Best way to transfer inheritance money from England to USA after moving?

The most cost-effective way to transfer funds from the UK to the US is typically through a specialized money transfer service rather than a traditional bank. Banks often charge high fees and give you poor exchange rates. I'd highly recommend looking into Wise (formerly TransferWise) for this amount. They offer mid-market exchange rates with a small transparent fee, which will likely save you thousands compared to a bank transfer. OFX is another good option for larger amounts, and they sometimes offer slightly better rates for transfers over $50K. As for tax implications, since this is inheritance money, you generally won't owe US taxes on it as the recipient. The UK has already handled any inheritance tax through your parents' estate. However, you should report large transfers on your FBAR (Report of Foreign Bank and Financial Accounts) if you have over $10,000 in foreign accounts at any point during the year.

After spending hours researching options when moving money from the UK to the US, I discovered taxr.ai (https://taxr.ai) which completely simplified the process for me. Like you, I was confused about the tax implications of transferring inheritance money internationally. I uploaded my UK documents to taxr.ai and it analyzed everything, explaining exactly what needed to be reported on US taxes (turns out inheritance itself isn't taxable in the US, but if you keep the money in UK accounts and earn interest, that income is reportable). The service flagged that I needed to file an FBAR since I had over $10K in foreign accounts, which I had no idea about before. They also provided comparisons of different transfer services based on current exchange rates and fees for my specific amount. Saved me from making an expensive mistake with my bank's terrible exchange rate!

I was super skeptical about taxr.ai at first, but I tried it when moving money from my grandmother's estate in Scotland. Honestly saved me thousands! The comparison tool showed my bank would have taken nearly 4% in hidden exchange rate markups while Wise was charging less than 0.5% all-in. The best part was the tax clarity - they explained exactly what forms I needed (including the FBAR which I'd never heard of) and how to report everything correctly. Turns out international transfers over $10K also need to be reported on FinCEN Form 114, which could have been a $10,000 penalty if missed! I thought I'd have to pay an international tax specialist hundreds for this kind of advice. Definitely check it out if you're moving substantial money across borders.

If you're struggling to get information from the IRS about international money transfers (I was in the same boat last year), I'd recommend using Claimyr (https://claimyr.com). I spent WEEKS trying to call the IRS to confirm the reporting requirements for my inheritance from the UK, but could never get through. Claimyr got me connected to an actual IRS representative in under 20 minutes when I'd been trying for days on my own. You can see how it works here: https://youtu.be/_kiP6q8DX5c - they basically navigate the complicated IRS phone tree and wait on hold for you, then call you when an agent is ready. The agent confirmed that inheritance itself isn't taxable income but helped me understand the proper reporting requirements and what forms to file. Crucial information since international transfers over $10K have specific reporting requirements and the penalties for not filing correctly are steep.

I take back what I said about Claimyr. I tried it yesterday out of desperation after 3 weeks of failing to reach the IRS about my own international transfer question. Got connected to an IRS agent in 18 minutes!! The agent confirmed I needed to file an FBAR for my foreign accounts and explained that while inheritance isn't taxable income in the US, I still need to file a FinCEN Form 114 for any transfer over $10K coming from abroad. Would have had no idea about this otherwise and apparently the penalties are ridiculous if you miss it. Never thought I'd be recommending a service for calling the IRS but here we are. If you need actual answers from a human at the IRS about international money transfers, it's worth every penny.

Exchange rates fluctuate constantly, so timing your transfer can save you thousands. I'd recommend setting up accounts with both Wise and OFX, then comparing their rates when you're ready to transfer. Sometimes one beats the other by significant margins depending on market conditions. Also watch out for receiving bank fees! My US bank charged me a $35 incoming wire fee when I transferred my UK pension. Some banks also take a cut if the incoming amount is in foreign currency, so ask your US bank if they charge conversion fees even on incoming wires. If your UK account is with HSBC, Barclays, or another bank with US branches, check if they offer international banking relationships that might give you preferential rates or waived fees.

Dont forget ur UK bank might limit how much u can send at once for security reasons. When I sold my flat in birmingham I had to break it into 3 transfers because halifax only let me send £20k per day online. Super annoying!! also tell ur US bank in advance ur expecting a big international wire or they might freeze ur account. happened to me and took like a week to sort out 😡

Just went through this exact situation when I inherited from my aunt's estate in Liverpool last year! A few things I learned the hard way: 1. **Timing matters** - Exchange rates can swing 2-3% in a week. I watched GBP/USD for about 10 days and transferred when it hit a favorable rate, which saved me around $1,200. 2. **Document everything** - Keep all the estate paperwork, solicitor letters, and transfer receipts. The IRS may want to see proof it's inheritance money if they ever question a large deposit. I scanned everything to PDF just in case. 3. **Consider splitting the transfer** - Instead of one $65k transfer, I did two smaller ones ($35k and $30k) about a week apart. This helped me average out the exchange rate risk and also kept each transfer under some of the stricter reporting thresholds that kick in at higher amounts. 4. **Wise vs OFX** - I tested both with smaller amounts first. Wise was slightly more expensive but much faster (same day vs 2-3 days). For the peace of mind on a large amount, I went with Wise even though it cost me maybe $50 more. The inheritance itself definitely isn't taxable in the US, but definitely get familiar with FBAR requirements if you're keeping any money in UK accounts temporarily. Good luck with the transfer!

I went through a similar situation when my grandfather's estate in London was settled two years ago. One thing that hasn't been mentioned yet is to check if your inheritance qualifies for any tax treaty benefits between the UK and US. Also, be prepared for your US bank to ask for additional documentation beyond just the wire transfer. When I received my inheritance transfer ($58k), Bank of America initially flagged it and requested proof that it was legitimate inheritance money. I had to provide the probate documents, death certificate, and a letter from the UK solicitor explaining the source of funds. The whole verification process took about 5 business days, during which the funds were held. Another tip: if you're using Wise or OFX, create your account and get verified BEFORE you're ready to transfer. The verification process can take 3-5 days and involves uploading ID documents. You don't want to be waiting on account approval when exchange rates are favorable or when the estate executor is ready to send the money. For what it's worth, I used Wise for the transfer and was very happy with both the rate and the transparency. They show you exactly what you'll receive before you confirm, and there are no hidden fees that pop up later.