oblivion

When my family and I move to the U.S., we're wanting to sell the house in the U.K, ditching the mortgage, and buying a home outright in the U.S. Now, what I want to know is how do you go about paying for it?

I mean...theoretically it wouldn't go down too well if you use your debit card (actually...I doubt that's even possible) to pay for upwards of £100,000. worth of house, but they don't have the sort-code system that there is in the U.K. so you can't just transfer money from one account to another.

SO - what I want to know is, how do you get the money from your account in the U.K. to the realtors in the U.S. with as little hassle as possible?

Thanks in advance for any and all replies.

Duncan Roberts

Yeah they do, its called a routing number. I've had money transferred from a UK account to a US account many times before with no problems.

Manc

routing numbers and slip codes make it all possible.

Elvira

Using XE Trade would save a bundle in currency conversion charges though...

angelman

asny ideas on the tax implications if any on this. Would transferring $200,000 attract some attention of the powers that be even if it's your own cash?

jumping doris

We had money moved from our UK account into our realtors holding account ready for closing. You need the routing number and the IBAN number. They may be the same thing.
The international dept of our bank (Royal Bank of Scotland) told us what info we needed from the realtor and then set it all up.

Jerseygirl

Anything over $10K gets automatically gets reported.

Big D

did you miss some zeros?

Jerseygirl

No.

Elvira

Are you sure? My bank (BoA) told me reports to the IRS are only made if it's cash or from an 'untraceable' source.

Ray

ANY movement of funds over $10K is fed informed ..

paddingtongreen

Even less than 10K if you have an olive skin or your name is Ahmed.

Elvira

Ah well, just goes to show how much bank officials know...

blaze

We just had a thread about this not long ago (or we discussed it in another thread, I can't remember!). Do a search and see what comes up for you.

abboy

You need to give name of the US bank, the US account name, US account number, the US BANk SWift Code (each bank has its own swift code) and the bank address. You dont need routing number of your US bank,its only for domestic transfer( I maybe wrong). That's what we did and the money was tranferred to us in 72 hours.