Hello
Guest

Sponsored Links


Topic: Looking to transfer USD to GBP  (Read 1502 times)

0 Members and 3 Guests are viewing this topic.

  • *
  • Posts: 7

  • Liked: 0
  • Joined: Jul 2021
Looking to transfer USD to GBP
« on: August 03, 2021, 03:58:12 PM »
Hi!
We are beginning to think about purchasing property in the UK, and I'll be needing to move over some USD for a down payment. My parents would be helping out, but their money could be transferred to my US account.

I'm very new at this and would appreciate any advice for:

1)Best companies to use (are there any banks that operate in the uk and us and would do this for a small fee?)
2) Any tax implications on both the US and UK sides (Is it better for the money to be transferred/gifted to my husband's UK account rather than my own? Should i be trying to move part of the sum before the end of 2021?)
3) Anything else I should be aware of?

Would love to hear any success stories or warnings!


  • *
  • Posts: 4133

  • Liked: 750
  • Joined: Nov 2012
  • Location: Eee, bah gum.
Re: Looking to transfer USD to GBP
« Reply #1 on: August 03, 2021, 05:19:10 PM »
Our bank is HSBC in both the UK and USA and moving money between is extremely easy and they brag about their low cost doing this. However, every time I have compared their "Global transfer" bank to bank it is more expensive than what I use by choice, Wise. (aka TransferWise).

You have no tax implications moving the money but for large sums I would inform the receiving bank of the incoming transfer.  If your parents exceed the annual gifting maximum in the USA ($15k each) they will need to file a gift tax form to report it. No gift taxes due by them until they have exceeded the lifetime limit of over $11m each.

https://www.irs.gov/forms-pubs/about-form-709

Dual USC/UKC living in the UK since May 2016


  • *
  • Posts: 17769

  • Liked: 6118
  • Joined: Sep 2010
Re: Looking to transfer USD to GBP
« Reply #2 on: August 03, 2021, 05:54:11 PM »
Almost all of us here use Wise, formerly Transferwise.

Be aware of FBAR if the money is going to be in an account in your name in the UK.


Sponsored Links