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sparkofcreation

Transferring money UK>US

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Both of G's grandparents died last year, and his mum has finally decided that we're old enough (at 27) to get G's share of the money from the sale of their house now (her original plan was to keep it until we'd "found a good use for it"—which we have, but our financial problems are not exactly her business!) and so it's now just a question of how to get it here.

It's about £15K, which is currently about $26K, and basically we just want to know how to get it here. Most likely she'll deposit it in G's account in the UK and he'll wire it to himself here—we've done that before (with much smaller amounts of money). Essentially:

1. Is there a limit to how much money one can wire to oneself and/or how often?

2. Are there any legal or tax consequences to doing so and is there a threshold at which they come into effect?

3. Will he (we) have to pay an inheritance tax on the money? Or any other taxes?

4. Is there another, better way to get the money here than have him wire it to himself?

He has Royal Bank of Scotland there in the UK and we have Bank of America here, if that makes a difference. I know there's tax consequences to wiring more than $10K here, but I don't believe there's a time factor—you can get two $6000 wire transfers the same day, for example.


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Any information, opinions, etc., given by me are based entirely on personal experience, observations, research common sense, and an insanely accurate memory; and are not in any way meant to constitute (1) legal advice nor (2) the official policies/advice of my employer.

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I *believe* that unless the money comes from investments or business (and is therefore in those instances 'earnings') it does not come under tax laws (the inheritance is from a foreign location and is really a 'gift' more than an inheritance as the gift-giver isn't dead.

Again AFAIK there is no limit on the amount of money you can wire yourself but you may face questions from the bank about the source - you should ask the bank if they require any documentation (would be in the form of a notairsed statement I imagine) to verify that the money is a genuine gift (as opposed to proceddings of crime).

Definitely check with your bank because not all banks are equal rule-wise.

You can also go to the IRS website and double check tax rules.


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I used to work in the foreign exchange industry in the UK, so I can tell you there is no limit to the amount of money you can transfer to the US, I can also give you some details as to what you might expect, although I expect that every place does things slightly differently.

But when the money involved reaches £10K or more, every banking/money changing institution is required to carry out anti-money laundering procedures, if they do not do so, the financial institution can be fined, and the person who actually handles the transaction can be proscuted and jailed for five years. But financial institutions can also carry out the same anti-money laundering procedures for any amount of money they are dealing with, if they have suspiscions about the person changing the money, it also has to be done, when I person consistently changes large-ish amounts money, since a lot of people laundering money, know the thresholds that trigger the procedures.

Having said that, your fiance shouldn't have too much trouble with the amount of £15K, as long as he answers any questions asked about the money, they'll be how, where and why kind of questions. He may also be asked for paperwork to back this up and for ID. I would imagine a letter from the relative giving the money would be fine in this instance, that would be fine for me. I have actually changed £10K for a customer into USD before at an airport, no less. The restrictions might be a bit tighter right now though, due to the robbery that happened in Kent, yesterday.

I hope that helped some. :)

Edited by HuffyTheSlayer

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http://www.cbp.gov/linkhandler/cgov/toolbo...cations/travel/ currency_reporting.ctt/currency_reporting.doc

"It is legal to transport any amount of currency or other monetary instruments into or out of the United States. However, if you transport, attempt to transport, or cause to be transported (including by mail or other means) currency or other monetary instruments in an aggregate amount exceeding $10,000 (or its foreign equivalent) at one time from the United States to any foreign place, or into the United States from any foreign place, you must file a report with U.S. Customs. This report is called the Report of International Transportation of Currency or Monetary Instruments, Customs Form 4790 (http://www.customs.gov/travel/forms.htm). Furthermore, if you receive in the United States, currency or other monetary instruments in an aggregate amount exceeding $10,000 (or its foreign equivalent) at one time which has been transported, mailed, or shipped to you from any foreign place, you must file a CF-4790. These forms can be obtained at all U.S. ports of entry and departure. "


Laurence and Charlie

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But I think that applies to currency and the like ... bonds, checks, stock certificates, etc.—things that are physically transported. You don't have to file a customs declaration for virtual money, do you?


