How do I move money from the UK?

Getting your savings to the USA is mostly about two things: not losing money on the exchange rate, and knowing how the US will tax and track what you leave in the UK. The second part is stricter than many people expect.

The exchange rate

In this guide we use $1.32 to £1. Rates move every day, so check again before you send. Banks and transfer firms make money in two ways: a fee, and a margin (a mark-up) on the exchange rate. A firm can advertise “no fees” and still give you a worse rate. The fair way to compare is the total amount that arrives in dollars.

• Compare quotes on the same day, for the same amount
• Ask whether your US bank charges a fee to receive an international wire (a bank transfer), and whether a middle bank takes a cut
• For large sums, ask if the rate is negotiable
• Watch the rate for a few weeks if you can, but don’t try to time the market with money you need on a fixed date

Choosing a transfer provider

You can use your bank or a specialist money transfer firm. Check it is regulated in the UK.

Don’t leave large sums sitting with a transfer firm. If you carry cash instead, you must report it to US Customs and Border Protection (CBP) if you bring in more than $10,000 (about £7,600) in total. This includes foreign currency, traveller’s cheques and other monetary instruments, and the total for a family travelling together. Carrying it is legal; not reporting it can mean the money is seized.

Keeping UK accounts

Many movers keep at least one UK current account for UK bills, pensions and visits home. UK deposits stay protected by the FSCS up to £120,000 per person, per authorised bank or building society (the limit since 1 December 2025). Some UK banks limit what they offer to customers who live abroad, so check with yours before you go and update your address. For example, Nationwide says its app can only be downloaded from UK app stores, so you can’t install it on a phone registered outside the UK, and its one-time passcodes only go to UK phone numbers.

Once you are a US tax resident, interest on those UK accounts goes on your US tax return, even if it is small and even if the UK taxed it too. If you paid UK tax on the same income, you can usually claim a foreign tax credit to reduce the US tax. When you become a US tax resident is explained in Your SSN and US tax.

Reporting your UK accounts: FBAR and Form 8938

The US wants to know about money you hold abroad. These are reports, not taxes, but civil and criminal penalties can apply if you don’t file when you should.

Many people have to file both. Keep records of each account for 5 years from the FBAR due date: bank statements will usually do. The IRS (Internal Revenue Service, the US tax authority) explains both reports on its website.

ISAs and other UK investments

You can keep your ISA when you move, but you can’t pay into it once you are no longer UK resident. You must tell your ISA provider as soon as you stop being UK resident. The UK still treats the ISA as tax-free. The US does not: the US–UK tax treaty has no provision for ISAs, so interest, dividends and gains inside one go on your US return like any other investment.

The IRS has a small-holder exception for part of Form 8621 when your PFIC holdings total $25,000 or less, but it doesn’t remove every obligation. Many people take advice before they leave on whether to sell or switch investments first, because the rules depend on what you hold and when you sell. Get advice You need someone who knows both systems: a cross-border (US–UK) tax adviser. See Telling HMRC you’re leaving and UK pensions.

How much cash you need to rent

Rental rules are set by each state, and some cities add their own. At the start of a lease you will usually pay a security deposit plus the first month’s rent. Landlords often ask for proof of income too.

Example: for a two-bedroom in Boston at $3,200 a month (close to Zillow’s average asking rent there in October 2026), first month, last month and a deposit come to $9,600 (about £7,300) before you have bought a bed. Without a US credit history, some landlords ask for a larger deposit where the law allows, or a guarantor. More detail is in Renting a home and typical rents in Cost of living.

A sensible order

1. Open a US bank account as early as you can (see how)
2. Send a first amount to cover your first month: temporary housing, deposit and first month’s rent
3. Keep a UK account open for UK bills and income, and note each account’s highest balance each year for the FBAR
4. Get cross-border tax advice before moving or selling UK investments