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USA to UK money transfer

USA to UK money transfer

Old Jul 16th 2013, 7:35 pm
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Default USA to UK money transfer

Seen lots of threads for moving money from the UK to the US, I tried couple forum searches for moving money the other way but couldn't find any.

What's the best way to send money back to the UK? I know you need to stay under $10k in the US, what is the trigger for money into the UK to avoid paperwork?
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Old Jul 16th 2013, 8:13 pm
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Default Re: USA to UK money transfer

Originally Posted by sanfranjones View Post
Seen lots of threads for moving money from the UK to the US, I tried couple forum searches for moving money the other way but couldn't find any.

What's the best way to send money back to the UK? I know you need to stay under $10k in the US, what is the trigger for money into the UK to avoid paperwork?
$10k has nothing, NOTHING, NOTHING to do with wires. It is purely a CASH reporting requirement.

Otherwise, same as UK->US, use xe.com.
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Old Jul 16th 2013, 9:00 pm
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Default Re: USA to UK money transfer

Got that the first time, Jeremy. Thank you. XE.COM it is and the reporting requirement for the UK?
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Old Jul 16th 2013, 9:09 pm
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Default Re: USA to UK money transfer

Originally Posted by sanfranjones View Post
Got that the first time, Jeremy. Thank you. XE.COM it is and the reporting requirement for the UK?
Sorry, I got a little heated there. It is a simple rule that is commonly misunderstood.

There is no reporting requirement for wires to or from the UK under any circumstances that are likely to affect you.
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Old Jul 16th 2013, 9:16 pm
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Default Re: USA to UK money transfer

Cheers. Given up on buying a house over here so gifting back some money.
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Old Jul 17th 2013, 1:44 pm
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Default Re: USA to UK money transfer

You just saved 6% (in agents' fees) and, depending on where you live, high property taxes. Nice one !
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Old Jul 24th 2013, 4:58 pm
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Default Re: USA to UK money transfer

Originally Posted by chuckles67 View Post
You just saved 6% (in agents' fees) and, depending on where you live, high property taxes. Nice one !
Slightly off topic (I tried a search), If I sell a house in the US and want to move the money back to the UK do I need to do some specific things first, so it does not present problems as if I was trafficker etc.
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Old Jul 24th 2013, 6:08 pm
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Default Re: USA to UK money transfer

Originally Posted by Caruthers View Post
Slightly off topic (I tried a search), If I sell a house in the US and want to move the money back to the UK do I need to do some specific things first, so it does not present problems as if I was trafficker etc.
If you try to do anything you are only likely to increase the risk of attracting exactly the sort of attention you are trying to avoid. The only thing you might want to do is visit your local bank branch and let them know you're about to receive the net proceeds of a house sale which you'll be sending to the UK. Say nothing more, just state the facts, and answer any questions as you would from an immigration officer i.e. truthfully and briefly, ...... and do NOT say you are concerned about being flagged as a trafficker!
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