Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Tax guidelines and regulations for large money transfers into the UK

Your recipient may not need to pay, but you may need to file with the US.


Fact checked

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.

How the UK regulates large remittances

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:

  • Your nationality.
  • Your residency.
  • Whether the recipient is a charity or political party.
  • Your gift is more than $425,000.

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.

What are the penalties in the UK if my recipient fails to file?

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.

Send money internationally with OFX

No-maximum limit transfers with competitive exchange rates for 100+ currencies.

  • Support for 55+ major and exotic currencies
  • Competitive rates and no transfer fees
  • Multiple transfer options include forward contracts and limit orders

Compare providers for your next large transfer into the UK

Max. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
No limit 1 day USD 0.00 0.763 GBP 11,446 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
No limit 1 - 2 days USD 0.00 0.763 GBP 11,446 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
USD 500,000 Same day USD 0.00 0.763 GBP 11,444 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1,000,000 1 - 2 days USD 120.00 0.766 GBP
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

Compare up to 4 providers

Do I have to report large remittances out of the US?

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.

How much money can I send to the UK?

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.

How can my recipient in the UK get the money?

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.

Bottom line

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.

Frequently asked questions

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site