American $ remittances - how will the 1% tax affect yours?

[ronnie50]

As most U.S. Citizens livng here will know by now, Trump's 'big beautiful bill' has a built-in foreign remittance tax of 1% for sending money overseas (e.g. U.S. bank wire transfer to Thailand - 1% tax deducted as a remittance fee by the government, in addition to bank/transfer fees). Takes affect Jan 1, 2026.

 

There are some limited caveats and workarounds - Wise claims to be one of the workarounds (I guess as you are storing money in the Wise cloud so it doesn't appear to be leaving the U.S.?)

 

More breakdown here:

https://www.mayerbrown.com/en/insights/publications/2025/07/what-the-new-remittance-transfer-excise-tax-means-for-businesses 

[Jingthing]

I use SWIFT from a credit union. I'm assuming that will be exempt as are all bank transfers. 

[riclag]

2 hours ago, ronnie50 said:

As most U.S. Citizens livng here will know by now, Trump's 'big beautiful bill' has a built-in foreign remittance tax of 1% for sending money overseas (e.g. U.S. bank wire transfer to Thailand - 1% tax deducted as a remittance fee by the government, in addition to bank/transfer fees). Takes affect Jan 1, 2026.

 

There are some limited caveats and workarounds - Wise claims to be one of the workarounds (I guess as you are storing money in the Wise cloud so it doesn't appear to be leaving the U.S.?)

 

More breakdown here:

https://www.mayerbrown.com/en/insights/publications/2025/07/what-the-new-remittance-transfer-excise-tax-means-for-businesses 

Why is this a political  soapbox  topic! isn't there a wise sub forum  or US Banking subforum ?