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UK house sold, moving money to US.

UK house sold, moving money to US.

Old Mar 15th 2018, 11:33 am
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Default UK house sold, moving money to US.

Guys,

My UK house has sold recently and soon will be in a position to transfer the funds to the US.

However, as I don't have a US bank account, if I transfer the money into my wife's account will we be charged tax?

Thanks
T
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Old Mar 15th 2018, 11:38 am
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Default Re: UK house sold, moving money to US.

Originally Posted by BigT103 View Post
Guys,

My UK house has sold recently and soon will be in a position to transfer the funds to the US.

However, as I don't have a US bank account, if I transfer the money into my wife's account will we be charged tax?

Thanks
T
No, you can transfer it to your wife's account and there will be no tax. Check with your bank's "dealing desk" as well as money exchange companies to get the best deal. It's best for your wife to inform her bank when the transfer is imminent. Here's a list:

https://moneytransfercomparison.com/
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Old Mar 15th 2018, 11:40 am
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Default Re: UK house sold, moving money to US.

Originally Posted by MidAtlantic View Post
No, you can transfer it to your wife's account and there will be no tax. Check with your bank's "dealing desk" as well as money exchange companies to get the best deal. It's best for your wife to inform her bank when the transfer is imminent. Here's a list:

https://moneytransfercomparison.com/
That's great MidAtlantic, would we need to let her bank know in advance and prove where the money came from?
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Old Mar 15th 2018, 12:08 pm
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Default Re: UK house sold, moving money to US.

Originally Posted by BigT103 View Post
That's great MidAtlantic, would we need to let her bank know in advance and prove where the money came from?
Yes, tell them in advance and just say that it is from your UK house sale. If the need anything else they will ask you. Keep records of your house sale so that you can prove that that is the source. It's all about money laundering prevention!
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Old Mar 15th 2018, 5:53 pm
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Default Re: UK house sold, moving money to US.

Originally Posted by MidAtlantic View Post
Yes, tell them in advance and just say that it is from your UK house sale. If the need anything else they will ask you. Keep records of your house sale so that you can prove that that is the source. It's all about money laundering prevention!
+1

On our big transfer to the solicitor while buying a house a year they asked us to provide proof as to where the funds came from and a scanned image emailed in was sufficient.
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Old Mar 15th 2018, 8:15 pm
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Default Re: UK house sold, moving money to US.

Some of the money transfer companies will only do so to an account which is in your name, or yours and a joint account holder.
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Old Mar 16th 2018, 8:27 am
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Default Re: UK house sold, moving money to US.

If you will owe tax in the States on any gain or foreign currency gain on repaying a mortgage; you'll have to remember to save some of the money to pay to the IRS...
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Old Mar 19th 2018, 11:57 am
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Default Re: UK house sold, moving money to US.

Originally Posted by lansbury View Post
Some of the money transfer companies will only do so to an account which is in your name, or yours and a joint account holder.
Are you sure? I think it is the other way around. They will only receive funds from the registered account holder, or a joint account, but will pay out to anyone.
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Old Mar 19th 2018, 1:03 pm
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Default Re: UK house sold, moving money to US.

No, you will not be charged any tax because of that
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Old Mar 19th 2018, 1:09 pm
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Default Re: UK house sold, moving money to US.

Originally Posted by MidAtlantic View Post
Are you sure? I think it is the other way around. They will only receive funds from the registered account holder, or a joint account, but will pay out to anyone.
Correct - i've sent money to my sibling using Transferwise.
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Old Mar 19th 2018, 1:17 pm
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Default Re: UK house sold, moving money to US.

Originally Posted by tom169 View Post
Correct - i've sent money to my sibling using Transferwise.
#metoo
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Old Mar 19th 2018, 4:11 pm
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Default Re: UK house sold, moving money to US.

Originally Posted by tom169 View Post
Correct - i've sent money to my sibling using Transferwise.
Sane here, to my sister in England and to my brother in Australia.

Prior to Transferwise I've used XE.com to send euros to a person in Ireland whose house we were renting for a vacation. I remember them providing the IBAN number of their account.
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