Hey everyone,
sorry it's been a while, kids, new job, bla bla. Usual stuff.
Anyway, my grandad passed away after a lot of awful stuff and pain etc, so in away thank goodness he didn't have to suffer anylonger.
But a long story short. I will be receiving some money after the will is read, and I wondered if anyone had had any experience or knows what to do for the best way to transfer the money from UK to US without losing any of it as it's a gift.
thanks for any clue.
XXOO
Hi there, another one out of the woodwork!
my grandma died earlier this year and left us a small amount which we had them put in our UK account and we will access it by using our visa debit cards and visa credit cards which are paid automatically from that account. This may not be the best way if it is a large sum.
We no longer have bank accounts in england, so that's out of the window. But thanks Monster.
My dad has sent us$ bankers drafts by registered mail -again, for small amounts. That worked too.
My sister just wired me a lot of money
and in 3 days, it went plop into my bank account.
no fuss.
You might want to speak to someone about the tax implications - at both ends.
I'm not a tax person, but I believe it is taxable in the US as income. It may be taxable in the UK, depending on the amount, and you don't want to get taxed at both ends.
You should also get a copy of the will and any other documentation that verifies where it came from (particularly if it is avery big amount. The PATRIOT Act and various money laundering, drug trafficking laws exist and if someone somewhere decides to be officious you may have to provide proof of origin. (th eIRS might want this too)
Like Manc, I have wired miney between the UK and US in the past without difficulty. You will need to give the UK bank you account and routing # and be prepared for them to be baffled by same.
I've had money wired to me from the UK several times (amounts over $1000) and some of it always goes missing. Neither side of the banks will admit to it, but at least $50 disappears each time.
I've never had to explain the money for tax reasons, but then it's never exceeded $10,000. If you want to PM me with the actual details, I can ask my FIL who is an IRS tax person (retired, but still doing it) what the implications are.
Stel.
I think that amounts under 10K are considered a gift and are not taxable. But then I'm not entirely sure. Also, make sure that you're not taxed both in the UK and here.
I've had money wired to me from the UK several times (amounts over $1000) and some of it always goes missing. Neither side of the banks will admit to it, but at least $50 disappears each time.
I've never had to explain the money for tax reasons, but then it's never exceeded $10,000. If you want to PM me with the actual details, I can ask my FIL who is an IRS tax person (retired, but still doing it) what the implications are.
Stel.
The best way is to get the money wired to you which works in exactly the same way as a Telegraphic Transfer in the UK. It only takes a few days but check the charges.
With regards to UK tax, there will be a liability on your Grandads estate assuming the estate was above £312,000, and it will be 40% of the amount exceeding this (thieves!!!), However, you should recieve everything after the tax has been paid so you will not have any liability. I am not sure if you will in the US though I am afraid.....
Sorry to hear about your loss...
Kev