diff --git a/docs/content/docs.md b/docs/content/docs.md
index 4b15b37b5..c4c1de48d 100644
--- a/docs/content/docs.md
+++ b/docs/content/docs.md
@@ -1526,6 +1526,24 @@ of the remote which may be desirable.
 Setting this to a negative number will make the backlog as large as
 possible.
 
+### --max-buffer-memory=SIZE {#max-buffer-memory}
+
+If set, don't allocate more than SIZE amount of memory as buffers. If
+not set or set to `0` or `off` this will not limit the amount of memory
+in use.
+
+This includes memory used by buffers created by the `--buffer` flag
+and buffers used by multi-thread transfers.
+
+Most multi-thread transfers do not take additional memory, but some do
+depending on the backend (eg the s3 backend for uploads). This means
+there is a tension between total setting `--transfers` as high as
+possible and memory use.
+
+Setting `--max-buffer-memory` allows the buffer memory to be
+controlled so that it doesn't overwhelm the machine and allows
+`--transfers` to be set large.
+
 ### --max-delete=N ###
 
 This tells rclone not to delete more than N files.  If that limit is
@@ -1785,6 +1803,14 @@ This will work with the `sync`/`copy`/`move` commands and friends
 mount` and `rclone serve` if `--vfs-cache-mode` is set to `writes` or
 above.
 
+Most multi-thread transfers do not take additional memory, but some do
+(for example uploading to s3). In the worst case memory usage can be
+at maximum `--transfers` * `--multi-thread-chunk-size` *
+`--multi-thread-streams` or specifically for the s3 backend
+`--transfers` * `--s3-chunk-size` * `--s3-concurrency`. However you
+can use the the [--max-buffer-memory](/docs/#max-buffer-memory) flag
+to control the maximum memory used here.
+
 **NB** that this **only** works with supported backends as the
 destination but will work with any backend as the source.
 
diff --git a/docs/content/faq.md b/docs/content/faq.md
index 050caf8ef..19eafe6dd 100644
--- a/docs/content/faq.md
+++ b/docs/content/faq.md
@@ -239,6 +239,10 @@ memory. There is
 [a workaround for this](https://github.com/rclone/rclone/wiki/Big-syncs-with-millions-of-files)
 which involves a bit of scripting.
 
+From v1.70 rclone also has the [--max-buffer-memory](/docs/#max-buffer-memory)
+flag which helps particularly when multi-thread transfers are using
+too much memory.
+
 ### Rclone changes fullwidth Unicode punctuation marks in file names
 
 For example: On a Windows system, you have a file with name `Test：1.jpg`,
diff --git a/fs/config.go b/fs/config.go
index e83d2cac1..611552ffa 100644
--- a/fs/config.go
+++ b/fs/config.go
@@ -413,6 +413,11 @@ var ConfigOptionsInfo = Options{{
 	Default: false,
 	Help:    "Use mmap allocator (see docs)",
 	Groups:  "Config",
+}, {
+	Name:    "max_buffer_memory",
+	Default: SizeSuffix(-1),
+	Help:    "If set, don't allocate more than this amount of memory as buffers",
+	Groups:  "Config",
 }, {
 	Name:    "ca_cert",
 	Default: []string{},
@@ -613,6 +618,7 @@ type ConfigInfo struct {
 	ProgressTerminalTitle      bool              `config:"progress_terminal_title"`
 	Cookie                     bool              `config:"use_cookies"`
 	UseMmap                    bool              `config:"use_mmap"`
+	MaxBufferMemory            SizeSuffix        `config:"max_buffer_memory"`
 	CaCert                     []string          `config:"ca_cert"`     // Client Side CA
 	ClientCert                 string            `config:"client_cert"` // Client Side Cert
 	ClientKey                  string            `config:"client_key"`  // Client Side Key
diff --git a/lib/pool/pool.go b/lib/pool/pool.go
index 4cb4d3a71..b1bd4ab57 100644
--- a/lib/pool/pool.go
+++ b/lib/pool/pool.go
@@ -3,12 +3,14 @@
 package pool
 
 import (
+	"context"
 	"fmt"
 	"sync"
 	"time"
 
 	"github.com/rclone/rclone/fs"
 	"github.com/rclone/rclone/lib/mmap"
+	"golang.org/x/sync/semaphore"
 )
 
 // Pool of internal buffers
@@ -33,6 +35,14 @@ type Pool struct {
 	free         func([]byte) error
 }
 
