Transferring money from UK to USA
Mar 23rd 2017, 2:25 pm
#16
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Re: Transferring money from UK to USA
Yeah as complex as it may be, moving money electronically is a software process and some data transfer, assuming two participating banks. There is no real reason to charge $25+ in 2017, IMHO.
Anyway, I have a bunch of $ in the Uk converted previously to help hedge fx risk while £ was on the slide.
Although the currency is the same, maybe I can still use transferwise to do it and it will be cheaper than the international transfer.
Looks like they charge 1% for amounts up to $5k
I should probably register since I need to find a good way of moving money between countries and locations, from time to time.
Anyway, I have a bunch of $ in the Uk converted previously to help hedge fx risk while £ was on the slide.
Although the currency is the same, maybe I can still use transferwise to do it and it will be cheaper than the international transfer.
Looks like they charge 1% for amounts up to $5k
I should probably register since I need to find a good way of moving money between countries and locations, from time to time.
Mar 23rd 2017, 2:25 pm
#17
Austin. TX.
Joined: Sep 2013
Posts: 5,929
Re: Transferring money from UK to USA
If you use an FX company then you can fix the rate for up to a year ( well, you used to be able to). Worldfirst charges us $10 but from past experience, their rate more than makes up for that when compared to the bank. We don't get charged anything from the banks at either end.
They make it really easy to do once you have an account and certainly transferring between London and US, it arrives the same day.
They make it really easy to do once you have an account and certainly transferring between London and US, it arrives the same day.
Mar 23rd 2017, 5:58 pm
#18
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Re: Transferring money from UK to USA
Looks like tranferwise can't do a same currency international transfer, they can't receive dollars $ from the UK. Shame.
However, for future conversions back and forth I'll be sure to try them out.
Typically you see a few business days for it to clear? Less than 5?
However, for future conversions back and forth I'll be sure to try them out.
Typically you see a few business days for it to clear? Less than 5?
Mar 23rd 2017, 6:48 pm
#19
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Re: Transferring money from UK to USA
My experience is for 3 business days or less for smaller amounts.
Mar 23rd 2017, 7:16 pm
#20
Just Joined
Joined: May 2016
Posts: 25
Re: Transferring money from UK to USA
I can recommend CurrencyFair as another option, though it doesn't look like they do USD to USD either I'm afraid. I've used them to move currency around numerous times now. It took less than 2 days and cost $4 to transfer a decent sum into my US bank account.
The end to end transfers worked out slightly better than TransferWise for me, it adds up over large amounts though! Feel free to PM me if you'd like a referral link for a small bonus, don't want to break any rules by posting here.
The end to end transfers worked out slightly better than TransferWise for me, it adds up over large amounts though! Feel free to PM me if you'd like a referral link for a small bonus, don't want to break any rules by posting here.
Mar 23rd 2017, 8:43 pm
#21
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Re: Transferring money from UK to USA
Transferwise don't actually move the money between currencies in a traditional sense. They have float accounts in each currency they operate in and transfer the currency in and out as people buy and sell.
That's probably why they wouldn't do a USD->USD.
That's probably why they wouldn't do a USD->USD.
Mar 24th 2017, 5:06 pm
#22
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Re: Transferring money from UK to USA
I'll use them in the future where I'm doing a conversion rather than straight international transfer.
Mar 24th 2017, 10:06 pm
#23
Just Joined
Joined: Jul 2013
Posts: 9
Re: Transferring money from UK to USA
[QUOTE=penguinsix;12209366]A transfer incurs no tax liability. It's simply moving it from one account to another.
Depends which way the transfer is. It's true there's no tax liability, but in some cases a transfer could trigger annual reporting requirements with large penalties for forgetting, e.g. a "US person" (including a citizen living anywhere is the world) moving dollars to a bank outside the US or between banks outside the US.
Depends which way the transfer is. It's true there's no tax liability, but in some cases a transfer could trigger annual reporting requirements with large penalties for forgetting, e.g. a "US person" (including a citizen living anywhere is the world) moving dollars to a bank outside the US or between banks outside the US.
Mar 28th 2017, 8:11 pm
#24
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Joined: Jan 2017
Posts: 670
Re: Transferring money from UK to USA
My international wire worked $ to $ and only took 3 days or so.
Now signed up to transferwise too and sent some £ to $ as well.
They made that super easy didn't they
good rate and fees too, very transparent.
Thanks for the tips!
Now signed up to transferwise too and sent some £ to $ as well.
They made that super easy didn't they
good rate and fees too, very transparent.Thanks for the tips!
Apr 1st 2017, 5:13 am
#25
Just Joined
Joined: Jun 2014
Posts: 10
Re: Transferring money from UK to USA
I started using Transferwise last year, I thought it was really good. If anyone finds a more competitive company please post.
