Wire Transfer from ETrade (US) to UK, can someone help please?

littlerobbob

thanks. Just in the process of trying this. Etrade keep telling me there is a $25 fee. Also did you then use TW to move the USD funds to a TW GBP account?

EdSwippet

littlerobbob wrote: »

thanks but i don't understand how you get to the pool cost....

The 'pool cost' is simply what you paid (or the value of what you received in lieu of salary, in the case of RSUs) for these shares. On the example numbers I gave, $1 = £1.40, and 50 shares at $30/share. You received $1,500 worth of shares, and $1,500 / 1.40 is £1,701.43.

In practice, you will probably have received these shares in several bunches, so you might need to repeat this for each vesting, and then sum the result.

littlerobbob wrote: »

PS. do i use the exchange rate from the "grant date" or "vest date"? I left the company before they all vested so I only have a portion of them to sell. I think I paid the UK tax at Vest date though.

Vest date. This is the date on which the 'options' became shares that you now own, and also the date on which your UK tax for them (as if they were salary) is computed.

Finally, what is the value of shares you are selling here? If it is below £12,000 then you may not need to bother with any of this. If you have no other capital gains in a year, your gain here cannot be larger than the UK tax-free capital gains allowance (even if your pool cost was £0), so no need to mess around with calculating it, self assessment capital gains tax forms, and so on.

sausage_time

Somewhat relevant to this thread, I have just completed on-line setup of on-line transfers to TransferWise from Schwab. (I also work for a US company, and they moved our RSU and ESPP stock interests from ETrade to Schwab a number of years ago) Anyway, the setup was easy, and the two confirmation transactions have just arrived - part of the verification process is entering those amounts back into Schwab web site. So I have kicked off a small test transfer - which should arrive Monday. Schwab seem to charge around 0.6% (slightly worse than TransferWise), but also have an additional $25 wire fee.


Update - my test xfer worked, so all good.