Bethany (NJ, USA) & Gareth (Scotland, UK)

-----------------------------------------------

01 Nov 2007: N-400 FedEx'd to TSC

05 Nov 2007: NOA-1 Date

28 Dec 2007: Check cashed

05 Jan 2008: NOA-1 Received

02 Feb 2008: Biometrics notice received

23 Feb 2008: Biometrics at Albuquerque ASC

12 Jun 2008: Interview letter received

12 Aug 2008: Interview at Albuquerque DO--PASSED!

15 Aug 2008: Oath Ceremony

-----------------------------------------------

Any information, opinions, etc., given by me are based entirely on personal experience, observations, research common sense, and an insanely accurate memory; and are not in any way meant to constitute (1) legal advice nor (2) the official policies/advice of my employer.

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But I think that applies to currency and the like ... bonds, checks, stock certificates, etc.—things that are physically transported. You don't have to file a customs declaration for virtual money, do you?

it says an amount exceeding $10,000 or its currency equivalent.. so in British Pounds that would be approx 5,750 and yes it would also apply to an international transfer of funds. Even if you don't transfer the money and keep it in your account abroad, by law, you have to file a Report of Foreign Bank and Financial Accounts form along with your tax return.


Laurence and Charlie

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But I think that applies to currency and the like ... bonds, checks, stock certificates, etc.—things that are physically transported. You don't have to file a customs declaration for virtual money, do you?

it says an amount exceeding $10,000 or its currency equivalent.. so in British Pounds that would be approx 5,750 and yes it would also apply to an international transfer of funds. Even if you don't transfer the money and keep it in your account abroad, by law, you have to file a Report of Foreign Bank and Financial Accounts form along with your tax return.

Wow lolo.. what you said is wrong on so many levels.

Spark is correct in that rule only applies to the physical transport of currency.

As previously stated, you can wire any amount you want without consequence.

As far as the tax implications go, Spark, the best thing for you to do would be to contact a qualified accountant with regards to international inheritance and gift taxes. I don't think an internet message board is the best place to get reliable information on this.

Edited by flipside

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But I think that applies to currency and the like ... bonds, checks, stock certificates, etc.—things that are physically transported. You don't have to file a customs declaration for virtual money, do you?

it says an amount exceeding $10,000 or its currency equivalent.. so in British Pounds that would be approx 5,750 and yes it would also apply to an international transfer of funds. Even if you don't transfer the money and keep it in your account abroad, by law, you have to file a Report of Foreign Bank and Financial Accounts form along with your tax return.

Wow lolo.. what you said is wrong on so many levels.

Spark is correct in that rule only applies to the physical transport of currency.

As previously stated, you can wire any amount you want without consequence.

As far as the tax implications go, Spark, the best thing for you to do would be to contact a qualified accountant with regards to international inheritance and gift taxes. I don't think an internet message board is the best place to get reliable information on this.

I find it surprising that you can just wire any amount but you're right an accountant should give an accurate and reliable info!


Laurence and Charlie

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But I think that applies to currency and the like ... bonds, checks, stock certificates, etc.—things that are physically transported. You don't have to file a customs declaration for virtual money, do you?

it says an amount exceeding $10,000 or its currency equivalent.. so in British Pounds that would be approx 5,750 and yes it would also apply to an international transfer of funds. Even if you don't transfer the money and keep it in your account abroad, by law, you have to file a Report of Foreign Bank and Financial Accounts form along with your tax return.

Wow lolo.. what you said is wrong on so many levels.

Spark is correct in that rule only applies to the physical transport of currency.

As previously stated, you can wire any amount you want without consequence.

As far as the tax implications go, Spark, the best thing for you to do would be to contact a qualified accountant with regards to international inheritance and gift taxes. I don't think an internet message board is the best place to get reliable information on this.

I find it surprising that you can just wire any amount but you're right an accountant should give an accurate and reliable info!

If you wire +10K, the bank does the reporting for you. It's a simple Customs declaration against money laundering as stated.


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Every bank is required to report a deposit or money transfer of $10K or more, you may not have to pay taxes on it (most likely not, since it was inherited in another country), but the Feds are going to know about it one way or another. You just have to explain where it came from, is all.

Edited by luvaLimey

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Every bank is required to report a deposit or money transfer of $10K or more, you may not have to pay taxes on it (most likely not, since it was inherited in another country), but the Feds are going to know about it one way or another. You just have to explain where it came from, is all.

