Saturday, January 9, 2010

Transferring Money from your UK Bank to your US Bank

Partially to help me remember where the information is, partially to help others who read this blog, but...

A BIG HUGE thanks to Victoria for this incredibly helpful information.  I've been struggling to do this for the two years I've lived here (like she says in her post, I too still have student loans & a mortgage to pay in the US. ugh.).  Hitting the ATM while in the US to take money from your UK account, only to turn around and deposit in the US is certainly *not* ideal.  Looks like Victoria has found a way to easily, quickly & cheaply transfer money from your UK Bank to your US Bank (or Canadian...) using a service from company called ukforex.co.uk.

I haven't tried it yet, but I definitely will in a few months-and will let folks know how it goes.

As a somewhat related aside...you may want to read up on what amount can be transferred from the UK to the US before raising eyebrows with your bank-and possibly have to pay tax on it.  In speaking with my tax adviser about this previously, I was told to 'keep it minimal'-ie less than $10k a *year* would be good. But, above that, I'm sure the bank-and the IRS may start take notice.  Or not.  Depends on your situation, I guess.  But, worth a mention, nonetheless..

7 comments:

  1. Just wire it. Costs me about $30/transfer, plus the slight hit on the exchange rate. Goes from my hsbc account in the uk to my account in the us in 3-5 days.

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  2. Nice information about money transfer online. This blog help you transfer money abroad and exchange your currency in foreign currency in best exchange rates.

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  3. You should also look into the banking structures from country to country as they will typically be different and will affect the transfer process.
    There will also be a transfer fee in place which is typically given by most high street banks. So i would suggest looking into other options for transfering money in order to learn what your other options are.

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  4. How long does it take for a bank in the UK to transfer money to an account in Florida, US? Please answer ASAP. Thank you most sincerely.

    ReplyDelete
    Replies
    1. It depends on the service you use, your US bank, and the amount of funds you're transferring.
      At a minimum, I'd assume 3 business days. I wouldn't be surprised if it were closer to 5 business day from my experience.

      Delete
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