
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated
Your recipient may avoid taxes on your money transfer depending on your nationality and where you live. Even so, it’s your job to report large amounts to the IRS — and you may be on the hook for a gift tax.
While the UK doesn’t charge a gift tax, it does impose inheritance taxes on large gifts. Whether your recipient pays taxes on that gift depends on factors that include:
The last point is related to the UK’s inheritance tax laws. Our research suggests that large money transfers may fall under these regulations. But given the complexity of tax laws, talk with a professional to learn whether taxes apply to your situation.
Our research indicates that past due taxes may attract interest if the transfer falls under the UK’s inheritance laws. And those interest rates can fluctuate with the market.
To understand the specific penalties that apply if your recipient fails to file, talk with a tax professional.
It’s likely that you’ll need to file a form with the IRS after transferring a large amount of money to the UK. Anyone who gifts more than $15,000, has a foreign account with a value of $10,000 or more or transacts business totaling more than $10,000 in a year may need to file remittances with the IRS.
Shaving a couple of dollars off your ten-grand transfer may not save it from being reported: Banks and transfer specialists are required to report transfers of $10,000 or more to the IRS, but they sometimes report remittances as low as $1,000.
While you won’t hit a legal limit when it comes to sending money to the UK, financial institutions and transfer services may cap how much you can send at a time.
Digital money specialists like the commission-free XE transfer allow transfers of any amount for select customers, no matter how large.
The UK offers flexible money transfer options. Depending on the transfer company you use, you can set up your transfer for cash pickup, a bank deposit, a deposit to a mobile wallet or an international money order delivery.
Cash pickups may be limited outside of major cities. Read our guide on transferring money to the UK for details on sending and receiving funds.
The UK appears to have only one tax law that could affect your large money transfer — and it may not even apply. Learn more about rates, fees and turnaround to the UK in our comprehensive guide to money transfers.
If you’re looking for a broker comparable to Vanguard, check out these five contenders.
Thinking of switching from TD Ameritrade? Here are 5 apps like TD Ameritrade that offer valuable benefits.
Our picks of the best overwater stays in the Land of Smiles from budget-friendly to luxurious.
This guide will show you step-by-step instructions on how to buy the Reserve Rights (RSR) token as well as a list of exchanges you can trade it on.
This guide will show you step-by-step instructions on how to buy the Curve (CRV) token as well as a list of exchanges you can trade it on.
Acorns alternatives offer lower fees and more investment options. Learn more.
Hanna Andersson’s Organic Cotton Long John is comfortable and available in family sizes. Here’s what I thought of the fit, and details on sustainability.
Find in-stock face masks for wildires, smoke and dust, see our top picks and read tips for using respirator smoke masks.
The Chairman of Dubai’s IBC Group has pledged a whopping $4.8 billion into Bitcoin, as Microstrategy purchases another $1 billion of BTC.
This guide will show you step-by-step instructions on how to buy the Maker (MKR) token as well as a list of exchanges you can trade it on.