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Transfer of money

Transfer of money

Old Jan 13th 2023, 12:02 am
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Default Transfer of money

Hi all,

New to the site and first time posting. I’m sure this has been covered many times over but
couldnt seem to find anything through the search query.

My grandmother recently passed at 99, after a long and happy life. She was gracious enough to leave me some money and I was wondering what the best way is to transfer 20k GBP to my US bank account? I don’t think a wire from the account it’s being held in would be allowed.

Thanks



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Old Jan 13th 2023, 1:06 am
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Default Re: Transfer of money

Wise gets recommended a lot on here. I've used them multiple times and have never had any issues.
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Old Jan 13th 2023, 1:37 am
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Default Re: Transfer of money

Originally Posted by Spd42 View Post
Hi all,

New to the site and first time posting. I’m sure this has been covered many times over but
couldnt seem to find anything through the search query.

My grandmother recently passed at 99, after a long and happy life. She was gracious enough to leave me some money and I was wondering what the best way is to transfer 20k GBP to my US bank account? I don’t think a wire from the account it’s being held in would be allowed.

Thanks

The executor can arrange a transfer directly to your account from the estate. He or she should also provide a tax form at that time.
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Old Jan 13th 2023, 3:43 am
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Default Re: Transfer of money

Use Wise to transfer the money. It was formerly known as TransferWise. Their fees are very reasonable. Much cheaper than any bank.
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Old Jan 13th 2023, 4:07 am
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Default Re: Transfer of money

Originally Posted by Spd42 View Post
Hi all,

New to the site and first time posting. I’m sure this has been covered many times over but
couldnt seem to find anything through the search query.

My grandmother recently passed at 99, after a long and happy life. She was gracious enough to leave me some money and I was wondering what the best way is to transfer 20k GBP to my US bank account? I don’t think a wire from the account it’s being held in would be allowed.

Thanks
Why do you think this wire would not be allowed? It is not necessarily the cheapest option, and it would be subject to scrutiny, but it is perfectly legal at face value.
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Old Jan 13th 2023, 10:48 am
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Default Re: Transfer of money

Originally Posted by Olly_ View Post
Wise gets recommended a lot on here. I've used them multiple times and have never had any issues.
+1
I use Wise very often.

If the op does not have a UK bank account he can open a Wise account denominated in GBP with UK bank sort code and account number, have the money paid into there and transfer it to his US bank for a very low fee.
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Old Jan 13th 2023, 11:21 am
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Default Re: Transfer of money

Originally Posted by RICH View Post
Why do you think this wire would not be allowed? It is not necessarily the cheapest option, and it would be subject to scrutiny, but it is perfectly legal at face value.
why would such a small wire be subject to any more scrutiny than a Wise payment…

The key with any international payment including if it’s to yourself is to add ans much information in the available fields as possible. Here add:
“Inheritance from great aunt xxx”

when I would wire salary from Ireland or UK to US I would add something like “Jan post PAYE salary to self for bills”

Over $10k does not mean “scrutiny” 2 wires of $5k to same person or one of $9,900 would likely face more scrutiny….
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Old Jan 13th 2023, 12:22 pm
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Default Re: Transfer of money

Originally Posted by durham_lad View Post
+1
I use Wise very often.

If the op does not have a UK bank account he can open a Wise account denominated in GBP with UK bank sort code and account number, have the money paid into there and transfer it to his US bank for a very low fee.
thanks…
i should’ve mentioned I do not have a UK bank account so this helps.
I’ll look into Wise.
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Old Jan 13th 2023, 12:33 pm
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Default Re: Transfer of money

Originally Posted by Spd42 View Post
thanks…
i should’ve mentioned I do not have a UK bank account so this helps.
I’ll look into Wise.
Let us know how you get on as it is always useful to cite success stories for folks in a similar position. I have done it in the USA and have pension money paid into my Wise account with a US style routing and account number and my daughter has been using a Wise £ account into which she transfers money from her US bank and then has paid UK solicitors etc from that account while still living in the USA. She has now moved here and has a UK bank account but Wise made the transition very easy indeed.
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Old Jan 13th 2023, 12:46 pm
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Default Re: Transfer of money

