Transferring large US sum into UK account

I'm considering taking out a home equity loan against my US home from a US bank, and transferring the cash to my UK bank account to use as a downpayment on a UK property.  Is there a limit or any tax liability with moving large (over $10k) funds from US to the UK?  I did a quick Google search and the only catch seems to be filling out a required IRS anti-money laundering form to prove the source of the money.

As for actually transferring the money from the US to the UK, is PayPal still the cheapest option?  Thanks!

when i transferred a large sum of US to the UK to pay for UK house (at least down payment of it), i had to pay UK taxes.

now, in my case the US money came from the sale of stocks, and i had already paid capital gains taxes in the US.  therefore, when i moved the money to the UK, i got a credit for US capital gains taxes already paid, and the UK has a threshold for capital gains taxes.  therefore, the tax liability was very small. 

I had a meeting with a money exchange company on Friday, and it is possible that I will be officially recommending their services, as they offer very competetive exchange rates and no charge.  I might also be pointing them in Leah's direction, as I suspect they may be interested in some sort of special deal for UKY clients.

Watch this space and I'll get back to you.

Vicky

Yo Apstyle!
Long time no post mate!

Couple of points -

I think by transferring large amounts in, you 'might' be liable for tax? - seeing as the loan is 'personal' funds coming in, I have a feeling it'll be subject to income tax. I'm not 100% sure though, maybe do some diggin around and ask over on the Tax section here and maybe Guya & Lizzit can clarify further.

I don't think Paypal is the cheapest option for currency exchange in large amounts although I could wrong especially as the direction is USA > UK. I've been looking the 'other' way UK>USA and other places and the specialist money currency exchange type places are the best bet for large sums of money.

Take a look at Moneycorp, HIFX etc as their rates are better than high st. banks etc and they seem to have good experience with sums being moved for property investment/purchase requirements.

Finally, you're looking to buy here?!  I don't know your individual circumstances of course, however I'd advise you sit tight for as long as you can to see what the property market does in the next few months - many many buyers 'seem' to be following this as proeprty exhcnages are declining quite rapidly. If the USA does slip 'officially' into recession (amongst other possibles) , you can be pretty certain soon after it'll follow here.

That said, if you do come across something which suits you and you can afford it even if the market or outlook does indeed fall after the purchase, then go for it !!

Cheers mate!

DtM! West London & Slough UK!

I had a meeting with a money exchange company on Friday, and it is possible that I will be officially recommending their services, as they offer very competetive exchange rates and no charge.  I might also be pointing them in Leah's direction, as I suspect they may be interested in some sort of special deal for UKY clients.

Watch this space and I'll get back to you.

Vicky

I'll be keepin my eye out for this! Cheers Vicky!

Thanks for the advice ya'll!

I had a meeting with a money exchange company on Friday, and it is possible that I will be officially recommending their services, as they offer very competetive exchange rates and no charge.  I might also be pointing them in Leah's direction, as I suspect they may be interested in some sort of special deal for UKY clients.

Watch this space and I'll get back to you.

Vicky

Hey Vicky,

Any word on this? I'm trying to work out how I'll be getting some divorce money later in the month.

Our best though was opening Citibank accounts and transferring between them. Of course, it's a huge hassle for me because I have to get certified copies and bank cheques and all sorts to prove who I am on this end.

Sorry, I will get something to you tomorrow.

Vicky