+// totalMemory is a semaphore used to control total buffer usage of
+// all Pools. It it may be nil in which case the total buffer usage
+// will not be controlled.
+var totalMemory *semaphore.Weighted
+
+// Make sure we initialise the totalMemory semaphore once
+var totalMemoryInit sync.Once
+
 // New makes a buffer pool
 //
 // flushTime is the interval the buffer pools is flushed
@@ -145,6 +155,33 @@ func (bp *Pool) updateMinFill() {
 	}
 }
 
+// acquire mem bytes of memory
+func (bp *Pool) acquire(mem int64) error {
+	ctx := context.Background()
+
+	totalMemoryInit.Do(func() {
+		ci := fs.GetConfig(ctx)
+
+		// Set max buffer memory limiter
+		if ci.MaxBufferMemory > 0 {
+			totalMemory = semaphore.NewWeighted(int64(ci.MaxBufferMemory))
+		}
+	})
+
+	if totalMemory == nil {
+		return nil
+	}
+	return totalMemory.Acquire(ctx, mem)
+}
+
+// release mem bytes of memory
+func (bp *Pool) release(mem int64) {
+	if totalMemory == nil {
+		return
+	}
+	totalMemory.Release(mem)
+}
+
 // Get a buffer from the pool or allocate one
 func (bp *Pool) Get() []byte {
 	bp.mu.Lock()
@@ -156,10 +193,16 @@ func (bp *Pool) Get() []byte {
 			break
 		} else {
 			var err error
-			buf, err = bp.alloc(bp.bufferSize)
+			bp.mu.Unlock()
+			err = bp.acquire(int64(bp.bufferSize))
+			bp.mu.Lock()
 			if err == nil {
-				bp.alloced++
-				break
+				buf, err = bp.alloc(bp.bufferSize)
+				if err == nil {
+					bp.alloced++
+					break
+				}
+				bp.release(int64(bp.bufferSize))
 			}
 			fs.Logf(nil, "Failed to get memory for buffer, waiting for %v: %v", waitTime, err)
 			bp.mu.Unlock()
@@ -179,6 +222,8 @@ func (bp *Pool) freeBuffer(mem []byte) {
 	err := bp.free(mem)
 	if err != nil {
 		fs.Logf(nil, "Failed to free memory: %v", err)
+	} else {
+		bp.release(int64(bp.bufferSize))
 	}
 	bp.alloced--
 }
diff --git a/lib/pool/pool_test.go b/lib/pool/pool_test.go
index 90b0e03fa..27eca3a87 100644
--- a/lib/pool/pool_test.go
+++ b/lib/pool/pool_test.go
@@ -1,12 +1,15 @@
 package pool
 
 import (
+	"context"
 	"errors"
 	"fmt"
 	"math/rand"
+	"sync"
 	"testing"
 	"time"
 
+	"github.com/rclone/rclone/fs"
 	"github.com/rclone/rclone/fstest/testy"
 	"github.com/stretchr/testify/assert"
 )
@@ -225,3 +228,55 @@ func TestPool(t *testing.T) {
 		})
 	}
 }
+
+func TestPoolMaxBufferMemory(t *testing.T) {
+	ctx := context.Background()
+	ci := fs.GetConfig(ctx)
+	ci.MaxBufferMemory = 4 * 4096
+	defer func() {
+		ci.MaxBufferMemory = 0
+		totalMemory = nil
+	}()
+	totalMemoryInit = sync.Once{} // reset the sync.Once as it likely has been used
+	totalMemory = nil
+	bp := New(60*time.Second, 4096, 2, true)
+
+	assert.Equal(t, bp.alloced, 0)
+	assert.Nil(t, totalMemory)
+	buf := bp.Get()
+	assert.NotNil(t, totalMemory)
+	bp.Put(buf)
+	assert.Equal(t, bp.alloced, 1)
+
+	var (
+		wg       sync.WaitGroup
+		mu       sync.Mutex
+		bufs     int
+		maxBufs  int
+		countBuf = func(i int) {
+			mu.Lock()
+			defer mu.Unlock()
+			bufs += i
+			if bufs > maxBufs {
+				maxBufs = bufs
+			}
+		}
+	)
+	for i := 0; i < 20; i++ {
+		wg.Add(1)
+		go func() {
+			defer wg.Done()
+			buf := bp.Get()
+			countBuf(1)
+			time.Sleep(100 * time.Millisecond)
+			bp.Put(buf)
+			countBuf(-1)
+		}()
+	}
+
+	wg.Wait()
+
+	assert.Equal(t, bufs, 0)
+	assert.Equal(t, maxBufs, 4)
+	assert.Equal(t, bp.alloced, 2)
+}