Best way to bring money in from the UK

[rederic]

What is the name of your state (only U.S. law)? Florida

Guys,

What is the best way to bring money in from the UK to my BOA account ?
This is inheritance from family.
I am concerned on whether I would face paying tax on this money.
Would I have to prove where this money came from ?
Any advise would be great

 

[FlyingRon]

It shouldn't be taxable. How much money are we talking about? There are reporting requirements over a certain amount.

 

[justalayman]

I would strongly recommend you do not put it in a suitcase and carry it in.




Inheritances are generally distributed with a check. They have banks that having checking accounts in the country you are speaking of don't they?

So, whomever is distributing it sends you a check. You take it to your bank and deposit it.

 

[davew128]

If over $100k you're supposed to report receiving the inheritance in the first place.

 

[xylene]

This is a question you need to ask a branch manager or senior relationship manager at your bank. Ask them for written guidance, ideally something they have signed.

 

[OHRoadwarrior]

The best way is bank transfer. You could of course bring it in cash or check form on a plane, however, you would need to report it as it is over $10,000 in a negotiable instrument(s).

 

[rederic]

Around $30,000
Thanks everyone for you replies

It shouldn't be taxable. How much money are we talking about? There are reporting requirements over a certain amount.

 

[justalayman]

heck, that's loose change. Go ahead and get that suitcase.






just kidding, you still don't want to use suitcase.

 

[LdiJ]

What is the name of your state (only U.S. law)? Florida

Guys,

What is the best way to bring money in from the UK to my BOA account ?
This is inheritance from family.
I am concerned on whether I would face paying tax on this money.
Would I have to prove where this money came from ?
Any advise would be great

Wire transfer is the best way.

 

[tranquility]

heck, that's loose change. Go ahead and get that suitcase.






just kidding, you still don't want to use suitcase.

You sure don't.
http://dailysignal.com/2016/01/21/how-the-tsa-and-drug-enforcement-administration-joined-forces-to-seize-cash-at-airports/