British Expats

British Expats (https://britishexpats.com/forum/)
-   USA (https://britishexpats.com/forum/usa-57/)
-   -   Transfering money (https://britishexpats.com/forum/usa-57/transfering-money-929687/)

dorsetmerv Dec 6th 2019 8:53 pm

Transfering money
 
Any issues with transfering money from uk to us bank?

tom169 Dec 6th 2019 9:13 pm

Re: Transfering money
 
Could post so many smart ass comments, but I won't.... Check out transferwise.

penguinsix Dec 7th 2019 12:57 pm

Re: Transfering money
 
Can you clarify 'issues'?

Are there tax consequences of making a bank transfer? No. Just transferring money doesn't cause tax liability.
Will a large bank transfer trigger money laundering reports? Yes, most likely in fact.
Will a large bank transfer trigger tax authority scrutiny? Maybe.
Can structuring a payment into smaller amounts help avoid scrutiny? Yes, but it is illegal (google 'structuring')
Will I get a decent rate of exchange? Maybe, maybe not.
Can my US bank accept a UK transfer? Depends on the bank. Some are not that advanced at international transactions.

LouisB Dec 11th 2019 1:00 am

Re: Transfering money
 
Not as long as you can account for it and report it as required.

transferwise makes it easy...

Karlosthecackle Dec 12th 2019 8:25 pm

Re: Transfering money
 
Moved here in March 2015 and have used transferwise every month since then to move money/pay bills and ex-wife. Easy to use and much more reasonable fee than the US banks

JAY888 Dec 17th 2019 5:28 am

Re: Transfering money
 
I use TransferWise also, never had a problem In over 3 years.

Resident Alien Dec 26th 2019 5:39 pm

Re: Transfering money
 
I don't transfer significant sums over to the US, maybe a few thousand a year, but so far have found Revolut to be easy to use with good rates.

JosiesJourney Jan 6th 2020 6:42 pm

Re: Transfering money
 
We've transferred quite a few times and always used TransferWise - they have been reliable and good rates (don't do HSBC to HSBC US to avoid fees - the rates will sting worse!)

The only issue I have is how m=bad the exchange rate is!!


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