Transferring Money
#1
Just Joined
Thread Starter
Joined: Aug 2017
Posts: 19
Transferring Money
Hi all,
I am in the K1 process pile and am starting to plan ahead.
I have a decent amount of money in my bank that I will want to take with me to America. My idea is that this will form part of a down payment on a house in a few years time in upstate New York.
Ideally I would want to wait until the exchange rates favour my lovely British pounds over the dollar.
Is there anything stopping me from leaving my money in a British bank (earning low interest)?
Thanks,
Paul
I am in the K1 process pile and am starting to plan ahead.
I have a decent amount of money in my bank that I will want to take with me to America. My idea is that this will form part of a down payment on a house in a few years time in upstate New York.
Ideally I would want to wait until the exchange rates favour my lovely British pounds over the dollar.
Is there anything stopping me from leaving my money in a British bank (earning low interest)?
Thanks,
Paul
#2
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,132
Re: Transferring Money
Hi all,
I am in the K1 process pile and am starting to plan ahead.
I have a decent amount of money in my bank that I will want to take with me to America. My idea is that this will form part of a down payment on a house in a few years time in upstate New York.
Ideally I would want to wait until the exchange rates favour my lovely British pounds over the dollar.
Is there anything stopping me from leaving my money in a British bank (earning low interest)?
Thanks,
Paul
I am in the K1 process pile and am starting to plan ahead.
I have a decent amount of money in my bank that I will want to take with me to America. My idea is that this will form part of a down payment on a house in a few years time in upstate New York.
Ideally I would want to wait until the exchange rates favour my lovely British pounds over the dollar.
Is there anything stopping me from leaving my money in a British bank (earning low interest)?
Thanks,
Paul
This will give you an overview:
https://www.irs.gov/businesses/compa...r-requirements
#3
Re: Transferring Money
No nothing at all. Interest will have to be declared on your US 1040 tax return and you will probably have to complete an 8938 with your 1040 (depending on the sum involved and your tax filing status). You will also need to file on-line an FBAR. You can worry about this after you move. Welcome to the world of US tax!
This will give you an overview:
https://www.irs.gov/businesses/compa...r-requirements
This will give you an overview:
https://www.irs.gov/businesses/compa...r-requirements
#4
Just Joined
Thread Starter
Joined: Aug 2017
Posts: 19
Re: Transferring Money
Thanks for the info.
It’s c£80k - does that make a difference ?
It’s c£80k - does that make a difference ?
#6
Forum Regular
Joined: Jan 2017
Posts: 135
Re: Transferring Money
Not sure if this post fits the bill for this thread but didn't want to create another one just for a single question:
Q: I came to US in Dec 2017 as a British Citizen on K1 visa, at that time i couldn't open a bank account as i didn't have a social security number but now I do. My question is how much cash can I deposit in the US bank account if i open a new one? and will I be asked any questions and will I be taxed on it. The source of the money £ pounds that I converted to dollars when coming here.
Thanks
Q: I came to US in Dec 2017 as a British Citizen on K1 visa, at that time i couldn't open a bank account as i didn't have a social security number but now I do. My question is how much cash can I deposit in the US bank account if i open a new one? and will I be asked any questions and will I be taxed on it. The source of the money £ pounds that I converted to dollars when coming here.
Thanks
#7
Re: Transferring Money
Not sure if this post fits the bill for this thread but didn't want to create another one just for a single question:
Q: I came to US in Dec 2017 as a British Citizen on K1 visa, at that time i couldn't open a bank account as i didn't have a social security number but now I do. My question is how much cash can I deposit in the US bank account if i open a new one? and will I be asked any questions and will I be taxed on it. The source of the money £ pounds that I converted to dollars when coming here.
Thanks
Q: I came to US in Dec 2017 as a British Citizen on K1 visa, at that time i couldn't open a bank account as i didn't have a social security number but now I do. My question is how much cash can I deposit in the US bank account if i open a new one? and will I be asked any questions and will I be taxed on it. The source of the money £ pounds that I converted to dollars when coming here.
Thanks
#8
Re: Transferring Money
Hi all,
I am in the K1 process pile and am starting to plan ahead.
I have a decent amount of money in my bank that I will want to take with me to America. My idea is that this will form part of a down payment on a house in a few years time in upstate New York.
Ideally I would want to wait until the exchange rates favour my lovely British pounds over the dollar.
Is there anything stopping me from leaving my money in a British bank (earning low interest)?
Thanks,
Paul
I am in the K1 process pile and am starting to plan ahead.
I have a decent amount of money in my bank that I will want to take with me to America. My idea is that this will form part of a down payment on a house in a few years time in upstate New York.
Ideally I would want to wait until the exchange rates favour my lovely British pounds over the dollar.
Is there anything stopping me from leaving my money in a British bank (earning low interest)?
Thanks,
Paul
#9
Forum Regular
Joined: Jan 2017
Posts: 135
Re: Transferring Money
Clarification , I brought with me some dollars in cash but wasn't able to open an account at that time so now I am wondering if the bank or IRS will ask anything if I deposit this bulk amount in one go (less than 10k)
#10
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,132
Re: Transferring Money
The bank might ask about the source of the funds and you seem to have an explanation to give to them.