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SCOTTANDVICKI

Taxes and transferring money from UK to US

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Hello everyone, happy weekend!

We're just looking into Transferwise, who seem to be one of the best companies to use as regards transferring money between countries, but we do have a question.

From our research, we understand that we can bring in $10,000 each in cash into the U.S. without being taxed, but would this still be the case if we transferred that money into our account in the States via Transferwise?

Really grateful for any advice!

Thanks

Scott and Vicki


I-130 petition mailed (DCF) - Feb 6, 2015

NOA1 received - Feb 10, 2015

RFE received - Mar 13, 2015

RFE reply sent - Mar 14, 2015

NOA2 received - Mar 20, 2015

LND Number received - April 8, 2015

Booked medical - April 9, 2015

Packet 3 returned - April 11, 2015

Medical - April 20, 2015

Packet 4 received - April 29, 2015

Interview - May 29, 2015: APPROVED!

POE Dallas Fort Worth - June 10, 2015

Moved from Lake Texoma to Austin, TX - June 29, 2015

Got TX Drivers License - July 9, 2015

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You pay NO TAXES on money you already have in the UK and transfer to the US.

Following 911, there were some anti-terrorist issues addressed in law...the Patriot Act. The banking section of the act puts the $10,000 threshold on what needs to be reported, especially coming from foreign sources as a way to create a paper trail on large sums that could be part of terrorist funding or money laundering schemes. If you bring it in dollar bills in your suitcase, you fill out a form with CBP at entry. If you transfer with a bank or Transferwise, they have to do the necessary paperwork for reporting.

Reported money does not mean taxed. You can bring a million if you wish.


England.gifENGLAND ---

K-1 Timeline 4 months, 19 days 03-10-08 VSC to 7-29-08 Interview London

10-05-08 Married

AOS Timeline 5 months, 14 days 10-9-08 to 3-23-09 No interview

Removing Conditions Timeline 5 months, 20 days12-27-10 to 06-10-11 No interview

Citizenship Timeline 3 months, 26 days 12-31-11 Dallas to 4-26-12 Interview Houston

05-16-12 Oath ceremony

The journey from Fiancé to US citizenship:

4 years, 2 months, 6 days

243 pages of forms/documents submitted

No RFEs

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Basically, any bank would have to fill out a CTR if you have cash or a wire amount of over $10,000 in one day into your account. Don't try to avoid this or structure your transactions, just do it. The government doesn't care about honest people bringing money over for survival, they are looking for criminals who do this on a daily basis. I work at a bank, and these are common reports. Nothing scary, just names and amounts. If you are sincere, you're fine.

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Thanks so much you guys - that's really helpful and definitely one weight off our minds!


I-130 petition mailed (DCF) - Feb 6, 2015

NOA1 received - Feb 10, 2015

RFE received - Mar 13, 2015

RFE reply sent - Mar 14, 2015

NOA2 received - Mar 20, 2015

LND Number received - April 8, 2015

Booked medical - April 9, 2015

Packet 3 returned - April 11, 2015

Medical - April 20, 2015

Packet 4 received - April 29, 2015

Interview - May 29, 2015: APPROVED!

POE Dallas Fort Worth - June 10, 2015

Moved from Lake Texoma to Austin, TX - June 29, 2015

Got TX Drivers License - July 9, 2015

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Can anyone point me towards a thread or threads on here that discuss this sort of thing further, want to see what others have done and which services people have used for transferring my savings to the States when I get there.


ROC Timeline

I-797/NOA 1: January 12, 2018

Biometrics appointment: February 22, 2018

18-month I-797: August 10 2018

 

AOS Timeline

NOA 1 for I-485 and I-765: November 9, 2015

Biometrics appointment: December 2, 2015

RFE for I-485: December 3, 2015

EAD card and approval notice received: February 16, 2016

2-year conditional Green Card received: March 26, 2016

 

K-1 Timeline
NOA 1: December 8, 2014
NOA 2: June, 2015

Packet 3 received: July, 2015
Medical: August 12, 2015
Packet 4 received: September 23, 2015
Interview: September 25, 2015
Visa received: October 2, 2015

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You can go page after page in this UK forum where it has been discussed before. There is a VJ forum dedicated to taxes and finances but it is mostly about income tax returns.

People have liked xe.com and Transferwise and the general consensus is that is better than using a bank, getting a dollar account at a UK bank, PayPal, etc. We never transferred the UK money over here so I have no experience, so I am only repeating what others have said time after time.

Try the advanced search for Transferwise and you will likely find threads on the topic with other suggested ways to transfer money.


