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Moving back to the UK after 25 years in US

Moving back to the UK after 25 years in US

Old Apr 3rd 2021, 10:47 pm
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Default Re: Moving back to the UK after 25 years in US

that is good info! thanks!
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Old Apr 3rd 2021, 10:49 pm
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Default Re: Moving back to the UK after 25 years in US

how did you transfer your money initially when you moved to the UK. We will have the proceeds fro the sale of our house and it is way over the 10,000 limit. or is that just a cash limit?
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Old Apr 4th 2021, 7:38 am
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Default Re: Moving back to the UK after 25 years in US

Originally Posted by MTC1983 View Post
how did you transfer your money initially when you moved to the UK. We will have the proceeds fro the sale of our house and it is way over the 10,000 limit. or is that just a cash limit?
There are no cash limits to what you can bring over. We use Wise normally but for the big one-off transfer of house money we used our bank and asked for the “dealing desk” rate.

https://wise.com/nl/?sourceCurrency=...urceAmount=500
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Old Apr 4th 2021, 2:43 pm
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Default Re: Moving back to the UK after 25 years in US

Originally Posted by durham_lad View Post
I do use a correspondence US address for the Brokerage holding our IRAs but I’m not sure it is necessary, although I believe not having a US bank would be a problem. For my 2 US private pensions they only have my UK address but again they pay into my US bank. Our US bank only has our UK address.

At a webinar this week by Greenback Taxes this question or similar was asked and they suggested that if you don’t have a relative or friend whose address you could use then a mail forwarding service doesn’t cost very much and is a street address rather than a PO Box. Good info for me because our daughter plans to leave the USA in 5 to 10 years time should I need to maintain a US address for the brokerage.
Thank you!
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Old Apr 5th 2021, 7:37 pm
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Default Re: Moving back to the UK after 25 years in US

I will have to check out wise. thanks!
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Old Apr 5th 2021, 7:39 pm
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Default Re: Moving back to the UK after 25 years in US

Originally Posted by durham_lad View Post
There are no cash limits to what you can bring over. We use Wise normally but for the big one-off transfer of house money we used our bank and asked for the “dealing desk” rate.

https://wise.com/nl/?sourceCurrency=...urceAmount=500

Oh, I was lead to believe that $10,000 was the cash limit. is there paper work for more than $10,000
thanks for teh wise link.
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Old Apr 5th 2021, 8:23 pm
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Default Re: Moving back to the UK after 25 years in US

Originally Posted by durham_lad View Post
I do use a correspondence US address for the Brokerage holding our IRAs but I’m not sure it is necessary, although I believe not having a US bank would be a problem. For my 2 US private pensions they only have my UK address but again they pay into my US bank. Our US bank only has our UK address.

At a webinar this week by Greenback Taxes this question or similar was asked and they suggested that if you don’t have a relative or friend whose address you could use then a mail forwarding service doesn’t cost very much and is a street address rather than a PO Box. Good info for me because our daughter plans to leave the USA in 5 to 10 years time should I need to maintain a US address for the brokerage.
The webinar also mentioned you can use a virtual PO Box - so that your address is not linked to a State (as this may have state tax filing issues).
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Old Apr 5th 2021, 8:41 pm
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Default Re: Moving back to the UK after 25 years in US

Originally Posted by MTC1983 View Post
Oh, I was lead to believe that $10,000 was the cash limit. is there paper work for more than $10,000
thanks for teh wise link.
If carrying more than £10,000 cash into (or out of) the UK you must declare it to customs. If doing an electronic transfer bank to bank your bank will do what is necessary. Very large sums best to contact your receiving bank and advise them is advance so they can get the information they might need. Normally how you obtained the money ( house sale)
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Old Apr 5th 2021, 8:53 pm
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Default Re: Moving back to the UK after 25 years in US

Originally Posted by lansbury View Post
If carrying more than £10,000 cash into (or out of) the UK you must declare it to customs. If doing an electronic transfer bank to bank your bank will do what is necessary. Very large sums best to contact your receiving bank and advise them is advance so they can get the information they might need. Normally how you obtained the money ( house sale)
Exactly. For me they didn’t ask for proof of sale just accepted my explanation but it will be good to be prepared.
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Old Apr 5th 2021, 10:35 pm
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Default Re: Moving back to the UK after 25 years in US

that makes sense - thanks
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Old Apr 6th 2021, 1:27 am
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Default Re: Moving back to the UK after 25 years in US

I'm in process of doing this .. Feel free to DM me if you wish .
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Old Apr 6th 2021, 1:31 am
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Default Re: Moving back to the UK after 25 years in US

thanks - will do!
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Old Apr 12th 2021, 4:52 pm
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Default Re: Moving back to the UK after 25 years in US

Hi Russet, do you have a real address in the US? Once we move, we will not have a physical mailing address, but will need to maintain our bank account. any issues having a bank account and no mailing address?
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Old Apr 12th 2021, 7:49 pm
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Default Re: Moving back to the UK after 25 years in US

Originally Posted by MTC1983 View Post
Hi Russet, do you have a real address in the US? Once we move, we will not have a physical mailing address, but will need to maintain our bank account. any issues having a bank account and no mailing address?
We are moving back to the UK next year, so still in the planning process. We will not have a real address in the US, unless we decide to use our daughters' address - but still looking at all the implications/options so we can make the decision.
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Old Yesterday, 4:07 pm
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Default Re: Moving back to the UK after 25 years in US

sounds like you are in teh same boat as us - how long have you been in the US?
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