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Transferring Money from UK to the USA

Transferring Money from UK to the USA

Old Jan 25th 2011, 8:31 pm
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Default Transferring Money from UK to the USA

Hi,
You guys have all been so helpful in the past, and wondered if you could give me some advice and/or point me in the right direction.
I have been here since 2007 and just received my 10 year greencard.
My family are planning to send me some money from the UK to help buy a house. It is substantially above the 10k limit mentioned in other threads.
I have used my own bank in the UK and US for wiring money back and forth in smaller (<10k) quantities. I have seen xe.com mentioned as a alternative service.
Are there are any tax considerations for a large lump sum or hurdles i need to clear or prepare for?
Thanks in advance for any advice.
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Old Jan 25th 2011, 9:01 pm
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Default Re: Transferring Money from UK to the USA

i am sorry that rather being helpful, i am just adding myself to the alters for this thread as i am in the same position. planning to transfer money to buy a flat. i will be watching to see what you find out. i have first direct and they have told me that if i am transferring a large sum i can get a better rate.
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Old Jan 25th 2011, 9:10 pm
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Default Re: Transferring Money from UK to the USA

Any deposit/transfer over $10k your bank will report for you. You don't have to worry about reporting it. If you are ever audited about where it came from you will hopefully be able to produce documentation about your family giving it to you (series of emails making the arrangements, etc). I've never been audited so I don't know what such a thing would involve.

Don't transfer by bank, they'll give you a terrible rate. Check out the different foreign exchange companies and see what rate they will give you for the size of your transfer (email/call them, don't just use their online calculators). We used ukforex to move our house funds and were very happy. They gave us a preferential exchange rate due to the size of the transfer - a small difference, but it added up. Others here have used other companies with equal success.
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Old Jan 26th 2011, 1:06 am
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Default Re: Transferring Money from UK to the USA

xe.com hifx.com plenty of services...use whatever you prefer.

Not sure where you stand on gifted money, I don't think you'll get stung for tax, but limits are lower for those who aren't LPR's and USC's, though not in the order that it'll make a matter for most though.
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Old Jan 26th 2011, 2:34 am
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Default Re: Transferring Money from UK to the USA

Sorry - going to throw in a different view here.....I have accounts with xe.com, fx.com and first direct and every time I'm going to do a transfer I check rates with all 3 - invariably first direct come out with the best rate. I know others have different experiences, so the message to take away is sign up with a few of the different providers and do your own research on the rates at the time and see which is best for you.

The banks are obligated to report anything over 10k, but beyond that I think you should be OK as long as the money being transferred has all been declared to the relevant tax authorities when it was earned - I've never had a problem with any further taxation issues.
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Old Jan 26th 2011, 2:35 am
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Default Re: Transferring Money from UK to the USA

Oops - sorry - didn't realise it was a gift...may make a difference on the tax.....not sure how to handle that so best get a professional opinion!
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Old Jan 26th 2011, 10:58 am
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Default Re: Transferring Money from UK to the USA

Whatever route you use for the money be sure to get a clear documented audit trail of where/who it has come from etc.
I transfered my own money for our deposit and still had some real hassle with clearing the anti money laundering hurdles as interpreted by the mortgage company.

Good luck.
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Old Apr 26th 2011, 1:01 am
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Default Re: Transferring Money from UK to the USA

Hi - I am in a similar position at the moment with parents willing to help out with a deposit for a house, did thompo81 find a answer to his question, are there tax implications for receiving funds (over $13k) from the UK?
Also, do both parties need to open an Xe.com account to transfer the monies from one to the other.
The only guidance my mortgage lender has given me is that I need the verify the origin of the monies, have proof that a transfer has taken place and, finally that the funds have arrived into my account.
Any help would be much appreciated.
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