Transferring Funds

Ok so I want to buy a car now that I arrived in the UK.  I only brought 1k pounds with me in cash bc I was too chicken to bring much more in cash like my husband suggested. Now I am trying to figure out how to get money here to buy a car. 

If I wire or ACH/EFT ( not sure if I can do that internationally) money from my savings acct to a bank acct here in my name...will I have to pay taxes on it if its already been taxed in US when I filed income taxes etc?  I am thinking of transferring like 6k USD.

Also any suggestions on cheapest way to transfer funds would be great.

Transferring monies from the United States will make no difference to UK tax unless you are filing in the UK on the remittance basis.

You will likely get a much better deal if you use a foreign exchange specialist such as Transferwise, WorldFirst or TorFx (there are many others). Remember to check the exchange rate and fees when comparing services.

You will likely get a much better deal if you use a foreign exchange specialist such as Transferwise, WorldFirst or TorFx (there are many others). Remember to check the exchange rate and fees when comparing services.

Absolutely.

Transferring monies from the United States will make no difference to UK tax unless you are filing in the UK on the remittance basis.

Not sure I fully undertand remittance basis after reading about it online.  It sounds like since these are funds that I had prior to becoming a resident in England, it should not apply to me.  Correct?

Not sure I fully undertand remittance basis after reading about it online.  It sounds like since these are funds that I had prior to becoming a resident in England, it should not apply to me.  Correct?

You need to know how you are paying or will pay taxes in the U.K. Most of us returnees are paying taxes on an arising basis.

There will be no UK tax on any cash that you bring into the country. However, you will be liable to UK tax on any investment gains that you bring into the country if you are taxed on a remittance basis. If you are taxed on an arising basis then you will be liable to UK tax on those worldwide gains whether you bring the money to the UK or not.

Transferwise and some other fx sites are mentioned which I have investigated and yes they are much cheaper than using banks.  One question, if you open up one of these accounts do you have to report them on the FBAR and or form 8938, i.e., do they qualify as financial accounts?

Transferwise and some other fx sites are mentioned which I have investigated and yes they are much cheaper than using banks.  One question, if you open up one of these accounts do you have to report them on the FBAR and or form 8938, i.e., do they qualify as financial accounts?

No, because you don't hold money with them. Your money passes through them but once you click the submit button then you have no signature authority over the money that is going to pass from your bank account temporarily to them en route to your destination bank.