agima

Sorry - this might be a dumb question but I couldn't find an answer to this.

About to emigrate to the US from the UK - have a bank full of cash that I need to take with me.

Do I need to pay any US tax on it (I have already paid UK tax on it)?

Is it as simple as just wiring it into the new US bank account?

Thanks

fatbrit

That'll work! But make sure you've got some cash in hand to cover your start up -- US banks have this wonderful "pending' description on your transactions which means they've got hold of it but you can't have it! The cynic in me would say that large amounts may cause them to 'pend' it for longer. Anything over $10k will be reported -- nothing to worry about. The tax situation depends on a multitude of things, but the general answer would probably be no.

AdobePinon

Also, note that if you have a Visa debit card it will work in some but not all of US ATMs displaying the Visa logo. You'll have to pay US ATM fees in addition to whatever your UK bank charges. In shops you'll find a UK Visa debit card increasingly less useful.* Sometimes you'll be able to run the card as a credit card to increase its chances (it'll still look like a debit transaction to your bank account).

* due to increasing numbers of middlemen who accept only the most frequently used (i.e., profitable) cards.

tony126

When you are in the position to transfer your cash use the 'wire system'. I use Reusch myself but there are others so go for the best rate/charges deal you can get. No doubt you will get further advice on this subject.

Pulaski

No, there are no taxes in the US either on capital (money you already own having paid taxes on it), or on money transfers into the country.
Yes. If you have more than £20,000 you should be sure to ask your bank for a "wholesale" or "market rate" to convert it into $$$; otherwise you will get stuck with the tourist rate, which will cost you a significant extra percentage loss on the exchange transaction.[/QUOTE]

BritGuyTN

[/QUOTE]


best of all use www.xe.com

its rate are much better than the wholesale rate (i compared it against natwest and barclays) and there are no charges for transfers or commission

job done

Pulaski

best of all use www.xe.com

its rate are much better than the wholesale rate (i compared it against natwest and barclays) and there are no charges for transfers or commission ....[/QUOTE]
I've started using them, but (i) I found the spread to be much larger than it ought to have been (I think I paid mid+3¢, which is no better then the rate Halifax gave me send US$ from the UK), (ii) xe.com does charge a wire fee (total fees came to $19 when I wired money to UK recently), and
(iii) I still wouldn't use them to transfer my life savings, or the proceeds of a house sale.

BritGuyTN

thats interesting - i have no personal experience in sending cash to the UK (only from the UK) so your comments are very much appreciated

i know for certain theis is no fee to send to the US from the UK if you use UK online banking to send to their Uk bank of america branch and if you use EFT to send to your american bank account

i wouldn't send a huge lunp sum, but I would definitely be happy at sending 10k gbp at a time