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Tax Free Money Transfer

Tax Free Money Transfer

Old Sep 29th 2009, 12:55 pm
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Default Tax Free Money Transfer

Can anybody help me find out how much money I can transfer to the USA when I immigrate and what are the tax laws. I assume there is an amount you can take before you have to pay tax on the rest?
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Old Sep 29th 2009, 1:00 pm
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Default Re: Tax Free Money Transfer

Originally Posted by scoobygilchrist View Post
Can anybody help me find out how much money I can transfer to the USA when I immigrate and what are the tax laws. I assume there is an amount you can take before you have to pay tax on the rest?
Normally you do not have to pay tax on money transferred to the US. If you are actually bringing it into the country with you amounts of $10K or over must be declared when you enter. This includes cheques, cash, money orders etc. The amount you can transfer at any one time may depend on the company/bank you use for the transfer.
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Old Sep 29th 2009, 1:48 pm
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Default Re: Tax Free Money Transfer

Thanks, but when you say that I have to take the money with me, does that mean that I physically have to carry a cheque, money order etc?
My plan was to send some money out in advance and then at a later date transfer more money out there. Are there problems with doing that?
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Old Sep 29th 2009, 1:54 pm
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Default Re: Tax Free Money Transfer

Originally Posted by scoobygilchrist View Post
Can anybody help me find out how much money I can transfer to the USA when I immigrate and what are the tax laws. I assume there is an amount you can take before you have to pay tax on the rest?
Fortunately, that assumption is incorrect. Transferring your own money into the USA is not a taxable event. Bring as many millions as you like. Funds that you are carrying with you into the US must be declared if over $10,000. This is nothing to fret about. If you do a bank transfer over $10K, the bank will do the reporting for you. The purpose of this is to track and prevent money laundering.
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Old Sep 29th 2009, 2:01 pm
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Default Re: Tax Free Money Transfer

Originally Posted by scoobygilchrist View Post
Thanks, but when you say that I have to take the money with me, does that mean that I physically have to carry a cheque, money order etc?
My plan was to send some money out in advance and then at a later date transfer more money out there. Are there problems with doing that?
I didn't say you had to the the money with you...I said IF.

No problem....transfer it whenever you wish...as many times as you wish.
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Old Sep 29th 2009, 2:21 pm
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Default Re: Tax Free Money Transfer

As others have said, you should have no problems doing that. You might want to look into using a forex service, like XE or UKforex, as it'll most likely be cheaper than going through your bank.
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Old Sep 29th 2009, 2:38 pm
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Default Re: Tax Free Money Transfer

Thanks guys.

Brilliant advice as ever.
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Old Sep 29th 2009, 2:46 pm
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Default Re: Tax Free Money Transfer

Originally Posted by scoobygilchrist View Post
Thanks guys.

Brilliant advice as ever.
Use the search facility...located in the pink bar at the top of this page. Go to advanced search...search the US forums for XE Trade and/or UKForex...there are many threads which may be of interest.
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Old Oct 1st 2009, 2:06 am
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Default Re: Tax Free Money Transfer

...and we'd like to thank you for bringing your foreign-earned money and spending it in the US!
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