Moving money from the US to the UK

[Elora & Rob 15]

Rob, the $10k talk is part of the banking law part of the Patriot Act passed after 9/11. They want a paper trail of large sums of money so they can better watch for terrorist funding, money laundering, etc. Anything coming into the US or even moved within the US gets reported. Banks are required to make the reports. If you POE with it in your pocket, then you self report it.

You can bring in a million if you want. There is no tax or import duty on your money. It is not counted as if it was new income you earned and subject to income tax. But anything over $10k gets reported to the US government. If you had a US account and withdrew $10k, then went to an Edward Jones office and bought $10k worth of stock, your transactions have to be reported by the financial institutions. It's only a paper trail and of no consequence to you.

thanks so what do i need to have for the paper trail? bank statements & pay slips??

[Nich-Nick 3,354]

thanks so what do i need to have for the paper trail? bank statements & pay slips??

The bank that receives it takes care of it. They have to by law. Its not a people law, its a banking law. You do nothing unless a bank should ask you for information. it should not involve you at all. I have no experience with receiving large sums from the UK so can't say if your bank will need any info. (Hubby's money is still in the UK.) They just report your name and where the money came from (UK). If you're ever up on terrorism charges the feds can pull up all the money you laundered here and there to pay off hitmen.

The reason I know the Patriot Act? I had to take a short web course (with exam) on the banking laws of the Patriot Act as part of my employment with Edward Jones Investments. Mind you, it was only a very occasional fill in at my financial advisors office, but it's very strict to be employed there because they trade on the stock market. Had to get fingerprinted and FBI checked just to answer the phones 1 or 2 days a month, more as a favor than anything. But I learned something useful

Just transfer your money and don't worry about it.

Edited October 18, 2012 by Nich-Nick