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Topic: Looking to transfer USD to GBP  (Read 1501 times)

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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!


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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


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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.


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