Jocy

Does anyone know the best way to transfer a large sum of money from a bank account in the UK to one in the US?

The Sum of money is $20,000 to $30,000 (FYI my wedding fund from my more than generous parents!!).

I wasn't sure if i would run into problems regarding taxes? If the money should be moved in small installments?

Any help would be greatly appreciated!!

I have bank accounts in both the UK and the US.

(I'm a UKC - not sure if that's relevant or not)

Thank You!!

Elliott

transfer the money in individual transactions of under $10k to avoid attracting suspicions. I used my nationwide flexaccount VISA card to pay money into my bank account here. No charge from Nationwide and no charge from my bank plus you get the exchange rate on the day.
Failing that you can initial a SWIFT transfer from your UK bank that will cost about 20 quid each time and it takes a few days. Be sure to make sure you enter all account information correctly on the SWIFT transfer form.

meauxna

That's a bit counterintuitive, since multiple xfers under the reporting limit are looked for. It's actually more suspicious.

There is no tax or government fee on the transfer, and a larger transfer nets a better exchange rate.

Melissande

I successfully arranged an EFT (Electronic Funds Transfer) through my UK bank, Lloyds TSB, three weeks before I emmigrated to America in the amount 86,000 pounds; I didn't have any problems with the IRS, immigration or otherwise. For that large amount of money it's the safest route to take, in my opinion. Just ensure you bring your passport, have your U.S. bank account number, name as it appears on the account, the routing number, the Swift Code of the bank and the exact address of the bank to which you are transferring the money. I had to specifically contact my bank in the U.S. to get their Swift Code. I would also "split the charges", so you may have to pay 20-25 pounds in the UK and then whatever your U.S. bank charges (prob. $15-25). I had the money appear in my account within 3-5 days. Easy.

Bill_S

What she said... no need to split a 20 - 30 thousand transfer. The banks will do the necessary reporting. A simple transfer of funds is not a taxable event.

Elliott

I'm talking about splitting transfers using VISA. If you using SWIFT no need to split.
My source regarding the splitting was from a senior executive at a VISA payment processing company who previously worked for HSBC bank in the UK designing and building their computer system.

he said anything over 10k automatically gets flagged.
Anything under goes through. of course multiples may get noticed, it depends how long apart they are. i did 3 transfers in one year and they were fine.

Multiples are still the best and least suspicious. I'm not sure what happens once they notice or flag the transactions though. i wasn't prepared to risk finding out.

Ray

www.xe.com

MsElui

the 10k thing is to catch money launderers i believe. If you can show a legitimate source for the money (ie sale of home, gift , savings, etc) then there is not a thing to worry about - and you will get potentially better rates with larger sums. I would also use XE.trade.

Ray

Even putting $10k into you banking account gets
referred to the FED

Bill_S

Since there's nothing illegal about transferring your own money from the UK to the USA, what were you afraid the "risk" would be?

FWIW Eliott Spitzer was undone by a bank noticing numerous sub-10K transfers.

Elliott

Simple, i was afraid there would be a delay.

I know its not illegal

BritishGuy36

Structuring payments to avoid the $10k "detection" threshold is in itself an offence, so to advise someeone to do it is reckless.

To transfer cash best to use a company who specialises in money transfer, like UKForex or XEtrade. UKForex is easier to get set up with than XE and the rates are slightly better too.

Elliott

Thats OK with me I'm very reckless in general

Have you got a link regarding the $10k detection offense? Who classes it as an offense exactly?

meauxna

US Treasury Dept.

They got Al Capone too. Or was that the IRS?

Bill_S

Making multiple small transactions intended to avoid reporting thresholds is known in the trade as "structuring". It's a violation of 31 U.S.C. § 5324.