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New 1% Remittance Tax: What the OBBBA Means for Cross-Border Transfers

global Tax

New 1% Remittance Tax: What the OBBBA Means for Cross-Border Transfers

The new 1% remittance tax taking effect in 2026 could reshape how millions of Americans send money abroad and create major compliance headaches for banks, financial companies, and money transfer providers. Here’s what you should know.

By Yehmin Chern July 20, 2026