Re: Transferring large amounts of money UK -> US
$12,000 in charges! No way... i dont think any company would ever charge that amount! Most FX companies have got rid of charges these days, so its more a question of getting the best rate. On 120k, the rate can make a massive difference. I currently use currencies 4 you, as they seem to always offer me the best rates. There is also a website you can use to compare the currency rates... comparethecurrencymarket.com .. they were the ones that made me aware of currencies 4 you, so might be worth checking out!
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Re: Transferring large amounts of money UK -> US
I wonder how long before there is comparethecurrencymeerkat.com...
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Re: Transferring large amounts of money UK -> US
Originally Posted by Wintersong
(Post 8218441)
Also, the money will ultimately be an inheritance but at the moment it's a gift from my mother (in other words, she's loaning me the money in advance of what I will inherit from my grandparents, if that makes any sense). Is it subject to US taxes?
The main issue is determining your domicile which is different from your residence. Definitely not an area for DIYers and best handled by a competent tax-pro. |
Re: Transferring large amounts of money UK -> US
Awesome information - thanks so much, everyone :)
I think probably 'gift' is the wrong term since it is intended that the money will be repaid so yep - it's a loan. I know that the amount I will inherit falls below the point at which I would have to pay UK inheritance tax but I guess I need to speak to our tax guy over here to determine what, if anything, would need to be paid to the US govt. |
Re: Transferring large amounts of money UK -> US
just had an email off Foremost Currency Group a guy called Callum Wiper, no idea if he is any good, he sent me a report on exchange rates for the last year. Worth a call or email but I think I can't post it on here, so pm me
in case I'm advertising. No tie to them whatsoever. |
Re: Transferring large amounts of money UK -> US
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Re: Transferring large amounts of money UK -> US
When I finish working I get Tax free lump sum which I would like to move to the US when we move.
Its around 70,000 GBP will I have to pay tax on this to get it into the US?? Or can I just transfer it straight across into a US account? I also have a monthly pension of 1300GBP paid into a UK account is it worth keeping it a UK account and drawing it from my UK account as and when or transfering it |
Re: Transferring large amounts of money UK -> US
i transfer my uncles pension from his account in the uk to his account in australia every month. Seems quite simple, just do a simple standing order to the fx company you use, and they will take care of the rest.
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Re: Transferring large amounts of money UK -> US
Cool I just didnt want to pay tax twice Once to the UK and then to the US
Being robbed once is enough for me lol |
Re: Transferring large amounts of money UK -> US
Originally Posted by msi64
(Post 8225794)
When I finish working I get Tax free lump sum which I would like to move to the US when we move.
Its around 70,000 GBP will I have to pay tax on this to get it into the US?? Or can I just transfer it straight across into a US account? I also have a monthly pension of 1300GBP paid into a UK account is it worth keeping it a UK account and drawing it from my UK account as and when or transfering it |
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