Large Inheritance

JefffM

We have just learned that my Wife who is an American citizen but living in the UK is due to inherit a large sum. We don't yet know how much but it could be in excess of $250,000

I am wondering firstly what is the best way to transfer the money from the USA - when we have previously received money from the USA in the form of cheques and paid it into my bank we have incurred heavy charges - mostly to do with the applied exchange rate being heavily weighted in favour of the bank.

My wife does not have a bank account in the USA. She is a British resident with unlimited leave to remain (because of her marriage to me).

Secondly, who should we go to for advice on the best way to handle this money? We are thinking possibly of buying another flat - possibly renting out our existing flat to boost our income but will need advice. Also wondering at what point we should approach someone for advice. We may not find out what sort of sum we are talking about until shortly before we actually get it.

And advice gratefully received.

DCFC79

A reply from the thread from 3 years ago might be of use.

Or another bank who has branches in the US and in the uk.

dj1471

You may find that they'll simply send a USD cheque with no other options offered...

Otherwise have a look at the Transferwise Borderless account:
https://transferwise.com/borderless

The other option would be for your wife to open a US bank account to receive the money then use a currency broker to transfer it to the UK.

JefffM

DCFC79 wrote: »

A reply from the thread from 3 years ago might be of use.

Or another bank who has branches in the US and in the uk.

Do you mean the reply to my thread about depositing a US cheque that suggested Barclays?