How do I go about bringing all my money in to the US?

[MyHeartWillGoOn93 8]

I just got accepted for permanent residency and I need to open a bank account here in order to put all my money here. I know I need to apply for an SSN first. So, after I get the SSN, what else do I need in order to transfer my money? I have my debit card from the UK which has my account number on it so I know what the account number is. I also have access to my account online. Is there anything else I need? Also, will I get taxed on the money I will bring? Somebody told me that but everywhere I've looked online says I don't get taxed.

I don't know which forum I should be posting this so I just chose here. If it's the wrong place, please move it to where it should be. Thanks

[nobbie 105]

You have already been taxed on it in the UK ( I assume) so no you will not be taxed again. I used a company called HiFx to transfer money over. Google them and either set up an account online or call them. You will probably get a better exchange rate from them than from your normal bank. They don't have any commission or fees. Strictly speaking you should be in the UK to use them though.

Opening a bank account is easy enough, I opened 2 without an SSN but not all banks let you.

Ring the bank of your choice and ask them what you will need to bring in with you.

[razspaz13 30]

great topic, in addition to the s s number I believe there is an id requirement such as photo id, etc... also may matter if it is a bank or credit union....

you may also want to bring the $9999 cash limit in, and I think some places you can also pre-load prepaid visa/debit cards not sure maximum amount.

we were just discussing this with family as can imagine larger chunks would have to be reported or illegal/other activities could be suspected.

you may want to consider a limit with how much you can access online too? either increase decrease etc...

maybe contact an accountant or tax person in your home country as well as USA?

cheers

[MyHeartWillGoOn93 8]

You have already been taxed on it in the UK ( I assume) so no you will not be taxed again. I used a company called HiFx to transfer money over. Google them and either set up an account online or call them. You will probably get a better exchange rate from them than from your normal bank. They don't have any commission or fees. Strictly speaking you should be in the UK to use them though.

Opening a bank account is easy enough, I opened 2 without an SSN but not all banks let you.

Ring the bank of your choice and ask them what you will need to bring in with you.

I wasn't eligible in the UK to be taxed, I don't know if that will mean I will be taxed over here? I am in the USA now so I guess I can't use that site. Thanks though!

[MyHeartWillGoOn93 8]

great topic, in addition to the s s number I believe there is an id requirement such as photo id, etc... also may matter if it is a bank or credit union....

you may also want to bring the $9999 cash limit in, and I think some places you can also pre-load prepaid visa/debit cards not sure maximum amount.

we were just discussing this with family as can imagine larger chunks would have to be reported or illegal/other activities could be suspected.

you may want to consider a limit with how much you can access online too? either increase decrease etc...

maybe contact an accountant or tax person in your home country as well as USA?

cheers

Yes, I have my passport and marriage certificate etc, I just need to apply for an SSN. I was wondering about that cash limit, because at the airport you have to declare if you have over $10,000 but I guess it doesn't apply to debit cards. I actually have 3 accounts with the same bank, but I can move the money around as I have access to my accounts online.

[Nich-Nick 3,354]

Yes, I have my passport and marriage certificate etc, I just need to apply for an SSN. I was wondering about that cash limit, because at the airport you have to declare if you have over $10,000 but I guess it doesn't apply to debit cards. I actually have 3 accounts with the same bank, but I can move the money around as I have access to my accounts online.

You can bring any amount of money you wish to the US. It doesn't matter if you paid UK tax on it or not. You could have earned it from a job, or grandma could have given it to you. You are not taxed on it. In the US, you are taxed on income. That isn't income you are earning. It is already your money, not something you are earning in 2014. If you invest it and it earns $5.00 interest in 2014, then the $5 is income.

Anything over $10,000 is reported...that says reported, not taxed. There is a difference. It is not reported on an income tax form either. Nothing to do with the IRS. . If you transfer it with a financial institution, they take care of doing the report and you won't even know it. If you are foolish enough to bring $10k+ into the country in your pockets, then you fill out the report with the customs. You are not punished, or taxed, suspect for bringing/transferring money to the US.

Try xe.com for a good rate. Lots of UK people use them. My husband left his money in the UK bank so I don't have personal experience, but threads come up in the UK forum over and over on the topic and xe or HiFx seem well thought of.

Edited May 10, 2014 by Nich-Nick

[tuckin14 58]

I don't know about laws etc. but I can comment on exchange rates.

I can't say I have searched exhaustively but I have been happy with the rates and service from xe.com. Typical fees on a $5000 transaction are 120-140 basis points. DO NOT EXCHANGE MONEY ON A WEEKEND. Their fees are higher then due to the risk they take of a move in exchange rates until market open Sunday night.

For larger sums, I wire money to my account in Fidelity Investments and exchange it there. Fees in Fidelity are 100 basis points for under $10,000. Last summer I exchanged just over $250,000 for 50 basis points.

xe.com will be difficult to use for single transactions over $10,000 or at least that is my experience.

[Sirliner 26]

Check to see if your UK bank partners with a U.S. bank. All the large U.S. banks partner with many foreign banks. Then you could simply open an account here and transfer the funds between the two.

[MyHeartWillGoOn93 8]

Thank you all. I can access my accounts online and I looked and I can actually transfer money internationally, so from a UK account to a USA account. My debit card will expire before I receive my SSN most likely, I don't think that will be a problem, but my mom in the UK said that my account will be inactive, is that true? She says things to scare me.

[Derwood 203]

I would recommend that you use transferwise.com to transfer money from your UK account to your US account. The site was created by the same people that developed paypal. I've used it countless times and had no problems at all. You will get the mid-market rate on transfers currently £1 = $1.69. The fee is £1 up to £200 transferred and then 0.5% for above £200. I'm a bit of a 'coupon code geek' and if you do a bit of googling you can also find codes for free transfers. I transferred a five figure £ sum last week and paid no fee at all and got a rate of $1.70. If you use topcashback.co.uk you can earn £10.50 for your first transfer.

As a first time user I'd recommend doing a test payment for the minimum amount of £11.00 to make sure the money hits your US account OK. Once that's done you can do repeat payments to the same account.

Edited May 21, 2014 by Derwood