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Transfering Money from UK to US
Discussed this before but just checking with those more knowledgeable on the best methods to achieve this.
UK/US dollar rate a lot better than 1.22-1.25 the last time I was discussing this. Anyway have a substantial amount to transfer from UK to US. I bank with HSBC in the UK that only allow 50K per day. Have Transferwise set up and ready to go and might be able to get a rate of 0.3% with them if I use their service and have mentioned that I could move 50K every week or every 3 days for a few months or so. Their normal fees are 0.5% and I know a few of you here have used them and found it went well. On the other hand I could transfer a larger sum over to HSBC in the US(they only have a few branches here and as long as I keep a minimum amount in the account, transfers between UK and US are free, but unsure if they would give me as good a rate as Transferwise and ultimately lose out. Any thoughts appreciated. |
Re: Transfering Money from UK to US
The rate is not as good, but you can transfer in seconds or minutes. There were some examples of rates in a recent post. Citibank gives slightly better rates I think, but still not as good as transferwise or xendpay
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Re: Transfering Money from UK to US
Thx..saw this from a previous post............
This morning Transferwise was 1.341 taking a couple of days and HSBC bank to bank was 1.298 taking around two minutes. |
Re: Transfering Money from UK to US
Does one by using Transferwise do all that is required from their website or log on to your own bank and transfer it from there to Transferwise's account?
T-wise asked me today for DL and copy of utility bill and emailed me back that identity confirmed. Is this standard? |
Re: Transfering Money from UK to US
Originally Posted by branmin
(Post 12349496)
Does one by using Transferwise do all that is required from their website or log on to your own bank and transfer it from there to Transferwise's account?
Originally Posted by branmin
(Post 12349496)
T-wise asked me today for DL and copy of utility bill and emailed me back that identity confirmed. Is this standard?
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Re: Transfering Money from UK to US
Originally Posted by branmin
(Post 12349496)
Does one by using Transferwise do all that is required from their website or log on to your own bank and transfer it from there to Transferwise's account?.....
Originally Posted by tom169
(Post 12349498)
Uhhh... What? .....
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Re: Transfering Money from UK to US
I use it, once you set up the amount to transfer, you can pay it using a Visa card or bank x-fer.
Once paid it starts the transfer, tends to take 1 or 2 days. Thumbs-up to the decent rates and low transaction fees 🙂 |
Re: Transfering Money from UK to US
Originally Posted by LouisB
(Post 12349505)
I use it, once you set up the amount to transfer, you can pay it using a Visa card or bank x-fer.
Once paid it starts the transfer, tends to take 1 or 2 days. Thumbs-up to the decent rates and low transaction fees 🙂 |
Re: Transfering Money from UK to US
Originally Posted by Pulaski
(Post 12349502)
Do you send the money to Transferwise from your bank (using the bank web site), or do you tell Transferwise to debit your bank account (using the Transferwise Web site)? ..... I don't know, I have never used Transferwise.
For a large sum I would talk to TorFx. They are able to be flexible. I used them when I transferred my UK house sale proceeds. |
Re: Transfering Money from UK to US
I don’t mean to piggy back anyone’s thread, but I have a question along the same lines.
Will I be taxed on any savings I transfer to the U.S. when I move here permanently from the U.K in a few weeks? We were given a load of forms etc when we opened the account one of which talks about a W8BEN form, that got my attention but I assume that’s only for money earned in the U.S. |
Re: Transfering Money from UK to US
Originally Posted by Stevie P
(Post 12349998)
I don’t mean to piggy back anyone’s thread, but I have a question along the same lines.
Will I be taxed on any savings I transfer to the U.S. when I move here permanently from the U.K in a few weeks? We were given a load of forms etc when we opened the account one of which talks about a W8BEN form, that got my attention but I assume that’s only for money earned in the U.S. |
Re: Transfering Money from UK to US
Originally Posted by Stevie P
(Post 12349998)
Will I be taxed on any savings I transfer to the U.S. when I move here permanently from the U.K in a few weeks? .
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Re: Transfering Money from UK to US
Originally Posted by mrken30
(Post 12350000)
if you are US resident/citizen you should pay tax on interest earned on both US and UK accounts. It has nothing to do with transferring the money.
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Re: Transfering Money from UK to US
Originally Posted by MidAtlantic
(Post 12350003)
No the transfer of money (either way) does not trigger tax.
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Re: Transfering Money from UK to US
Originally Posted by Stevie P
(Post 12350018)
No I’m a UK citizen. Moving on an IR-1 visa, my wife is a U.S. citizen.
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