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Topic: US inheritance - UK taxes and transfers  (Read 2452 times)

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Re: US inheritance - UK taxes and transfers
« Reply #15 on: March 09, 2016, 09:31:41 PM »
Does Transferwise itself get reported on an FBAR & 8938, or is not foreign?

I've never reported as I don't believe I have any signature authority over it.  I hold $0 with them and once I initiate a transfer, the instant the money leaves my US bank I cannot do anything with the money, including cancel the transfer which arrives a day or 2 later into my UK bank account.
Dual USC/UKC living in the UK since May 2016


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Re: US inheritance - UK taxes and transfers
« Reply #16 on: March 09, 2016, 09:34:44 PM »
Does Transferwise itself get reported on an FBAR & 8938, or is not foreign?
I thought the US office was in New York, on the Estonian side of the River.


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Re: US inheritance - UK taxes and transfers
« Reply #17 on: March 09, 2016, 09:40:38 PM »
I thought the US office was in New York, on the Estonian side of the River.

From the Transferwise website.

Quote
TransferWise uses licensed banking partners in the US. Our partners are regulated by the United States Treasury Department regulator, FinCEN. With regards to anti-money laundering, they are also regulated by the Bank Secrecy Act.

So I believe you are correct that the clearing bank used in the transfer is a US bank not a foreign one.
Dual USC/UKC living in the UK since May 2016


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Re: US inheritance - UK taxes and transfers
« Reply #18 on: March 10, 2016, 01:31:28 PM »
Many thanks to everyone for all the great info.


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