Sending Money back to England

[Reed1812 127]

Hello,

 

I would like to transfer approx 10k USD back to England to top up my UK savings and pay a few bills.

 

What is the most efficient way to do this? Would I be liable for any tax? 

 

All the money was earned and taxes paid in the USA.

 

Thanks

[Eric-Pris 1,607]

if you're sending money back, can't you just reverse the original send?

[P055UM 286]

11 minutes ago, Reed1812 said:

Hello,

 

I would like to transfer approx 10k USD back to England to top up my UK savings and pay a few bills.

 

What is the most efficient way to do this? Would I be liable for any tax? 

 

All the money was earned and taxes paid in the USA.

 

Thanks

TransferWise is good. Either one time transfers, or with their borderless account. I have used them often and they are very reliable.

[etrangais 949]

normal international wire transfer from a US bank 

What am I missing?

[Lil bear 4,261]

14 minutes ago, Reed1812 said:

Hello,

 

I would like to transfer approx 10k USD back to England to top up my UK savings and pay a few bills.

 

What is the most efficient way to do this? Would I be liable for any tax? 

 

All the money was earned and taxes paid in the USA.

 

Thanks

OFX

[Wuozopo 4,293]

25 minutes ago, Reed1812 said:

Hello,

I would like to transfer approx 10k USD back to England to top up my UK savings and pay a few bills.

What is the most efficient way to do this? Would I be liable for any tax? 

All the money was earned and taxes paid in the USA.

Thanks

I use Wise.com for transfers.  That is formerly Transferwise.
No tax implications. Your transferring agent or bank will take care of the required reporting of a $10k transfer.  Also $10k plus in a foreign account in 2021 will require an FBAR report (due April 2022). 

Edited March 23, 2022 by Wuozopo

[Wuozopo 4,293]

4 minutes ago, etrangais said:

normal international wire transfer from a US bank 

What am I missing?

Costs more.

[P055UM 286]

9 minutes ago, Wuozopo said:

I use Wise.com for transfers.  That is formerly Transferwise.

Ah yes I forgot they rebranded! Preferred the old name tbh but I certainly am no marketing guru.

[Reed1812 127]

9 minutes ago, Wuozopo said:

I use Wise.com for transfers.  That is formerly Transferwise.
No tax implications. Your transferring agent or bank will take care of the required reporting of a $10k transfer.  Also $10k plus in a foreign account in 2021 will require an FBAR report (due April 2022). 

Thanks. I will check it out. Appreciate it

[Wuozopo 4,293]

8 minutes ago, AW1704 said:

Ah yes I forgot they rebranded! Preferred the old name tbh but I certainly am no marketing guru.

Prefer old name too. Wise could be anything. 

[kiwibean 49]

I've used both Wise and XE to move money out of the US and had a good experience with both

 

(and in answer to "why not just a wire transfer?" - with the other services you get a guaranteed rate which tends to be better than the banks.  I lost $3k on a wire transfer once and I was not happy.  It went through a couple of banks on the way here and it's hard to tell which one used such a bad rate!)