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Financial advice needed

Financial advice needed

Old Apr 14th 2008, 12:52 am
  #1  
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Default Financial advice needed

Where is the best place to get some confidential advice regarding the transfer of English funds to a US account?

Thanks,

Paul
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Old Apr 14th 2008, 12:57 am
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Default Re: Financial advice needed

Originally Posted by Merkur View Post
Where is the best place to get some confidential advice regarding the transfer of English funds to a US account?

Thanks,

Paul
I'd go with Edward Jones.
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Old Apr 14th 2008, 12:57 am
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Default Re: Financial advice needed

I won't tell a soul, I promise.

There are several threads already here; maybe you can find the info you want?
Otherwise, it depends a bit on what your concern is: legal, taxation, how-to, etc
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Old Apr 14th 2008, 12:59 am
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Default Re: Financial advice needed

Thanks - I did a brief search, but couldn't come up with anything. I guess I will search harder!

Paul
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Old Apr 14th 2008, 2:47 am
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Default Re: Financial advice needed

Originally Posted by Merkur View Post
Where is the best place to get some confidential advice regarding the transfer of English funds to a US account?

Thanks,

Paul
Just open a xe account and transfer it ...

what advice could be needed .....
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Old Apr 14th 2008, 10:25 pm
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Default Re: Financial advice needed

An 'XE' account? Sorry I am not familiar with those.

I have an HSBC account in the UK and could open an HSBC account over here and tranfer it. Are their problems with doing that? Charges? Tax implications? Legality? Is there a limit on the amount that can be transferred?

Paul
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Old Apr 14th 2008, 10:48 pm
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Default Re: Financial advice needed

Originally Posted by Merkur View Post
An 'XE' account? Sorry I am not familiar with those.

I have an HSBC account in the UK and could open an HSBC account over here and tranfer it. Are their problems with doing that? Charges? Tax implications? Legality? Is there a limit on the amount that can be transferred?

Paul
Hi
I used the HSBC in the UK and moved my money to Bank of America . HSBC were really good they told me the account info i needed from BOA and they did it all electronically . I seem to remember it was about 20 quid a transaction and the exchange rate wasn't top notch but it was painless. There was no limit but i moved it over in large chunks because of the charge

Barry
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Old Apr 14th 2008, 10:51 pm
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Default Re: Financial advice needed

Originally Posted by Merkur View Post
An 'XE' account? Sorry I am not familiar with those.

I have an HSBC account in the UK and could open an HSBC account over here and tranfer it. Are their problems with doing that? Charges? Tax implications? Legality? Is there a limit on the amount that can be transferred?

Paul
XE.com is a foreign exchange company. There is also one that has worked a deal for BE members.. check the home page.

You can open a US bank account and wire transfer the funds. The reason people choose a forex for big moves is to get the better rate. Those little decimal points make a difference when the principle is high enough.

If you do it through the bank, there will be a charge for either sending, receiving or both. Our incoming one cost us $25.
There is no tax consequence for moving your own money.
There is no law against moving your own money over this way.
There is no limit to how much you can do (but you may want to keep some over in the UK).

Use the 'search this forum' feature & type in 'xe' -- you will get all the money transfer results since everyone always chimes in with their own favorites.

Those threads will give more comprehensive answers than the ones in this post.
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Old Apr 15th 2008, 2:17 am
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Default Re: Financial advice needed

www.xe.com ..pretty much the mosted used in this section.
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Old Apr 15th 2008, 12:10 pm
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Default Re: Financial advice needed

No tax implications to a transfer UK->US (there are for some people US->UK, see the current "non-dom" fuss).

Just be aware that the US taxes residents on their worldwide income, so if the UK money was earned while you were a US resident, you should have paid US tax on it.
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Old Apr 15th 2008, 7:49 pm
  #11  
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Default Re: Financial advice needed

In addition, under anti-money laundering laws, most banks report larger transactions anyway.
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Old Apr 17th 2008, 1:37 am
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Default Re: Financial advice needed

Originally Posted by penguinsix View Post
In addition, under anti-money laundering laws, most banks report larger transactions anyway.
and also if several small ones are made in close proximity too...
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Old Apr 17th 2008, 3:51 am
  #13  
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Default Re: Financial advice needed

Originally Posted by barrylynch View Post
Hi
I used the HSBC in the UK and moved my money to Bank of America . HSBC were really good they told me the account info i needed from BOA and they did it all electronically . I seem to remember it was about 20 quid a transaction and the exchange rate wasn't top notch but it was painless. There was no limit but i moved it over in large chunks because of the charge

Barry
And if your account in the UK is HSBC Premier then transfers frm UK to US HSBC accounts are FOC.
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