England.gifENGLAND ---

K-1 Timeline 4 months, 19 days 03-10-08 VSC to 7-29-08 Interview London

10-05-08 Married

AOS Timeline 5 months, 14 days 10-9-08 to 3-23-09 No interview

Removing Conditions Timeline 5 months, 20 days12-27-10 to 06-10-11 No interview

Citizenship Timeline 3 months, 26 days 12-31-11 Dallas to 4-26-12 Interview Houston

05-16-12 Oath ceremony

The journey from Fiancé to US citizenship:

4 years, 2 months, 6 days

243 pages of forms/documents submitted

No RFEs

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Can anyone point me towards a thread or threads on here that discuss this sort of thing further, want to see what others have done and which services people have used for transferring my savings to the States when I get there.

I've been using Transferwise and they've been flawless so far. I'd definitely recommend them.


I-130 petition mailed (DCF) - Feb 6, 2015

NOA1 received - Feb 10, 2015

RFE received - Mar 13, 2015

RFE reply sent - Mar 14, 2015

NOA2 received - Mar 20, 2015

LND Number received - April 8, 2015

Booked medical - April 9, 2015

Packet 3 returned - April 11, 2015

Medical - April 20, 2015

Packet 4 received - April 29, 2015

Interview - May 29, 2015: APPROVED!

POE Dallas Fort Worth - June 10, 2015

Moved from Lake Texoma to Austin, TX - June 29, 2015

Got TX Drivers License - July 9, 2015

Share this post


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I've been using Transferwise and they've been flawless so far. I'd definitely recommend them.

I've heard good things about it. I'm going to have around $12-14,000 to transfer from my UK account to my US account when I get it opened when I get there, so I could save a lot of money by using that rather than my bank for sure! Reading that doing it all at once shouldn't cause any concerns at the American end is a relief!

Need to transfer a far more modest money over to my fiancee to help pay for wedding stuff in a couple of weeks so might try that first with Transferwise just to bed me in gently in not using my bank to transfer money haha.


ROC Timeline

I-797/NOA 1: January 12, 2018

Biometrics appointment: February 22, 2018

18-month I-797: August 10 2018

 

AOS Timeline

NOA 1 for I-485 and I-765: November 9, 2015

Biometrics appointment: December 2, 2015

RFE for I-485: December 3, 2015

EAD card and approval notice received: February 16, 2016

2-year conditional Green Card received: March 26, 2016

 

K-1 Timeline
NOA 1: December 8, 2014
NOA 2: June, 2015

Packet 3 received: July, 2015
Medical: August 12, 2015
Packet 4 received: September 23, 2015
Interview: September 25, 2015
Visa received: October 2, 2015

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Along the lines of the earlier question about reporting transfer amounts over $10K to the US government....

If you leave it in the UK, you also have to report amounts over $10K you hold in foreign (UK) bank accounts. The report (FBAR) goes to the US Treasury by June 30 for the previous year. You do one every year if your total deposits in foreign accounts exceeds the threshold anytime during the year.

That isn't £10,000. It is the equivalent of $10,000. Time to do the FBAR for 2014 foreign accounts if you lived in the US in 2014. It is done electronically now, rather than a paper form.

Info http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

Edited by Nich-Nick

England.gifENGLAND ---

K-1 Timeline 4 months, 19 days 03-10-08 VSC to 7-29-08 Interview London

10-05-08 Married

AOS Timeline 5 months, 14 days 10-9-08 to 3-23-09 No interview

Removing Conditions Timeline 5 months, 20 days12-27-10 to 06-10-11 No interview

Citizenship Timeline 3 months, 26 days 12-31-11 Dallas to 4-26-12 Interview Houston

05-16-12 Oath ceremony

The journey from Fiancé to US citizenship:

4 years, 2 months, 6 days

243 pages of forms/documents submitted

No RFEs

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Well, I'm not planning on leaving that much in my British account - will get to America on the K1 and then after opening my US bank account will transfer my money over then - either into my account or, potentially, into the joint account we are also planning to set up after the wedding.

Incidentally, does anyone alert you to all these sorts of things (i.e. the FBAR form) when you get to America or is it simply a case of you having to research everything you are required to do or else face the punishment for not doing so?

Edited by swji89

ROC Timeline

I-797/NOA 1: January 12, 2018

Biometrics appointment: February 22, 2018

18-month I-797: August 10 2018

 

AOS Timeline

NOA 1 for I-485 and I-765: November 9, 2015

Biometrics appointment: December 2, 2015

RFE for I-485: December 3, 2015

EAD card and approval notice received: February 16, 2016

2-year conditional Green Card received: March 26, 2016

 

K-1 Timeline
NOA 1: December 8, 2014
NOA 2: June, 2015

Packet 3 received: July, 2015
Medical: August 12, 2015
Packet 4 received: September 23, 2015
Interview: September 25, 2015
Visa received: October 2, 2015

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If you mean does USCIS give you the info in a welcome packet, no to FBAR and anything to do with taxes. I learned about FBAR on Visa Journey in this UK forum. I think TurboTax also alerts you in their "interview" style format even though it is not part of a tax return. There is also the newer FATCA which is part of the tax return, even though it is also only a report. The threshold is $100k for joint returns. Pension accounts count.

