MrSoftwareDeveloper

Hi

I would like to transfer over $10,000 from my UK saving account to my US account. My understanding is that I should transfer in sums less than $10K to avoid being audited. Is this really an issue? I'd rather transfer in one go...

If I do this as a SWIFT transfer who do I need to notify in the US, or do the bank just handle notification? Can I flag the transaction as a transfer between my savings accounts (since I've already been taxed by HMRC and friends)?

Also are there any websites about the law in this area?

Thanks.

AFK_Matrix

Well I was in the US a month ago trying to get $5000 from my UK account into my friends US account. Not sure if its easier transfering into your own account but I had a mission to transfer my funds. My bank in the US is Bank of America and I first of went in and tried to do it from my credit card, this was a no go. I then tried to investigte/find out about an electronic transfer (SWIFT) but the US bank would only allow a Cash Advance (think thats the name) and for that my UK bank (Nationwide) were going to charge me 20% fee

So to cut a long story short I phoned up Nationwide and the lady said just walk into the bank and use my debit card. I was a bit dubious about this as before they had refused me transferin £200 on my debit so surely $5000 was out of the question. But lo and behold walked straight in they processed in and I wallked out with a cheque for my friend.

So look into the fees for that SWIFT transfer carefully. If you have a debit card see if they will take that as you don't get slammed with fees.

Elvira

The bank will only report the transfer if it looks suspicious. If it comes from your own bank account in the UK, no need to worry.

You don't want to mess with Swift transfers and what not. Use XE Trade - way cheapest and very quick once the account is set up.

Bob

XE.com

The bank will report the sum regardless as part of anti laundering scheme, and it won't be an issue.

DavidM

Yes no worry, I've transferred up to $200k in the past

Big D

Yes its an AML issue not an audit issue - nothing to worry about unless its drug money!

chicagojlo

I never understood why this is such an issue from the UK. When we lived in Holland we transferred money overseas all the time, it was super easy and cost a couple of euros. Most British banks don't even know what a SWIFT code is, I've had to explain the IBAN code concept to more than one British bank employee before, even at the commercial banking level.

DavidM

I was in a Lloyds branch for an hour while the manager and several staff tried to figure out what an IBAN is. They never did so I put in my US bank sort code and account number and it turns out the US doesn't use IBANs so it wasn't even needed!

MsElui

xe was quite easy to use (i just used it for the first time this last week or so) but it can be a fiddle to set up (have to send/fax them veraious bits of evidence about your home address ) and the whole setup can take over a week - so do it in advance (i did mine in october in the uk and just didnt use it til now).

meauxna

It's nothing to do with audits; transfer away.

Sums of $10K or more must be reported to the Treasury Dept via CBP as part of anti-money laundering efforts.
When you wire transfer etc, the bank or agency will make the report for you.

http://www.cbp.gov/xp/cgov/travel/va...kbyg/money.xml

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Ask the CBP officer for the Currency Reporting Form (FinCen 105). The penalties for non-compliance can be severe.

“Money” means monetary instruments and includes U.S. or foreign coins currently in circulation, currency, traveler’s checks in any form, money orders, and negotiable instruments or investment securities in bearer form.

chicagojlo

For transferring back to the UK we have had excellent service from Citibank who we have a checking account with. It helps that we are very familiar with the process though I suppose.
IBAN numbers for anyone who is interested are basically a way to unify all the various EU countries' sort code and account number systems so that you can send money within the EU at the same speed an in-country transfer would take. So the codes only apply to EU countries and they are all unique to each account. And if your bank doesn't calculate it properly for you then you will end up paying a correction fee on your transfers when it has to get corrected in the system, which only seems to happen in the UK!

MsElui

the same money laundering regs apply in the uk - your own bank has a duty to report large sums transferred too.

Dan B

For sums of around $2000 or less, I use paypal. Just a few simple clicks eitherway. Anymore than that and the different between the banks wire-transfer fees and the added 2% on the paypal exchange rate begin to even out.

oh, and HSBC is NOT the world's local bank :curse: I would get charged to send AND receive wire transfers between my own US and UK HSBC accounts!!!

zargof

Oh, I found out HSBC is not the world's local bank when I had to get a new credit card after they stopped my old card because of some fraud issue. I don't know how many times I said to the guy on the phone that I was in the US and to send it to my address rather than my branch. Of course it still ended up at the branch!! In the end I had to get my Mum to go to my branch and then post it too me as that was clearly beyond their capabilities!:curse:

This is just one of the examples of how they've been useless ever since I've moved here. Suffice as to say I'm not a big fan.

Dan B

They were fairly useless to me until I strolled in there wanting a mortgage I didn't take one with them... I'm not really allowed, but it was interesting to see the change in their attitude.