and will be able to track its status in real-time.
- At times cash might not work when you are abroad. Then you need to be able to transfer money to overseas accounts, and that is where Western Union comes to play.
What will happen if you do not follow the US international wire regulations?
One can face many penalties if they do not follow international wire transfer laws.
- Western Union can cancel your transfers.
- If you fail to disclose your overseas account transactions, IRS can start an investigation, an audit of tax returns, or even a criminal inquiry.
- You can also be fined $10,000 with an additional $10,000 every 30 days after the initial fine.
- The civil and criminal repercussions can lead to fines, restitution orders, and incarceration.
FAQ
1) Does Western Union keep records of money sent?
Yes, Western Union does keep records of the money you sent. You can access the transfer history by logging into your account or using the app. Then go to the menu and select history. After that, choose the type of transfer history you wish to see.
2) How much is the maximum you can send through Western Union?
After verifying your identity, you can send up to 50,000 US dollars.
3) Are Western Union transfers monitored?
Yes, an automated system monitors every transaction in Western Union’s transfer network and analyses about 31 transactions in a second.
4) What does it mean to be flagged by Western Union?
If Western Union ever flags a transaction, it is because it followed a pattern that Western Union considered a scam.
Wrapping It Up
Western Union is one of the most trusted payment companies and has faithful consumers worldwide. With the option of sending money to more than 200 countries, Western Union tries its best to give everyone a fast yet affordable solution to the problems of transferring money in every part of the world.
