Transferring UK funds to US after selling house in UK

[jons_wifey 22]

Wise, Revolu, OFX - any others?

What are the tax implications if any from the UK and to receiving large amount in the US?

[Boiler 45,794]

What is your current status?

[jons_wifey 22]

1 hour ago, Boiler said:

What is your current status?

its for my parents - PR

[Boiler 45,794]

LPRs are taxed on their worldwide income, they need to consult with their CPA.

[Lil bear 4,263]

2 hours ago, jons_wifey said:

Wise, Revolu, OFX - any others?

What are the tax implications if any from the UK and to receiving large amount in the US?

I have v always used OFX

 

[appleblossom 2,838]

I use Atlantic Money, they have a fixed fee of £3 for transferring any amount and their rate is usually good, so I save quite a bit when comparing it to Wise etc. 

 

There is no tax due on funds transferred, but there may be CGT due on the sale of the property (on either/both sides of the Atlantic) depending on various factors.

Edited Friday at 08:36 PM by appleblossom

[Lil bear 4,263]

1 hour ago, appleblossom said:

I use Atlantic Money, they have a fixed fee of £3 for transferring any amount and their rate is usually good, so I save quite a bit when comparing it to Wise etc. 

 

There is no tax due on funds transferred, but there may be CGT due on the sale of the property (on either/both sides of the Atlantic) depending on various factors.

Yes agreed on CGT.  If they have not yet gained LPR  status then it’s best to sell  it before they become LPR and that way its only “savings” when they  transfer it. If they already have their GC, then that option is no longer available 

 

re OFX… over $1500 ( if i remember correctly) OFX charges no fee and their exchange rate can be up to 3% better than other methods.. significant when transferring bigger amounts such as from a  property sale 

[Boiler 45,794]

OP said they are LPRs

[appleblossom 2,838]

 

48 minutes ago, Lil bear said:

re OFX… over $1500 ( if i remember correctly) OFX charges no fee and their exchange rate can be up to 3% better than other methods.. significant when transferring bigger amounts such as from a  property sale 

 

No fee but their rate has always been worse when I've checked - I looked earlier today, I'd have got $130 less with them compared to Atlantic. 

 

But really any of those services are good, the OP should just get his parents to see who has the best rate at the time particularly if it's going to be a very large transfer. It's amazing how much even a tiny difference can make if you're moving large funds, I've been known to 'secure' a transfer and then cancel it as the rate has gone up and I'd suddenly get an extra few hundred dollars less than an hour later!

[Lil bear 4,263]

43 minutes ago, Boiler said:

OP said they are LPRs

Yes i saw that .. thought i would just add the comment in case  it was about to be LPR status