Good luck opening a bank account. Some K1s have trouble for lack of having a greencard or any document that says they are allowed to remain in the US past the 90 days given at entry. For example if you marry in Octobr, it could easily be January before you get an EAD card that shows you have a one year legal presence in the US. It depends on the bank so try another if the first few give you trouble. Do get a SSN shortly after arrival.


England.gifENGLAND ---

K-1 Timeline 4 months, 19 days 03-10-08 VSC to 7-29-08 Interview London

10-05-08 Married

AOS Timeline 5 months, 14 days 10-9-08 to 3-23-09 No interview

Removing Conditions Timeline 5 months, 20 days12-27-10 to 06-10-11 No interview

Citizenship Timeline 3 months, 26 days 12-31-11 Dallas to 4-26-12 Interview Houston

05-16-12 Oath ceremony

The journey from Fiancé to US citizenship:

4 years, 2 months, 6 days

243 pages of forms/documents submitted

No RFEs

Share this post


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If you mean does USCIS give you the info in a welcome packet, no to FBAR and anything to do with taxes. I learned about FBAR on Visa Journey in this UK forum. I think TurboTax also alerts you in their "interview" style format even though it is not part of a tax return. There is also the newer FATCA which is part of the tax return, even though it is also only a report. The threshold is $100k for joint returns. Pension accounts count.

Good luck opening a bank account. Some K1s have trouble for lack of having a greencard or any document that says they are allowed to remain in the US past the 90 days given at entry. For example if you marry in Octobr, it could easily be January before you get an EAD card that shows you have a one year legal presence in the US. It depends on the bank so try another if the first few give you trouble. Do get a SSN shortly after arrival.

I do wonder how they expect you to know these things!

On the bank account, getting a SSN after a couple of weeks being there is on the list, and then will try my fiancee's bank first. If not, gee I'll have to wait the three months for the EAD and then open one, and will just have to use the money from my British bank account... although the charges won't be pleasant. Alternatively could just transfer everything into my fiancee's account if that's allowed?

Edited by swji89

ROC Timeline

I-797/NOA 1: January 12, 2018

Biometrics appointment: February 22, 2018

18-month I-797: August 10 2018

 

AOS Timeline

NOA 1 for I-485 and I-765: November 9, 2015

Biometrics appointment: December 2, 2015

RFE for I-485: December 3, 2015

EAD card and approval notice received: February 16, 2016

2-year conditional Green Card received: March 26, 2016

 

K-1 Timeline
NOA 1: December 8, 2014
NOA 2: June, 2015

Packet 3 received: July, 2015
Medical: August 12, 2015
Packet 4 received: September 23, 2015
Interview: September 25, 2015
Visa received: October 2, 2015

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You may have no trouble. It is all about what that bank requires for identification and policies on foreigners opening accounts. You will learn that a K1 is sort of a big nothing for awhile. You consider yourself an immigrant living in the US. Yet you have no documentation saying you can stay. You basically get an I-94 saying you are allowed in the US for 90 days. Most states won't give you a driver license. Some Social Security offices are clueless that a K1 can have a SSN. Banks treat you like a foreigner, not a US resident. It frustrates many K1s.

Go to the bank and see what happens. No way to guess. Spend her money until you get sorted. Isn't that what the affidavit of support is all about? She can afford to bring an immigrant and provide for him? That could be a new thread discussion. Money: yours, mine, or ours? How do you handle finances?


England.gifENGLAND ---

K-1 Timeline 4 months, 19 days 03-10-08 VSC to 7-29-08 Interview London

10-05-08 Married

AOS Timeline 5 months, 14 days 10-9-08 to 3-23-09 No interview

Removing Conditions Timeline 5 months, 20 days12-27-10 to 06-10-11 No interview

Citizenship Timeline 3 months, 26 days 12-31-11 Dallas to 4-26-12 Interview Houston

05-16-12 Oath ceremony

The journey from Fiancé to US citizenship:

4 years, 2 months, 6 days

243 pages of forms/documents submitted

No RFEs

Share this post


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That could be a new thread discussion. Money: yours, mine, or ours? How do you handle finances?

That's a good idea! Might just do that ;)


ROC Timeline

I-797/NOA 1: January 12, 2018

Biometrics appointment: February 22, 2018

18-month I-797: August 10 2018

 

AOS Timeline

NOA 1 for I-485 and I-765: November 9, 2015

Biometrics appointment: December 2, 2015

RFE for I-485: December 3, 2015

EAD card and approval notice received: February 16, 2016

2-year conditional Green Card received: March 26, 2016

 

K-1 Timeline
NOA 1: December 8, 2014
NOA 2: June, 2015

Packet 3 received: July, 2015
Medical: August 12, 2015
Packet 4 received: September 23, 2015
Interview: September 25, 2015
Visa received: October 2, 2015

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