vinnyboy1979

Hi , I'm looking to transfer over 10k over the next few weeks . What are people using to transfer larger amounts at the moment ? trasnferwise seems to what everyone is using at the mo , but also reading some negatives on people not getting their money . Also do I have report the money coming ?

I also have savings , which I'm gonna keep in the uk until we look to buy house etc , what do I need to do to protect it and declaring it to the government?

Thanks

tom169

I transferred much more than 10k using Transferwise with no issue. Let your receiving bank know ahead of time.

As for declaring money held in foreign accounts, google FATCA and FBAR.

vinnyboy1979

Thanks tom for that . Will signed up to transferwise today . Hopefully Mrs be ok for me to buy that mustang 🤣🤣🤣.

Do you know if u file fbar once you got a green card ? We got the interview Next month .

lansbury

You do so when you reside in the USA, and have over the limit if foreign financial accounts. The 2017 year FBAR is filed in 2018, by June (I think).

mrken30

I have a feeling they changed it to April 15th, same as for taxes. I may be wrong, but vaguely remember reading something.

https://www.irs.gov/businesses/small...-accounts-fbar

For the years 2014 and 2015, FBAR deadline was June 30th but starting form 2017, the FBAR deadline was moved to April 15. This was after President Obama signed P.L. 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 into law.

Also the $10,000 may include private pension funds.

vinnyboy1979

Ah just a thought , I have a stake holder pension which I can't cash till I'm 55 or something, does that mean that needs to be reported too ?

MidAtlantic

The general view is that if it is a pension in your name (as a stakeholder pension almost certainly is) then it should be declared on the FBAR and Form8938 (FATCA), if you meet the reporting threshold.

mrken30

There seems to be some ambiguity over private pensions unless they are Government pensions. A Stake holder pensions is probably reportable. I report mine as I took the view, it's better to report it and not need to, than not to report it and find out late I needed to.

lansbury

My FBAR is submitted in February when I do my taxes which is why I had no idea when the exact cut off date was.

Adnams

We recently used FairFX. Main reason being that to use transferwise they told us we needed a UK residential address which we no longer have. Comparable rates at the time and good service.

MidAtlantic

I signed up with Transferwise as a US resident, with no UK address, with no issues.

mrken30

Are you transferring £ to $ , $ to £ or both? Maybe they want a UK address for £ to $

petitefrancaise

me too. last week.

lansbury

I transfer £ to $ without a UK address. A UK bank account, or card, is required in the same name as the transferwise account holder.

MidAtlantic

No, mine is £ to $. Exactly the same situation as Lansbury above.