Apr 1st 2017, 9:13 am
#26
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Joined: Jan 2017
Posts: 670
Re: Transferring money from UK to USA
Next trick will be to find a decent UK/US international banking arrangement so money can be moved freely, however not sure this exists just yet. Especially for day to day banking and checking vs. Large sum deposits and international investments accounts.
Will keep looking.
May 2nd 2017, 2:34 am
#27
Forum Regular
Thread Starter
Joined: Jun 2011
Posts: 69
Re: Transferring money from UK to USA
This is partially true but PenguinSix has mixed two different reporting processes - the trigger for routine reporting is absolute, there is no "change of pattern" trigger for reporting to the IRS. Amounts over US$10,000 are reported to the IRS, there is no tax implication and it is nothing to worry about - the bank takes care of it behind the scenes.
The other half of the story is money laundering reporting, which occurs when your bank decides that something is suspicious. You shouldn't be too concerned about this, and just making sure that you give good information in the wire memo field and notify your bank in the US that your account will be receiving a sum of approximately $x,000 from the sale proceeds of your home in the UK should be more than sufficient to prevent the bank reporting the wire as "suspicious".
Please note two things: (i) that färting around with your transfer, e.g. breaking the sum into multiple sub $10k wires to try to avoid the routine IRS reporting, is one sure way to get your bank to decide that the activity is suspicious! The routine reporting is nothing to be worried about, but I recommend avoiding trigger a suspicious activity report (SAR). And (ii) banks are prohibited from revealing that a SAR has been filed or even considered, AND asking about SARs and SAR reporting is highly likely to trigger the bank to at least review your account activity and consider filing a SAR. .... Again, don't worry about this, but don't go stirring up trouble for yourself!
The other half of the story is money laundering reporting, which occurs when your bank decides that something is suspicious. You shouldn't be too concerned about this, and just making sure that you give good information in the wire memo field and notify your bank in the US that your account will be receiving a sum of approximately $x,000 from the sale proceeds of your home in the UK should be more than sufficient to prevent the bank reporting the wire as "suspicious".
Please note two things: (i) that färting around with your transfer, e.g. breaking the sum into multiple sub $10k wires to try to avoid the routine IRS reporting, is one sure way to get your bank to decide that the activity is suspicious! The routine reporting is nothing to be worried about, but I recommend avoiding trigger a suspicious activity report (SAR). And (ii) banks are prohibited from revealing that a SAR has been filed or even considered, AND asking about SARs and SAR reporting is highly likely to trigger the bank to at least review your account activity and consider filing a SAR. .... Again, don't worry about this, but don't go stirring up trouble for yourself!
May 2nd 2017, 6:50 am
#28
Forum Regular
Joined: Apr 2016
Location: California
Posts: 233
Re: Transferring money from UK to USA
Thank you! I file a yearly Fbar for my UK account which has my house money sitting in it and now I want to transfer it over here as it is needed. It seems the most simple way is to transfer it from my UK HSBC account to my online US HSBC account. As HSBC UK know I live in the US I would hope they not file a SAR.
May 2nd 2017, 9:06 am
#29
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Re: Transferring money from UK to USA
Thank you! I file a yearly Fbar for my UK account which has my house money sitting in it and now I want to transfer it over here as it is needed. It seems the most simple way is to transfer it from my UK HSBC account to my online US HSBC account. As HSBC UK know I live in the US I would hope they not file a SAR.
For normal stuff ($10k or less) I use TransferWise. (We live in the UK and receive US pensions so do lots of transfers during the year)
FYI I recently wanted to transfer £50k to my sister and when I called with her bank details the HSBC rep said it would cost £30, but if time allowed I could send them £10k a day for 5 straight days at no charge. My sister then told her bank what to expect and that's what we did.
May 2nd 2017, 9:18 am
#30
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Thread Starter
Joined: Jun 2011
Posts: 69
Re: Transferring money from UK to USA
For very large sums like this I would call HSBC and request a rate. I've moved sums in excess of $100k from my HSBC US account to my HSBC UK account when buying a house. Calling in advance also ensures no SAR being filed.
For normal stuff ($10k or less) I use TransferWise. (We live in the UK and receive US pensions so do lots of transfers during the year)
FYI I recently wanted to transfer £50k to my sister and when I called with her bank details the HSBC rep said it would cost £30, but if time allowed I could send them £10k a day for 5 straight days at no charge. My sister then told her bank what to expect and that's what we did.
For normal stuff ($10k or less) I use TransferWise. (We live in the UK and receive US pensions so do lots of transfers during the year)
FYI I recently wanted to transfer £50k to my sister and when I called with her bank details the HSBC rep said it would cost £30, but if time allowed I could send them £10k a day for 5 straight days at no charge. My sister then told her bank what to expect and that's what we did.
