Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Tax of cash bought in from the UK

Tax of cash bought in from the UK

Old Sep 7th 2016, 8:21 am
  #1  
Just Joined
Thread Starter
 
Joined: Jun 2016
Posts: 26
JP1975 is an unknown quantity at this point
Default Tax of cash bought in from the UK

Hi all,

Me and my family are moving to the US soon and will have around 25k in savings which we will eventually transfer to a US bank account.

Someone told me that they were told (already sounds suspect) that the US take 50% of any money you bring into the US, in tax. This just sounds ridiculous but thought id ask anyway as i dont want any sudden surprises.

Either way, will we need to pay any tax on money bought in?

Thanks
JP1975 is offline  
Old Sep 7th 2016, 10:19 am
  #2  
Lt Col (Retd)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 46,028
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Tax of cash bought in from the UK

No. Whoever told you that was talking utter twaddle.*

To be clear "cash" over $10,000 has to be reported at the port of entry, and wires over $10,000 are also reported (automatically by the bank receiving the wire), but there are no taxes. I strongly recommend that you do not bring cash, but transfer the money electronically.

* Some people might be paying 50% to get their large cash stash into the US banking system. I hope your circle friends does not include such people.

Last edited by Pulaski; Sep 7th 2016 at 10:25 am.
Pulaski is offline  
Old Sep 7th 2016, 11:10 am
  #3  
nun
BE Forum Addict
 
nun's Avatar
 
Joined: Aug 2004
Posts: 4,721
nun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond repute
Default Re: Tax of cash bought in from the UK

Originally Posted by Pulaski View Post
No. Whoever told you that was talking utter twaddle.*

To be clear "cash" over $10,000 has to be reported at the port of entry, and wires over $10,000 are also reported (automatically by the bank receiving the wire), but there are no taxes. I strongly recommend that you do not bring cash, but transfer the money electronically.

* Some people might be paying 50% to get their large cash stash into the US banking system. I hope your circle friends does not include such people.
+1 on the "utter twaddle"

There is no tax on the transfer of money. You will be liable for US tax on any interest your money earns after you become a US resident though.
nun is offline  
Old Sep 7th 2016, 12:21 pm
  #4  
Just Joined
Thread Starter
 
Joined: Jun 2016
Posts: 26
JP1975 is an unknown quantity at this point
Default Re: Tax of cash bought in from the UK

Thank you, i figured it was nonsense.
Some people are just nut cases.
JP1975 is offline  
Old Sep 7th 2016, 1:28 pm
  #5  
Austin. TX.
 
petitefrancaise's Avatar
 
Joined: Sep 2013
Posts: 5,176
petitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond repute
Default Re: Tax of cash bought in from the UK

Don't forget to set up your foreign exchange service in advance and compare what you will get and how much their fees are before signing up. Using companies like transferwise and worldfirst means you usually get a much better exchange rate with little or no fees. Most of us on here use a company like this.

Whatever you do, don't just take the cash to your bank in the USA because you will be completely at their mercy! Even transferring the money through the bank system check very carefully the rates and fees. Wells Fargo for example will offer you "their" rate which one of their managers told me is often 4% below market rate and on thousands of dollars this makes a noticeable difference. He told me it is the biggest cause of problems for him with his international customers.
petitefrancaise is offline  
Old Sep 7th 2016, 1:31 pm
  #6  
Lt Col (Retd)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 46,028
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Tax of cash bought in from the UK

Originally Posted by petitefrancaise View Post
.... Wells Fargo for example will offer you "their" rate ....
"Offer" ..... The same sort of offer you would get from the mafia.
Pulaski is offline  
Old Sep 7th 2016, 1:39 pm
  #7  
Austin. TX.
 
petitefrancaise's Avatar
 
Joined: Sep 2013
Posts: 5,176
petitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond repute
Default Re: Tax of cash bought in from the UK

Originally Posted by Pulaski View Post
"Offer" ..... The same sort of offer you would get from the mafia.
I find it slightly amusing that their logos/mascot is a wildwest stage coach and horses. Is it just me that immediately thinks of highway robbery????
petitefrancaise is offline  
Old Sep 7th 2016, 2:00 pm
  #8  
Lt Col (Retd)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 46,028
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Tax of cash bought in from the UK

Originally Posted by petitefrancaise View Post
I find it slightly amusing that their logos/mascot is a wildwest stage coach and horses. Is it just me that immediately thinks of highway robbery????
In all the westerns I ever saw, the stagecoach was occupied by the victims, as were stagecoaches in the UK, robbed by Dick Turpin and his ilk.
Pulaski is offline  
Old Sep 7th 2016, 2:02 pm
  #9  
Austin. TX.
 
petitefrancaise's Avatar
 
Joined: Sep 2013
Posts: 5,176
petitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond repute
Default Re: Tax of cash bought in from the UK

Originally Posted by Pulaski View Post
In all the westerns I ever saw, the stagecoach was occupied by the victims.
that'll be the customers then?
petitefrancaise is offline  
Old Sep 7th 2016, 2:04 pm
  #10  
Lt Col (Retd)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 46,028
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Tax of cash bought in from the UK

Originally Posted by petitefrancaise View Post
that'll be the customers then?
I thought of that as I hit <reply>.

Still, through quirk of history, the coolest marketing tool of any bank that I know of - similar to the Budweiser clydesdales. I have seen the WF stagecoach a couple of times here in NC.
Pulaski is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.