Originally Posted by durham_lad View Post
Let us know how you get on as it is always useful to cite success stories for folks in a similar position. I have done it in the USA and have pension money paid into my Wise account with a US style routing and account number and my daughter has been using a Wise £ account into which she transfers money from her US bank and then has paid UK solicitors etc from that account while still living in the USA. She has now moved here and has a UK bank account but Wise made the transition very easy indeed.
Yes, will keep you posted… thanks for the info and advice!
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Old Jan 13th 2023, 1:57 pm
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Default Re: Transfer of money

+1 Wise for me
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Old Jan 13th 2023, 2:09 pm
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Default Re: Transfer of money

Originally Posted by tht View Post
.... The key with any international payment including if it’s to yourself is to add ans much information in the available fields as possible. Here add:
“Inheritance from great aunt xxx” ...
This! .... And applies also to Wise.

Probably not too much of a concern until you get over, maybe $20k, but I would contact my bank ahead of receiving a large credit from overseas and let them know to expect it and where it is coming from, and why - try to impress upon whoever you speak to, to make a note in your electronic file.
​​​​​​
.... Over $10k does not mean “scrutiny” 2 wires of $5k to same person or one of $9,900 would likely face more scrutiny….
Maybe, maybe not. Cash is the classic concern for banks, but overseas wires are probably #2 for raising a red flag, regardless of whether it is 2 x $5k or one of $9,900. ..... Some countries have some sort of regulatory or reporting threshold on wires at $5k, so $5k wires are relatively common from those countries.
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Old Jan 13th 2023, 2:37 pm
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Default Re: Transfer of money

Originally Posted by Pulaski View Post
This! .... And applies also to Wise.

Probably not too much of a concern until you get over, maybe $20k, but I would contact my bank ahead of receiving a large credit from overseas and let them know to expect it and where it is coming from, and why - try to impress upon whoever you speak to, to make a note in your electronic file.
​​​​​​
Maybe, maybe not. Cash is the classic concern for banks, but overseas wires are probably #2 for raising a red flag, regardless of whether it is 2 x $5k or one of $9,900. ..... Some countries have some sort of regulatory or reporting threshold on wires at $5k, so $5k wires are relatively common from those countries.
Guess it depends on your definition of “scrutiny” I think monitoring of transfers is a good thing. Anything legitimate can be explained… so worst case a few days delay… and the upside is it helps deter tax avoidance, human trafficking and international drug trade, financing of sanctioned individuals and regimes (as decided upon by the “world police” aka “Team America F yeah… “…
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Old Jan 13th 2023, 3:38 pm
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Default Re: Transfer of money

Originally Posted by tht View Post
Guess it depends on your definition of “scrutiny” I think monitoring of transfers is a good thing. Anything legitimate can be explained… so worst case a few days delay… and the upside is it helps deter tax avoidance, human trafficking and international drug trade, financing of sanctioned individuals and regimes (as decided upon by the “world police” aka “Team America F yeah… “…
If it ain't at least six figures (USD) there isn't much "monitoring". Transaction data is collected and dumped into a database (per regulatory wire reporting), then if someone gets a tax audit, or is subject of a criminal investigation, they go looking in the database, but routine day-to-day "scrutiny" of "small" wires/ transfers ain't happening.

That said, for anyone else reading this - do not think you can circumvent the regulatory reporting requirements - as Tht already aluded to above, breaking up your transfers into small amounts is one sure way to attract the unwanted attention of your bank's compliance department! And the biggest problem you face is that by the time your bank gets curious they lose any interest in your explanation - IOW the bank will not contact you to ask about it, they will dig around what they know or can find about you and draw a conclusion, and you will never know what conclusion they reached!

Last edited by Pulaski; Jan 13th 2023 at 4:14 pm.
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Old Jan 13th 2023, 4:06 pm
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Default Re: Transfer of money

Originally Posted by Spd42 View Post
I don’t think a wire from the account it’s being held in would be allowed.

Thanks
You haven't explained why you think this. Is the estate in the hands of an executor? If so, they wire transfer funds out of an estate account to the legatees all the time, including overseas (I speak from experience).
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