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Transfering money

Transfering money

Old Dec 6th 2019, 8:53 pm
  #1  
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Default Transfering money

Any issues with transfering money from uk to us bank?
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Old Dec 6th 2019, 9:13 pm
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Default Re: Transfering money

Could post so many smart ass comments, but I won't.... Check out transferwise.
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Old Dec 7th 2019, 12:57 pm
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Default 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.
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Old Dec 11th 2019, 1:00 am
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Default Re: Transfering money

Not as long as you can account for it and report it as required.

transferwise makes it easy...
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Old Dec 12th 2019, 8:25 pm
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Default 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
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Old Dec 17th 2019, 5:28 am
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Default Re: Transfering money

I use TransferWise also, never had a problem In over 3 years.
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Old Dec 26th 2019, 5:39 pm
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Default 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.
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Old Jan 6th 2020, 6:42 pm
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Default 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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