Select country...

Select country...

Select country...

Select country...

Send

Top 3 Money Transfer Providers for UK to USA

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX 12,370.62 £0.00 1.2371 1-3 days more...
OFX (UK) OFX (UK) 12,312.01 No Fee 1.2312 1-4 days more...
Currencies Direct Currencies Direct 12,333.21 £0.00 1.2333 1-3 days more...
FXcompared Country Guides
See all guides here
UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
USA
The dollar, the world’s most traded currency, is held on a free-float exchange rate and is fully convertible to foreign currencies Read More
See all guides here How we make money / Advertising Disclosure
 

USA Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

Summary

The dollar, the world’s most traded currency, is held on a free-float exchange rate and is fully convertible to foreign currencies. Transferring money to the US or sending money from the US is free from any exchange controls but is regulated at state level. When sending money from the US, you must use a money transfer provider that is regulated in the state from which you are sending the money.

US money transfer regulations

The dense network of banks, non-bank financial service companies and money transfer companies in the US provides a number of options to send money to the US or from the US. The US dollar (USD) is a freely trading currency and the most frequently traded currency in the world, involved in 87.6% of all foreign exchange operations, though this does fluctuate by a percentage point either side of that value.

Regulation and supervision of money transfer providers known as money services businesses (MSBs) is overseen by the Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury. There are different categories of MSBs depending on exactly what role the money transfer is providing.

State-by-state regulation

Money transfer is regulated on a state-by-state level in the US. If you are sending the funds from a particular US state (the state where you reside), then the broker must be regulated to send funds from that state. Very few money transfer providers are regulated across every state in the US. Only Montana currently does not require regulations to be in place for a money transmitter, though the levels of regulation do differ from state to state.

First to third party transfer restrictions

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.

US federal financial regulation

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.

Buying property in the US

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.

Visas and work permits for the US

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.

Taxation in the US

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.

Currency

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.

USA to individual country guides

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.

Money Transfer USA to Australia

Money Transfer USA to Canada

Money Transfer USA to China

Money Transfer USA to Colombia

Money Transfer USA to Dubai

Money Transfer USA to France

Money Transfer USA to Hong Kong

Money Transfer USA to India

Money Transfer USA to Italy

Money Transfer USA to Japan

Money Transfer USA to Mexico

Money Transfer USA to New Zealand

Money Transfer USA to Poland

Money Transfer USA to Singapore

Money Transfer USA to Spain

Money Transfer USA to UK

Money Transfer USA to Venezuela

Notify me when rates change
Get free rate alerts
to
?

Top 3 Money Transfer Providers

Exchange Rates as of 21 September 2019, 01:35

OFX (US)

?
Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

More InfoLess Info

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

WorldFirst

?
Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More InfoLess Info

Transparency and security | Great customer feedback rating from Feefo

Venstar

?
Est. 1990
Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.
More InfoLess Info
Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.