Bringing Money into the US
Feb 1st 2007, 6:39 pm
#1
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Joined: Feb 2007
Location: Portland, OR
Posts: 6
Bringing Money into the US
Are there any regulations I need to be aware of about transferring funds from the UK to US?
Would I be liable for tax and have to declare it here in the US? Thanks for your input
Would I be liable for tax and have to declare it here in the US? Thanks for your input
Last edited by Jonah20; Feb 1st 2007 at 8:38 pm.
Feb 1st 2007, 7:21 pm
#3
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Location: Hong Kong, mostly.
Posts: 5,214
Re: Bringing Money into the US
If you show up at a US bank with over $10,000 in cash, they will have a money laundering form for you to fill out. Not sure if there are any Customs issues with a large wad of cash (though if > $10k, you may have a form there as well).
No issues doing wire transfers, if that is what you had in mind.
No issues doing wire transfers, if that is what you had in mind.
Feb 1st 2007, 7:32 pm
#4
Peace onion
Joined: Jul 2006
Location: Denver
Posts: 5,686
Re: Bringing Money into the US
I did this recently when buying a car. A had a cheque in UK pounds sent to me.
Check with your bank because my thieving US checking bank (1st Bank of Colorado) was going to take 3% of the money as a fee.
I eventually did it with Bellco, my credit union, which converted the money for free. No fee. Credit unions +1
Check with your bank because my thieving US checking bank (1st Bank of Colorado) was going to take 3% of the money as a fee.
I eventually did it with Bellco, my credit union, which converted the money for free. No fee. Credit unions +1
Feb 1st 2007, 7:44 pm
#5
Joined: Mar 2003
Posts: 68,280
Re: Bringing Money into the US
Some rumors say its now $5k
any amount over $10k must be declared at customs ..they could seize it otherwise
Feb 1st 2007, 8:13 pm
#6
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Joined: Mar 2004
Posts: 2
Re: Bringing Money into the US
I did this recently when buying a car. A had a cheque in UK pounds sent to me.
Check with your bank because my thieving US checking bank (1st Bank of Colorado) was going to take 3% of the money as a fee.
I eventually did it with Bellco, my credit union, which converted the money for free. No fee. Credit unions +1
Check with your bank because my thieving US checking bank (1st Bank of Colorado) was going to take 3% of the money as a fee.
I eventually did it with Bellco, my credit union, which converted the money for free. No fee. Credit unions +1
What rate did you get from Bellco is of course the big question.
Feb 1st 2007, 8:37 pm
#7
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Feb 1st 2007, 8:43 pm
#9
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Feb 4th 2007, 10:14 am
#12
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Location: Sarasota, FL
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Re: Bringing Money into the US
So Bob - as you seem to be the most sensible person on here - which bank do you suggest to use and can you open one online before arriving in the States? Any ideas?
Feb 4th 2007, 1:35 pm
#13
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Re: Bringing Money into the US
You will have to go into the bank in person...although the baking laws may differ from state to state. You can only open an on-line bank account eg ING Direct in the country you are residing in. You could open one in the UK then transfer it across to the US once you are here.
Feb 4th 2007, 2:12 pm
#14
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Posts: 22,220
Re: Bringing Money into the US
Heres a new twist. I know that the proceeds from the sale of my house in the UK are non taxable in the US because I haven't been an LPR long enough...BUT...how long can I keep the dosh in the UK before I decide (if ever) to transfer it into the US?
Also, my dad passed away last year and left me a few quid......in cash and property....its all been through probate and finalised by the UK solicitor, taxes paid etc. As the tax has been paid to the Inland Revenue I take it that the IRS cant get there greedy thieving stinking paws on it....right or wrong.
Also, my dad passed away last year and left me a few quid......in cash and property....its all been through probate and finalised by the UK solicitor, taxes paid etc. As the tax has been paid to the Inland Revenue I take it that the IRS cant get there greedy thieving stinking paws on it....right or wrong.
Feb 4th 2007, 2:28 pm
#15
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Joined: Dec 2005
Posts: 88,022
Re: Bringing Money into the US
Heres a new twist. I know that the proceeds from the sale of my house in the UK are non taxable in the US because I haven't been an LPR long enough...BUT...how long can I keep the dosh in the UK before I decide (if ever) to transfer it into the US?
Also, my dad passed away last year and left me a few quid......in cash and property....its all been through probate and finalised by the UK solicitor, taxes paid etc. As the tax has been paid to the Inland Revenue I take it that the IRS cant get there greedy thieving stinking paws on it....right or wrong.
Also, my dad passed away last year and left me a few quid......in cash and property....its all been through probate and finalised by the UK solicitor, taxes paid etc. As the tax has been paid to the Inland Revenue I take it that the IRS cant get there greedy thieving stinking paws on it....right or wrong.