Can I transfer money from USA to UK with no restrictions ?
Jan 26th 2006, 6:26 pm
#1
Thread Starter
Joined: Jan 2006
Posts: 22
Can I transfer money from USA to UK with no restrictions ?
Right you expats answer this bugger !
When we eventually leave USA this year we will be wanting to transfer a large sum of $$$ into our UK bank, is there any restrictions on the amount in one transaction or any withholding ???
We are UK citizens here on temporary visa with SSN and file taxes.
Family and friends in the UK seem to think they know more than me and are telling me I can't take my money out of USA it has to stay here ??!
When we eventually leave USA this year we will be wanting to transfer a large sum of $$$ into our UK bank, is there any restrictions on the amount in one transaction or any withholding ???
We are UK citizens here on temporary visa with SSN and file taxes.
Family and friends in the UK seem to think they know more than me and are telling me I can't take my money out of USA it has to stay here ??!
Jan 26th 2006, 6:47 pm
#2
BE Forum Addict
Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Can I transfer money from USA to UK with no restrictions ?
Originally Posted by katie-kins
Right you expats answer this bugger !
When we eventually leave USA this year we will be wanting to transfer a large sum of $$$ into our UK bank, is there any restrictions on the amount in one transaction or any withholding ???
We are UK citizens here on temporary visa with SSN and file taxes.
Family and friends in the UK seem to think they know more than me and are telling me I can't take my money out of USA it has to stay here ??!
When we eventually leave USA this year we will be wanting to transfer a large sum of $$$ into our UK bank, is there any restrictions on the amount in one transaction or any withholding ???
We are UK citizens here on temporary visa with SSN and file taxes.
Family and friends in the UK seem to think they know more than me and are telling me I can't take my money out of USA it has to stay here ??!
There are some restrictions on moving currency - i.e. dollar bills - but otherwise you should be OK - you might set some money laundering flags off but i have sent 10s of K without issue or question
Jan 26th 2006, 6:54 pm
#3
Thread Starter
Joined: Jan 2006
Posts: 22
Re: Can I transfer money from USA to UK with no restrictions ?
Originally Posted by Big D
There are some restrictions on moving currency - i.e. dollar bills - but otherwise you should be OK - you might set some money laundering flags off but i have sent 10s of K without issue or question
Or should we do it in smaller amounts ?
We sent $20k home last year and nobody at the bank battered a eye, bloody family always doing a downer on us even when we're returning to england !
Jan 26th 2006, 7:02 pm
#4
Not here much
Joined: Jan 2005
Location: Highland Park, NJ
Posts: 2,452
Re: Can I transfer money from USA to UK with no restrictions ?
Originally Posted by katie-kins
So if we do a transfer of say $100k, will we be questioned ?
Or should we do it in smaller amounts ?
We sent $20k home last year and nobody at the bank battered a eye, bloody family always doing a downer on us even when we're returning to england !
Or should we do it in smaller amounts ?
We sent $20k home last year and nobody at the bank battered a eye, bloody family always doing a downer on us even when we're returning to england !
Jan 26th 2006, 7:09 pm
#5
Septicity
Joined: May 2004
Posts: 23,762
Re: Can I transfer money from USA to UK with no restrictions ?
Originally Posted by katie-kins
So if we do a transfer of say $100k, will we be questioned ?
Or should we do it in smaller amounts ?
We sent $20k home last year and nobody at the bank battered a eye, bloody family always doing a downer on us even when we're returning to england !
Or should we do it in smaller amounts ?
We sent $20k home last year and nobody at the bank battered a eye, bloody family always doing a downer on us even when we're returning to england !
Jan 26th 2006, 7:11 pm
#6
Pass me the Marmite..
Joined: Feb 2004
Location: Atlanta, GA.
Posts: 864
Re: Can I transfer money from USA to UK with no restrictions ?
There is no limit. Transferred 1/2 million bucks ++ frequently with my company thorugh bank. Both directions. No difference, no trade barriers.
Nice rate for you.. $1.78 - NOT....
Nice rate for you.. $1.78 - NOT....
Jan 26th 2006, 7:12 pm
#7
Thinking about it
Joined: Oct 2005
Location: Mid-West
Posts: 9,435
Re: Can I transfer money from USA to UK with no restrictions ?
