When we finally get our visa how do I move money over to the US

[Jessicacallum 14]

Ok so I told my grandfather that I will be moving to the US soon and what I didn't know he is giving us inheritance money and I'm getting mine early as I won't be around and it's going to be £200,000 which in dollars is about $322,222 how do I take this with me to the US

[florida4life 29]

What you can do is open an account in the US and transfer those funds into that account that the only way I can think of.

[ah20122013 0]

If you gonna transfer this money by w.u its gonna cost a lot of money for this big account .. and the maximum allowd ammount to cerry is $1000 i think . So account idea sounds good .. good luck sis

[Harpa Timsah 13,258]

You either cash it and carry it with you on the plane. Or you transfer it into a US account. Simple as.

You will need to figure out how inheritance is taxed in both countries, however.

Edited November 17, 2013 by Harpa Timsah

[Sharkano 13]

For that kind of cash, you need to consult an attorney knowledgeable in such area. You run serious risks if you do not do this the right way. I would NOT violate the laws in the U.S. by trying to smuggle the cash in, as your visa journey might end up being a short one if you do.

[Harpa Timsah 13,258]

For that kind of cash, you need to consult an attorney knowledgeable in such area. You run serious risks if you do not do this the right way. I would NOT violate the laws in the U.S. by trying to smuggle the cash in, as your visa journey might end up being a short one if you do.

Bringing cash in is not smuggling. You declare it in your customs forms. The end.

She has a separate tax issue, to figure out if an inheritance is taxed (presumably it was already taxed when the grandfather got it) but moving the money is not hard.

Edited November 17, 2013 by Harpa Timsah

[Jessicacallum 14]

Bringing cash in is not smuggling. You declare it in your customs forms. The end.

She has a separate tax issue, to figure out if an inheritance is taxed (presumably it was already taxed when the grandfather got it) but moving the money is not hard.

It's my money I'm moving from England to US I don't see how it should be taxed when it's his savings that he saved in England and it was from work he was taxed from in England so it's stupid if it has to be taxed again, but I didn't plan on smuggling it that's why I asked what's the correct process I don't want to lose all that money as we have plans for it already we want to buy a home straight out and a car and the rest will be useful till I get my ead to work

[Sharkano 13]

It's true it's not smuggling if you declare it, but I was pointing out you would need to comply with the law. Putting $320,000 in your pocket and waltzing on a plane with it and handing the customs guy your form noting the cash in your pocket may not be illegal, but it also might be the dumbest way to get the money transferred. I have to think there are way better options, which is why I think a lawyer is needed.

[Jessicacallum 14]

It's true it's not smuggling if you declare it, but I was pointing out you would need to comply with the law. Putting $320,000 in your pocket and waltzing on a plane with it and handing the customs guy your form noting the cash in your pocket may not be illegal, but it also might be the dumbest way to get the money transferred. I have to think there are way better options, which is why I think a lawyer is needed.

Oh I never planned on carrying the cash. I never carry more than 50 on me at a time, I was just wondering if I could open an account in the US from England and transfer the funds over I know it would cost me to do this but it'd be worth it. So confusing guess we will have to seek legal advice. I've never had this kind of money I never thought I would actually so this is all last minute stuff wish is piling on top things that need to get done already

[Nich-Nick 3,353]

Oh I never planned on carrying the cash. I never carry more than 50 on me at a time, I was just wondering if I could open an account in the US from England and transfer the funds over I know it would cost me to do this but it'd be worth it. So confusing guess we will have to seek legal advice. I've never had this kind of money I never thought I would actually so this is all last minute stuff wish is piling on top things that need to get done already

Unless your grandfather is deceased, it is not an inheritance. It is a gift. There are gifting laws in the UK that grandfather needs to look into. There are also laws in place where if grandfather dies within 7 years, your gift then falls under inheritance tax laws, even if it wasn't inheritance at the time. Your gift would be lumped back into the value of his estate. The estate threshhold is £325,000. Over that is taxed at 40%, so you could end up owing inheritance tax on part of your gift. And his gift is way over what is yearly allowed without UK tax implications.

See HMRC info on gifts http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm#2

As far as the US is concerned, there are no customs charges or US taxes to bring money from the UK. There is a required reporting of anything over $10k. If financial institutions transfer, they do the reporting paperwork. If you carry it in your pocket, then you do the reporting when you go through customs. Either way, it is reported and not charged customs or taxed.

A lot of people in the UK forum like using xe.com for the transfer because of lower service fees and good exchange rates.

Of note: once your money is in the US, then any interest it earns from investing it is a taxable amount. Only the new earnings, not your big lump sum.

Also if you leave it in the UK, there are certain US tax forms that want a reporting each year of foreign bank holdings. Again, it is a report for information, not to tax it.

[PhilLuv 43]

Couldn't have written it better (Nich-Nick)! You can use Xe.com or Currencyfair. Good rate with CurrencyFair though. Fingers crossed your grandpa will still be around in the next 7 years.

[altonbebe 48]

Jessica, you realy should remove the amount from your post.

[KayDeeCee 4,892]

~ Moved from K-1 Process to the UK regional forum - topic is not K-1 process and I think you would get the best answers from those in the UK that have had to do the same ~

[nobbie 105]

I have moved similar amounts here from the UK and it's easy. Just open an account here in the US and get you bank in the UK to transfer it.

Or better

I used HiFx who give you a better rate than your bank will and have no transfer charges.

[LauraDP 10]

We looked at the exchange rates and costs of lots of money transfer companies and in the end the best deal at that time was xe.com so that was who we used to move all of our money from our UK to US bank accounts. The taxation is a whole other issue to look into.

Best wishes

Laura