shullen

We are flying out to US in two week's time. It has taken us 8 weeks to open an HSBC account in the US using our current accounts with them. We have recently sold our house so would be looking to transfer the whole amount over. My options are

Using HSBC's transfer service - I think they charge 30 pounds for each transfer. But I am not sure what rate they will be using - their daily exchange rate or the bureau de change rate?
Using other currency broker such as the XE.com - we have already set up the account to transfer some money over to the future landlord. So far it has worked quite well for us.
PS, is there any tax declaration that we have to do for either UK or US government?

For other people who has recently immigrated, do you have to inform Inland Revenue, Child Benefits etc about the imminent move?

Thanks for any answers

Pulaski

I'd use xe.com/ xetrade it'll cost less and you'll likely get a better rate than HSBC would give you, just be sure to selct electronic transfer at each end, if you select "wire" at the credit end in the US you may get stuck with a $25-$30 wire fee.

Sending a wire has no tax implications in either country, and the Inland Revenue has no interest in knowing that you are leaving, though if you have complex financial affairs, including possible CGT, you should probably keep your airline tickets to document when you left so taxes could be prorated if that were ever necessary. If you are receiving direct credits of Child Benefit you'll need to tell them to stop, but if you are collecting it yourself I don't think there's anything you need to do.

Bob

You might want to have a search of past threads and browse the wiki...

As for tax, bank informs automatically on anything over $10K. Tax will depend on how long you've owned and all that capital gains stuff, but chances are there won't be any.

P-85 for Inland Rev.

GeoffM

I told them two months ago to stop and they've made 3 payments since... they're not the quickest off the block in dealing with paperwork I have found.

+1 for XE - used it again this morning, should be in HSBC US tomorrow, maybe Saturday.

MMcD

aka: Highway robbery! Absurd
As for their exchange rate - it's based on GREED
Absolutely opt for XE - they can transfer it electronically directly into your HSBC account if that's where you'd like it to end up.

shullen

I have phoned up HSBC, XE and First Direct. It turned out that First Direct's rate is the best among all three. I bank with them and because the US account is with HSBC, they can convert using their live rate and doesn't have the 10k cap. Only thing is pound is really dropping value against dollar this week. So I am looking out for a slight increase of the rate before convert.

MMcD

What goes down
Will go up
But when?
(vice versa/versa vice...ad infinitum...)

http://www.xe.com/news/2013/01/18/3162381.htm?c=1&t=
Wouldn't hold my breath
....wasn't aware of the drop this week....thanks, shullen, for the heads up

GeoffM

XE have a rate alert function if you want to wait. I don't know if you can do it without committing to a transfer though.