Transferring inheritance from the UK
 

I've had a look through previous posts but can't find any info similar to my position.

I have inherited a share of the proceeds of a house sale, my share is pretty modest, about $36,000, so well below any inheritance tax threshold.

Can anyone suggest a way to transfer the funds from my UK account to my US account? We have an account with a credit union, so they do not accept international electronic transfers.

Will I have to pay any tax (either in the US or the UK) on this money? How would I declare it at tax time next year?

Many thanks.

Re: Transferring inheritance from the UK
 

I just asked a similar question myself - lots of helpful advice in here :)

http://britishexpats.com/forum/showthread.php?t=709061

Re: Transferring inheritance from the UK
 

a) What? That's nuts. I don't even know if they would know where it came from. Speak to a manager and say that if it's not possible then it means you will be opening account at a proper bank and depositing your $36k there instead. It's likely just just spoke to someone clueless who doesn't know anything.

I have transferred money from Barclays > UKForex > My local CU without any issues whatsoever.

It may be that using a specialist foreign exchange agent like UKForex helps because they have branches in both countries and the 'transatlantic' part of the transfer happens internally to the exchange agent's banking system, so to the bank in the US it appears to come from somewhere in the US. But that's speculation on my part.

I would however highly recommend UKForex who have been nothing short of awesome with all the transfers I've made.

b) The transfer of money is not a taxable event. If you are sure that you don't owe any inheritance tax, then you are good to go.

Re: Transferring inheritance from the UK
 

There is no Federal inheritance tax. The Federal estate tax is imposed on the estate, so that will not affect a UK estate.

A few states impose an inheritance tax (tax on the recipient), but California is not one of them.

I transfer money using xe.com. I transfer from my Barclays account to xe. xe then pays direct to my US bank account using ACH.

Re: Transferring inheritance from the UK
 

There is a company online called fairfx which i use in which to change my currency, exchange rate is much higher than any bank, building society or travel agency.
A dollar card is similar to a Debit card, (Mastercard) just top up the card.

If $36,000 is too large a sum for a Dollar card they have other accounts to transfer larger sums, as i looked into transferring larger sums for the future and it can be done.

first you may have to open a bank account in which to put your money in.
Then go online with Fairfx enquire which is best account to complete the transfer

Re: Transferring inheritance from the UK
 

This is starting to get very spammy, when pulling up old, dead threads just to bump with this company.

Re: Transferring inheritance from the UK
 

I have had several replies from members who is grateful for this information!
IF YOU DO NOT WANT THIS ADVICE ABOUT TRANSERRING CURRENCY,
YOU HAVE NO IFORMATION TO GIVE!
FIND SOMETHING BETTER TO DO!

Re: Transferring inheritance from the UK
 

He's a moderator it's his job.

There is no need to post the same thing over and over again, it looks like spam. Thanks.

Re: Transferring inheritance from the UK
 

moderator or not he should be glad someone has the information to provide,
the members seeking this advice.
It may have been given to several different people as maybe no one else seems to have heard of the company.
You seek the amount of people that required this advice

I HAVE NOTHING TO DO WITH THE COMPANY!
EVEN THOUGH I WISH I HAD!
THIS IS NOT SPAM!
IT IS ADVICE TO THOSE WHO ASKED FOR IT!

Re: Transferring inheritance from the UK
 

cliff, you need to get a grip, man.

Re: Transferring inheritance from the UK
 

I just kept it in my UK bank account, and used my Debit card for purchases over here, paid off my wife's car loan, 2nd mortgage and paid the deposit on our new house with it.

It's strange that that your Credit Union doesn't accept electronic transfers, the CU that we had could 'wire' money to my UK bank, so I'm sure that they would have accepted money coming the other way.

Re: Transferring inheritance from the UK
 

It's fine to offer advice...plenty of people have offered advice from various other companies.

You though, were replying to dead threads that were months old, posting exactly the same information you were already giving, which was not relevant to what the original posters were asking for. It came across as very spammy.

Re: Transferring inheritance from the UK
 

oooooh ! cockney ? ? ?