The best way to transfer money?

[Mark and Mindy 0]

Hi all,

I have my NOA2 and anticipate that I'll be able to move to the States (from England) within 2 or 3 months!

My question is - what's the best way to send money over and have it available with you in America?

I may not necessarily need to transfer everything immediately, but the total funds I'll have will probably be around £5,000 (~$7,500) when it comes to it.

Shall I take as much with me in cash as I can? I know there's a certain amount that you're allowed to take through customs, and my father also has a planned trip where I could give him some remaining cash to bring with him.

Obviously I'm looking to get the best exchange rate and suffer as little transfer fees as possible.

Thanks!

[weec 2]

Congrats!!!

Now time to get ready for the big move

I used to work for a bank in the UK and in Japan, and not only do the main street banks charge you a flat fee, but they also give you a crappy exchange rate. Plus the receiving bank (and in some cases intermediary bank) charges a fee also.

I used www.xe.com which was the most painless and best option financially. You can check the exchange rate daily and decide the best day to transfer, plus the money goes through the same day depending on the time of day you initiate the transfer.

I also set it up when I was already in the States so didnt have to waste time calling Bank of Scotland who would have put me on hold for ages!

Good luck

[Pinkrlion 2,716]

You can wire transfer it to bank account or by Western Union. You can carry up to $10,000 on the plane.

[christeen 966]

You can bring up tp $9,999 in cash... It would eliminate wire xfer fees... Nut if you do not feel good carrying that amount ( I know it would freak me out) you can do a bank wire transfer...

[Owen_London 65]

Bringing cash on the plane is a bizarre thing to do. You could lose it, and you will need to convert it to dollars anyway. That said, the limit is $10000, and you are allowed to bring more than that with you in cash (or "financial instruments"), the requirement is that you have to declare it to customs when you enter the US.

Listen to weec's advice. I used hifx.com, who were similar to xe.com but for me gave a slightly better exchange rate. Using their service requires a little hassle proving your identity to start with, due to laws designed to prevent money laundering, but it's worth it for any large amount of money.

[JohnR! 5,495]

Hi all,

I have my NOA2 and anticipate that I'll be able to move to the States (from England) within 2 or 3 months!

My question is - what's the best way to send money over and have it available with you in America?

I may not necessarily need to transfer everything immediately, but the total funds I'll have will probably be around £5,000 (~$7,500) when it comes to it.

Shall I take as much with me in cash as I can? I know there's a certain amount that you're allowed to take through customs, and my father also has a planned trip where I could give him some remaining cash to bring with him.

Obviously I'm looking to get the best exchange rate and suffer as little transfer fees as possible.

Thanks!

You can bring up tp $9,999 in cash... It would eliminate wire xfer fees... Nut if you do not feel good carrying that amount ( I know it would freak me out) you can do a bank wire transfer...

Not really... You can bring as much money as you want. There is no limit as to the amount of cash with which you can enter the US. However if you are entering with more than $10K you must declare the money/papers and be able to show proof of origin.

Contrary to popular belief, the $10K limit has nothing to do with taxes - you are not taxed by bringing the money into the country - so much as it has to do with money laundering, hence the reason for being asked to provide evidence of the origin of the money, in the form of a bank letter declaring the money has been in your account for a certain amount of time, or that the bank knows the origin of the money to be legal.

The USCIS and the IRS just want to make sure the money is clean and was obtained legally. Having said that if you are only bringing $7.5K you are fine bringing it in cash. You don't even need to declare it. If you don't want to bring it in cash, consider traveler's checks. They are theft/loss proof and you can use it here same as cash.

Edited May 29, 2013 by Gegel

[christeen 966]

Sorry, should have clarified... You can bring $9,999 without declaring it... $10,000 or mor and you have to declare it.

[VanessaTony 3,567]

I use paypal. Fees are minimal but it does take a little time. It's the best rate i've found so far.

[Nich-Nick 3,354]

Hi all,

I have my NOA2 and anticipate that I'll be able to move to the States (from England) within 2 or 3 months!

My question is - what's the best way to send money over and have it available with you in America?

I may not necessarily need to transfer everything immediately, but the total funds I'll have will probably be around £5,000 (~$7,500) when it comes to it.

Shall I take as much with me in cash as I can? I know there's a certain amount that you're allowed to take through customs, and my father also has a planned trip where I could give him some remaining cash to bring with him.

Obviously I'm looking to get the best exchange rate and suffer as little transfer fees as possible.

Thanks!

There's a similar discussion going in the UK forum if you want to read it. http://www.visajourney.com/forums/topic/432173-bringing-financial-assets-to-the-us/