Send Money to USA from United Kingdom

Transfers amounting to less than $100,00 USD which are categorised as a “financial gift” will be not taxed, but should be reported to the IRS.

If the amount exceeds $100,000 the recipient will need to declare this amount and complete an IRS Form 3520: gifts from a business or a partnership that exceed $15,601 also must be declared via this form. The IRS Form 3520 is filed annually, used to report transactions received from overseas, including large gifts or bequests, such as stocks, bonds and cash. Depending on the size of the transfer, the recipient in United Kingdom will not always be required to pay taxes on this amount, however, failure to include this information in their annual tax return filing could result in a $10,000 fine. To learn more about taxation laws associated with overseas payments, read our guide: Are Money Transfers Taxed?

In 2010, following the global financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act was introduced by the Obama administration, to protect the American economy.

This legislation is enforced by the Consumer Financial Protection Bureau (CFPB) and they are the organisation responsible for monitoring financial markets and enforcing certain rules to protect consumer rights. The CFPB is responsible for reviewing all international money transfers sent over $15.00 USD. 

Incoming international payments sent to banks are often accompanied by landing fees. These fees can vary and largely depend on the country the payment is sent from, the currency and the transfer size. Personal and business bank accounts incur different fees for receiving money transfers too. For example, Bank of America fees range from $15 – 45, Wells Fargo fees typically cost between $15 – 30 and CitiGroup transfers incur fees of $10 – 35 on average. Customers can read through our Bank Reviews to find out more about the various charges issued by major US banks.

The amount of USD you can receive from United Kingdom will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.

You should also check if there are any government regulations pertaining to the amount of USD that can be received in United States or sent from United Kingdom before making your transfer.

No. MoneyTransfers.com is a comparison website aiming to match you with the best money transfer providers for your needs when transferring money online.

Finding the best exchange rate is crucial to maximising the money received on the other end. Usually, you will receive better exchange rates with money transfer provider compared to a traditional bank. Here’s are a few tips to find the best exchange rate online:

• Start looking early: various providers will offer different exchange rates on different days, start looking as early as you can to identify the best provider for your currency pair.
• Pay attention to the current exchange rate: staying up to date with the current exchange rate will give you the advantage to buy and sell on time. Currencies fluctuate daily due to supply and demand, so checking it frequently is advised to get the best rate possible. Alternatively, you can sign up with our price alerts to know when your currency reaches the desired price.
• Avoid using your bank: banks are trustworthy, reliable and convenient, but they do not provide value for money. They charge high fees and usually have higher costs compared to the money transfer provider. Some money transfer companies will even provide a mid-market rate.

What do we mean by the top provider?
The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking.

How do we choose providers to display?
We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table.All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews.We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free – the commercial agreements we have.

How do we order our comparisons?
We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction.We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way.If you have any questions about our listings, please don’t hesitate to email us at contact@moneytransfers.com

It might look confusing and unusual to use anything other than a bank to send money for any reason other than a generic transfer, however, there are many more ways to use money transfers.

For instance, you can sign up with a money transfer provider to receive your pension abroad. Many money transfer companies have dedicated teams and resources for that particular reason.

You can save a lot on fees if sending large sums at once. For example, if you’re looking to buy a house abroad you can benefit from the better exchange rate and lower fees by using a money transfer company compared to a traditional bank.

You can use money transfer services for the same reasons you use your bank, but with lower fees, quicker delivery times and better exchange rates. If you are just getting started you can read our selection of guides to help you grasp on the basics.

Yes. We’re a team of money transfer experts working tirelessly comparing providers to find you the right provider for your transfer needs. Find out more about us here