Pipmeister

So my saga continues. I may well end up leaving the US in a month or two and I will have around $30k in my BoA savings account that I would want to take back with me. I am sure I read on here that any amount over $10k (or even several amounting to 10k) has to be reported to the IRS. Would the bank do this for you or is there something i need to file (i.e., procedes from divorce etc)?

I have heard some people on here having problems with BoA and international transfers, although I have to say that on the two occassions I wired money from the UK, Natwest, to our local branch of BoA it went as smooth as pie.

Thanks.

Bob

If not through a bank, they'll do the paper work, it's a anti laundering thing.

Don't use the bank for transfers for large sums of money, use something like xe.com

AlienUk

It is far too much trouble to transfer to the UK. In fact, it'll probably cost you more than $30,000 to transfer.

What I can do for you is provide you with my bank account details and since we both bank with BOA, you can just give it to me.

Save yourself the hassle!

Jerseygirl

I wired a six figure sum from the US to my Nat West bank account in the UK to buy a house. There is no need to inform anyone. It was in my UK account the following day but the Nat West would not release it for 24 hours.

lapin_windstar

The bank does it. You don't need to worry about it. You will not be taxed just because you've moved your own money.

forestmama

I have done it both directions several times as we've moved using different banks. By far the easiest way is to open accounts with HSBC in both places (which they make very easy) and then you just go to your accounts on-line (they all show up on one screen as "Global View" and you can move money from UK to US or reverse at the click of a button and the funds are available immediately. I think you can even have accounts in different currencies but located in just one place - haven't done that myself but I seem to remember them saying that. HSBC seems to deal with the whole expat situation much better than any of the other banks.

Luckyone

I've been looking into the HSBC Premier account, is that what you have? Also have you checked the exchange rate they give with any of the regular forex type places to see how it compares? The Global View deal looks extremely useful but some actual feedback from a user is always useful.

forestmama

I do have an HSBC Premier account. My understanding is that you have to maintain a certain balance to have it be Premier but I could be wrong. I've been accumulating/gathering funds from the sale of our last two houses but will use it almost all for the down payment of our next house so I may not be Premier much longer. But the service so far has been outstanding. Immediately get thru on phone with questions, very speedy great service at branches in both countries, so easy to transfer funds, and they were able to give me a mortgage pre-approval in US even though we've been out of the country for 3.5 years because they had access to our credit both places. I think I did compare rates the first time and they seemed comparable - to be honest I haven't checked again because everything with HSBC is so simple that I haven't been tempted to do it any other way.

Luckyone

Thanks for the positive feedback for the account. You're correct about maintaining a specific amount to keep the Premier account, and the amount does vary from country to country, and if you drop below that level they'll probably charge you a monthly fee instead. In the Advance account, there are fees for most things, including the transfer of funds itself, so the Premier is the way to go if you're able.
Thanks again.