If you are one of the many Britons who live in America, or you have family or property across the pond, you will need to find the best way to transfer money from the UK to the USA.
With its top universities and exciting job market – not to mention the ski slopes of Colorado and beaches of Florida – America is the world’s second most popular destination for British expats.
That means thousands of Britons send money to the USA everyday, and keep their eye on the best exchange rates on the market. While some people choose to transfer money via their bank, others have discovered that one of the cheapest ways to send money to the USA is through a money transfer service.
Is it complicated to send money to the USA?
Once registered, you will receive your own foreign currency account which you can use to send money all over the world – with zero transfer fees. The expert team at moneycorp can talk you through the process and provide up-to-date information on the currency market.
You will benefit from a competitive pound to US dollar exchange rate, as well as access to FX tools to help protect against fluctuations in the foreign currency market.
What do I need to transfer money to the USA?
You will need your personal details, as well as the name, account number and verifiable contact details for the payee. The receiving account in the USA may belong to you or another person.
In addition, you will need the ABA routing number or SWIFT code for the payment to be processed through the US banking system.
As with most international payments, you will be asked to provide a reason for the transfer. A short reference is all that is required in most cases.
Can I send money to a US bank account online?
Your moneycorp online currency account allows you to make payments to the USA at the touch of a button. Simply select US dollars as the currency you wish to exchange to, the amount you wish to transfer and make the payment.
Your online account is also available via the moneycorp app, so you can make payments, track payments, view live exchange rates and sign up for email alerts on FX market movements all from your mobile device. Alternatively, you can make an international money transfer over the phone if you prefer.
Can I set up a regular money transfer to the USA?
If you need to make mortgage repayments, pay property maintenance costs, or convert your UK pension payments, you can set up a regular payment plan with moneycorp.
Payments can be made as frequently as you need, from monthly pension payments to quarterly or annual property costs, or any other interval you require.
You can set up the automated payment over the phone or via your online account. Sterling will be collected automatically from your UK bank account, exchanged for dollars and deposited in the designated account in the USA.
Buying a house in America
The good news is that you do not need a Green Card, visa or US citizenship to buy a property in the USA. There is some red tape, however.
You will need an Individual Taxpayer Identification Number. This is the equivalent of a Social Security number for foreigners, issued by the Internal Revenue service.
If you require a mortgage to purchase the property, you’ll need a US bank account and be able to demonstrate your income and a good credit score.
Once you have fulfilled the criteria for a mortgage, consult a property expert to find a home that’s right for you. Local realtors have a lot of local knowledge, but it may be worth seeking out a Certified International Property Specialist (CIPS). A CIPS will have the same local knowledge, but can also give guidance on the process of buying a property when you’re not a US citizen.
The cost of owning property overseas
Once you’ve bought the property, there are a number of costs you need to take into account. As well as the maintenance and utility costs required for any home, property tax can be up to 4% of the property’s value (depending on the state you’re in).
States that don’t levy property tax include Alaska, retirement favourite Florida, Nevada, South Dakota, Texas, Washington and Wyoming. In 2021, Tennessee is set to be added to this list. States such as New Hampshire do charge property tax but are particularly lenient on retirees.
Peace of mind
Sending currency overseas can be expensive and confusing. However, the Telegraph International Money Transfer Service offers great exchange rates, zero fees, and the tools and support to make the process easy.
- Save on fees with The Telegraph's international money transfer service.
moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.
The above article was created for Telegraph Financial Solutions, a member of Telegraph Media Group. For more information on Telegraph Financial Solutions click here.
Information correct at date of publication.