Taking Money to the US

[lquin 0]

1. Is there any limit to transferring money to the US when you move there ?

2. Whats the best way.. i.e bank transfer ?

3. Can you keep a UK bank account open ? I heard that UK savings accounts are better than the US ones, is this true ?

And finally... how much do you think is required to move to the US ?.. I realise nobody can answer this question properly as everbodys situation is different.. I was just curious what would be a good starting point.. i.e I wouldnt go with less than $xxxxx

[munchkins 0]

as far as I am aware you can $10,000 in cash when you fly.

In terms of transferring cash I do not think there is a limit at all, we are doing bank transfer for all our funds

some people use special money transfer companies. I have checked that and there is not much difference. If you are going to be using a bank transfer, if it is anything like our bank as long as you are transferring more than £20,000 you get the business rate which is far better than the tourist rate.

And yes you can leave a UK bank account open

In terms of how much will you need,- how long is a piece of string???

[girl 37 7]

I have a Canadian bank account and a Bank of America account. Whenever I'm in the US and need money, I go to Bank of America and deposit a cheque from my Canadian account. They do the conversion, and there's $$ in my Bank of America account. Very painless.

[nomanches 0]

as far as I am aware you can $10,000 in cash when you fly.

You can carry more than $10,000 with you when you fly (although I'm not really sure why anyone would want to.) The only thing the law says is that you have to DECLARE if you have more money than that on you. You could carry $50,000 in a briefcase and as long as you put that down on the customs form it wouldnt be illegal or anything.

[Anyta Holland 1]

We are planning to take Bankers Draft cheques made in US dollars from our accounts in the UK.

I am hoping that they can do them here! As we do not have a bank account in the USA so we can't transfer yet!

hope this helps!

[Collie 122]

We actually just did a bank wire transfer recently for a 5 figured sum from my bank in the uk to a bank here. Transfer cost 25 GBP an arrived that same day. Brill service!

[*Robert* 2]

as far as I am aware you can $10,000 in cash when you fly.

You can carry more than $10,000 with you when you fly (although I'm not really sure why anyone would want to.) The only thing the law says is that you have to DECLARE if you have more money than that on you. You could carry $50,000 in a briefcase and as long as you put that down on the customs form it wouldnt be illegal or anything.

They are very concerned about drug money

[Jaylen Brit 0]

We are planning to take Bankers Draft cheques made in US dollars from our accounts in the UK.

I am hoping that they can do them here! As we do not have a bank account in the USA so we can't transfer yet!

hope this helps!

You can set up with your UK banks to wire transfer into a new account once its opened - and if unsure about whether the bank you want to open an account with will take the bankers draft (most should do it but I know American banks can be 'difficult') then have your fiance call them and ASK.

To the OP: yes you can keep a UK bank account open (it may depend on your bank however - it is useful to retain a UK address if possible) however you will need to declare it on your US tax return that you have funds in foreign banks. Also make sure you sort out your UK tax situation with the Inland revenue before you leave (if you are liable for UK tax) as there is an agreement between the UK and US about not taxing twice in both places.

The IRS website is quite helpful with info about that.

There is no limit on international wire transfers, as already stated, but amounts over $10k must be declared to customs. Ditto if you are bringing cash, cheques, traveller cheques or bank drafts - ANY form of currency over $10k must be declared or it CAN BE SEIZED, and the bearer subject to prosecution.

[ChristinaM 0]

As far as what you need, I came with $800. There are people who came with the proceeds of house sales. The point is, you'll make it with whatever you have, although more is better.

[clloyd 0]

For brief info about foriegn bank accounts, see

http://www.irs.gov/pub/irs-pdf/p4261.pdf

[sukie175 0]

1. No not for transfers - only if you carry it in and then its $10,000. I koved 10's of thousands and no problems.

2. Bank to bank is best for security, although I found a currency dealer in the City (london) transferred it to them to get the best possible exchange rate...and then they transferred it to the US bank.

3. I use a UK bank account still as the exchange rate is still so good.