Moving your money to US

[floriferous 2]

Hi,

This has probably been discussed multiple times but would like some advice if anyone can offer it.

What methods have worked for people transferring money to their US partner?

I am currently looking at using XE.com. I have also heard HSBC might be a good option as they have UK and US branches so tranfer is simple.

In addition, does anyone know what this means tax wise for my US partner? Is this a tax free gift? How does it work as obviously this money had already been taxed in England. Being taxed twice on it would not be good

Thanks in advance

[Suss&Camm 2,213]

You can open an account with a currency broker. I used TorFX. They buy currency at wholesale and sell it to you at market price. Therefore there are no additional fees that for example banks may charge for converting currency.

I opened an account with them and set up a date with my bank when my money would be transferred to them (IN MY COUNTRY'S CURRENCY) if you are British then no problem, since they are based there.

The money sat there until I arrived in the US and went to a bank and opened a US account (first week). Then I contacted TorFX (excellent customer service btw, they were always checking up on me with current rates) with my new bank information. You can decide exactly when you want trade and at which rate you are satisfied to make your trade. When the money is sitting with TorFX it generates no interest for anyone.

Once I was ready to trade it was all smoothly handled over the phone and the transaction was made to my US account.

I would recommend this way.

You will not be taxed twice on money that is transferred that is from savings or such.

Good luck

Edited November 29, 2016 by Suss&Camm

[mallafri76 1,012]

I transferred my money online from my Swedish bank account to my US bank account. Took about two business days

[SusieQQQ 11,587]

Yeah I also transferred my money directly from my bank account in my home country country to my one in the US. Simplest way to do it. Whether or not it's worth using a currency broker depends on what fx rates, fees etc these offer vs the banks. These will vary both by bank and by what your customer status within the bank is, so one can't make a general statement about which is cheaper. Also be careful to get a final all-in quote from the broker, some offer what seem to be great rates and then whack you on fees, or offer no fee but then give you a really poor exchange rate.

Edited December 1, 2016 by SusieQQQ

[Suss&Camm 2,213]

Yeah I also transferred my money directly from my bank account in my home country country to my one in the US. Simplest way to do it. Whether or not it's worth using a currency broker depends on what fx rates, fees etc these offer vs the banks. These will vary both by bank and by what your customer status within the bank is, so one can't make a general statement about which is cheaper. Also be careful to get a final all-in quote from the broker, some offer what seem to be great rates and then whack you on fees, or offer no fee but then give you a really poor exchange rate.

You can inquire and compare to your bank before hand. TorFX is fee free and had much better rates than my bank. Ofc it's not general, but finding the right currency broker can save you a lot of money if you don't mind putting in an hrs research or so...

Edited December 1, 2016 by Suss&Camm

[SusieQQQ 11,587]

You can inquire and compare to your bank before hand. TorFX is fee free and had much better rates than my bank. Ofc it's not general, but finding the right currency broker can save you a lot of money if you don't mind putting in an hrs research or so...

I had the opposite experience, the best broker rate could only match my bank and would have added an extra layer of admin and time to the process. Certain individual clients get wholesale quotes and no fees at banks, while others will get retail quotes and possibly fees and these may well find a broker works better. As with anything involving signficant sums of money, it's always worthwhile taking a little time to explore various options.

[Suss&Camm 2,213]

OP, also check fees at the US bank. Some banks charge for receiving.

[Durant200 2]

I'm currently questioning myself over this right now , im wondering if that is possible to open the US bank account online , if so , can i transfert my funds before my PoE ans close my french bank account ? ?

[Suss&Camm 2,213]

I'm currently questioning myself over this right now , im wondering if that is possible to open the US bank account online , if so , can i transfert my funds before my PoE ans close my french bank account ? ?

You have to open it in person... If you are in a country where a US bank has branches ofc you can inquire but I looked into this alot b4 and could not find a way to do it.

With a currency broker you could do what you are sayin as far as the last part, but the money would sit in your account with the currency broker while you travel.. and you would not have a reg bank account... I kept my old one cause I had a few transactions that would take place in the future and to have a working bank card at all times.. The only thing that might happen is that you will need to report this bank account to the US irs come tax season..

Edited December 2, 2016 by Suss&Camm