Our Top 3 Digital Money Transfer Providers for UK to USA

If you are new to using an overseas money transfer provider and you are sending dollars from the US to a third party outside of the US (for example, a lawyer for a property transaction), be sure that the provider is regulated to be able to send your funds to an account that is not in your name. These restrictions do not apply if you are sending money within the US.

Monetary and financial regulation in the US reflects its federal organisation. The territory is divided into 12 districts, each with its own Federal Reserve Bank. At the national level, a five-member Board of Governors of the Federal Reserve System (the Fed) oversees the entire financial system. The Fed directs national monetary policy, works to preserve national foreign exchange reserves, and monitors price stability.

In addition to the Federal Reserve system, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency oversee the banking sector at the state and federal levels. A separate agency, the US Securities and Exchange Commission (SEC), regulates capital markets.

If you are looking to buy or sell real estate in the US, there are several things to bear in mind. Find yourself a good local agent. Compared to commissions in other countries, expect US real estate commission to be much higher – often up to 6%, which is usually paid for by the seller. Mortgages have become much harder to obtain in recent years, and you will need both a history of US credit and proof of sustainable income (best shown with US tax returns). If you are planning to rent and have just moved to the US, then be sure to send money to the US in advance of closing as deposits on apartments need to be made very fast.

You do not need to be a resident to buy property in the US – the only requirement is that you have an Individual Taxpayer Identification Number.

If you are planning to move to the US for work or to study, then you will need to obtain a visa. The visa application process for the US is complex, expensive and can often take many months – sometimes more than a year. You will need to seek advice from an immigration lawyer as to what visa options are open to you depending on what you plan to do. Moving over through sponsorship of a large international firm or studying at a well-known US university will usually provide the smoothest paths to an initial visa. It is also possible to be sponsored by a family member or friend who is already living in the US, but this can require additional financial commitments on their part if you do not meet the criteria required.

Most US visas are capped to last only a certain number of years, and after a certain period of time, you will need to decide whether you can stay and if you are eligible to apply for permanent residence, more colloquially known as a Green Card. You will need to obtain health insurance. This may be provided by an employer, and if you are a student, you can purchase this through your university.

Residents of the US are taxed on their worldwide income. If you are selling assets overseas and repatriating the funds back to the US, then it is worth considering whether this will have any taxation implications for you, both in the US and in the country that the funds are coming from.

Taxation is taken at both a federal and state level. This means that various different aspects of your income can be taxed slightly different between states, though federal taxes will obviously remain constant across the country as a whole.

The US monetary unit is the US dollar (USD, symbol $), made up of 100 cents. Banknotes are printed in denominations of $1, $2, $5, $10, $20, $50 and $100. Coins are minted in denominations of 1, 5, 10, 25, 50 and $1.

Review our money transfer guides below to help you on specific items such as moving from the US, transferring as an expat, studying abroad, retiring, or doing business between each country. Specific guidance on money transfers between each country is also provided.