Umm interesting, I dont know what to do with my money when I sell my house here in the UK. I am not at that stage yet but am thinking ahead yet again. I am hoping to get around £90,000 profit from my sale of house. I dont know if i have to pay anything here in the UK when I sell a house but I am sure if i get an estate agent to deal with it they should deal it that side. Initially that money would be paid into my checking account here in the UK, but when i finally get to USA, some of that money would be used for the wedding etc but the bulk of it we want to put down on a house there. I was intending on putting the money into my fiance's account (as i dont know if I will be able to get an account on my name straight away). The US currency amount would be appox. $153,000 (calculated at rate of £1 = $1.70). This money would only stay in his account till we buy our home, we have already been looking while i was there in January and seen a great place - just dont know if it will still be in the market when I get there! If not we desperately need to buy a new home within the first few months after our marriage!! Anyways I was just wandering what your suggestions would be? Would a large sum like that effect him? after reading this thread it seems like it will but does that mean he has to claim it on his next tax return although it is my money? OR is it in my best interest to wait till we get married then try to open my own separate bank account then transfer the money via wire transfer to my account?

Lina (UKC)


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personally Im going to leave some of the money in the UK, and bring some, and also wire myself some - but Im waiting to get my own account (bank should let you open one if you have a big amount to deposit I feel, lol) before I deposit the bulk of it.

Someone on the old board mentioned they were in same situation and worried that them paying a HUGE sum to their to-be spouse might look as if they were 'paying' them.

I don't know if/how it would affect their taxes - he'd have to enquire with the IRS about that part..


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You can wire any amount of money. I wired 20.000 gbp for 25 gbp shortly before I arrived here.

As far as inheritance tax goes. The estate was not in USA and it's the estate that pays inheritance tax, ergo it is paid in UK following UK law and the residue after tax is handed over to the beneficiary.

btw .. the limit for gifts in any one year is 10.000 USD.

and ... you are obliged to report to the IRS what accounts you have in financial institutions abroad. Financial institutions, in this case, being banks, savings banks, building societies etc. i.e. accounts that are interest bearing rather than stocks and shares from which you dirive dividends.

I think I got this last bit right but as I haven't done it yet I'll report back when I have!


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Seems so this is on the same subject of one of the questions I was going to ask at a later stage, I figured I'd nip it in the bud now to save webspace.

Basically when I move to the US from the UK I will be looking at transferring a bulk of cash, for arguments sake $5k-$10k US. This will be from my UK account to my US account. How would I go about this?

Also I am planning on leaving my credit card accounts running back home in the UK as I will still have to pay back the full balances over time. I'm thinking of leaving my existing debit account with a small amount of £GBP in there to cover those payments and then if I need to, wire money from my new US account to my old UK debit account and make payments that way.

Any ideas on how I go about all of this, hopefully I was clear on what I was asking!

Regards,

Justin :)


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Seems so this is on the same subject of one of the questions I was going to ask at a later stage, I figured I'd nip it in the bud now to save webspace.

Basically when I move to the US from the UK I will be looking at transferring a bulk of cash, for arguments sake $5k-$10k US. This will be from my UK account to my US account. How would I go about this?

Also I am planning on leaving my credit card accounts running back home in the UK as I will still have to pay back the full balances over time. I'm thinking of leaving my existing debit account with a small amount of £GBP in there to cover those payments and then if I need to, wire money from my new US account to my old UK debit account and make payments that way.

Any ideas on how I go about all of this, hopefully I was clear on what I was asking!

Regards,

Justin :)

Hi,

I saw this thread and decided to add my take on this, I'm with the Nat West in the UK nad they will transfer all my money to the USA for one fee of £18, you dont have to file anything and as long as its from your bank account no one will be asking you anything although knowing the USA the feds will be getting notice of the wire transfer and will establish the facts on your account balance that existed at home in England.

My bulk is from a house sale too along with a considerable sum of personal savings and monies from things I cashed in like PEP's and Investment plans that you cant keep if you leave the country and no longer pay tax here.

So bottom line is its your money do what you want with it but if your going to marry the USC then you may as well show total trust in them and take out a joint bank account with them especially if they have the SSN and you dont, that minor detail can be added once you have your own SSN.

Then you have the benefit of having their credit score attached to your name as well and can use ATM's and have a check book and as they do being a joint account holder.

Im going to buy myself a car and despite being able to do that outright I'm going to have some on credit too and just pay it off after a few months, get a no interest credit loan and pay it off early it still reflects credit points.

Hope this is useful to you cause Im sure its not as complicated as some make it sound albeit their intentions are good andits how they percieve it.

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