Originally Posted by franc11s
There is no limit. Transferred 1/2 million bucks ++ frequently with my company thorugh bank
Jan 26th 2006, 7:19 pm
#8
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Joined: Jan 2006
Location: Dubuque, Iowa, USA
Posts: 3,770
Re: Can I transfer money from USA to UK with no restrictions ?
Originally Posted by katie-kins
Right you expats answer this bugger !
When we eventually leave USA this year we will be wanting to transfer a large sum of $$$ into our UK bank, is there any restrictions on the amount in one transaction or any withholding ???
We are UK citizens here on temporary visa with SSN and file taxes.
Family and friends in the UK seem to think they know more than me and are telling me I can't take my money out of USA it has to stay here ??!
When we eventually leave USA this year we will be wanting to transfer a large sum of $$$ into our UK bank, is there any restrictions on the amount in one transaction or any withholding ???
We are UK citizens here on temporary visa with SSN and file taxes.
Family and friends in the UK seem to think they know more than me and are telling me I can't take my money out of USA it has to stay here ??!
This will also allow him to obtain and verify the destination code of the intended bank to prevent errors.
Of course, money can be taken out of the USA. An awful lot of $$$$ goes to South America, and other impoverised third world countries, by immigrants who are here, and wish to support family members in the their Home Countries. Why should the Brits be treated any differently?
Jim.
Jan 26th 2006, 7:23 pm
#9
Thread Starter
Joined: Jan 2006
Posts: 22
Re: Can I transfer money from USA to UK with no restrictions ?
Originally Posted by Scouse Express
I would speak to your Bank Manager, and, give him enough time to research the rules correctly before making the Transaction.
This will also allow him to obtain and verify the destination code of the intended bank to prevent errors.
Of course, money can be taken out of the USA. An awful lot of $$$$ goes to South America, and other impoverised third world countries, by immigrants who are here, and wish to support family members in the their Home Countries. Why should the Brits be treated any differently?
Jim.
This will also allow him to obtain and verify the destination code of the intended bank to prevent errors.
Of course, money can be taken out of the USA. An awful lot of $$$$ goes to South America, and other impoverised third world countries, by immigrants who are here, and wish to support family members in the their Home Countries. Why should the Brits be treated any differently?
Jim.
Spot on Jim, exactly what I thought, plus the fact that when we moved here we brought over $70k so rightly so I should be able to take it back to wherever I want !
Jan 26th 2006, 7:37 pm
#10
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Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Can I transfer money from USA to UK with no restrictions ?
Originally Posted by Scouse Express
I would speak to your Bank Manager, and, give him enough time to research the rules correctly before making the Transaction.
This will also allow him to obtain and verify the destination code of the intended bank to prevent errors.
Of course, money can be taken out of the USA. An awful lot of $$$$ goes to South America, and other impoverised third world countries, by immigrants who are here, and wish to support family members in the their Home Countries. Why should the Brits be treated any differently?
Jim.
This will also allow him to obtain and verify the destination code of the intended bank to prevent errors.
Of course, money can be taken out of the USA. An awful lot of $$$$ goes to South America, and other impoverised third world countries, by immigrants who are here, and wish to support family members in the their Home Countries. Why should the Brits be treated any differently?
Jim.
Jan 26th 2006, 8:21 pm
#11
Joined: Mar 2003
Posts: 68,280
Re: Can I transfer money from USA to UK with no restrictions ?
You can tranfer as much as you like at any time ..
Big business does it every day ...
All big transaction get reported to the Fed anyway
The only decision you have to make is who will make the tranfer
for the best rate ..
What you cannot do is bring more than $10K each with you
without declaring it ..
use XE
citibank
and a myriad of others..
Big business does it every day ...
All big transaction get reported to the Fed anyway
The only decision you have to make is who will make the tranfer
for the best rate ..
What you cannot do is bring more than $10K each with you
without declaring it ..
use XE
citibank
and a myriad of others..
Last edited by Ray; Jan 26th 2006 at 8:26 pm.
Jan 26th 2006, 11:49 pm
#12
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Re: Can I transfer money from USA to UK with no restrictions ?
All foreign currency transactions over $10k have to be reported by US banks to the US Treasury as part of money-laundering laws. Who knows what they do with the info.
Jan 27th 2006, 12:27 am
#13
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Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Can I transfer money from USA to UK with no restrictions ?
Originally Posted by Giantaxe
All foreign currency transactions over $10k have to be reported by US banks to the US Treasury as part of money-laundering laws. Who knows what they do with the info.
