How to sell property abroad and transfer money back to the US
If you are about to sell property abroad, and need to bring the money back to the US, you’ll need to weigh up a few options to get the cheapest, fastest and safest transfer for your specific needs. You’ll also need to make sure you’re clear on how your property sale should be treated for tax both in the country you’re selling the property in, and in the US.
This guide walks through the basics looking at what to think about when selling a property overseas, and how to repatriate the funds back to the US once the sale has closed.
Key points: Selling foreign property
| 💡Important points: | |
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| Taxes in the US |
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| Transfer fees | |
| Exchange rates |
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| Safety |
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Can I sell my property abroad and bring money to the USA?
Yes. If you have a property overseas which you are selling, you will be able to bring the funds back to the US in a variety of ways.
You could consider bringing in cash or a check to deposit to your USD account, or using an electronic payment method like a bank wire or a transfer set up through a specialist provider. All of the options have their own pros and cons – carrying cash isn’t very safe, but it is convenient, for example – while making a bank transfer can be costly but does offer security benefits.
In this guide, we’ll explore the common options available to you, and also share money transfer specialists like Wise and OFX that offer fair exchange rates, very high or no limits, and low fees.
How to bring money back to the US after selling property overseas
There are plenty of different ways you might consider bringing your funds back to the US after selling a property overseas. Each has its own pros and cons. As you will be repatriating a large amount of money you’ll need to carefully weigh up the costs and convenience of each method to pick the right one for you. Security, exchange rates and practical considerations will influence your choices – here are some options to consider:
| Methods | ✅ Pros | ❌ Cons |
|---|---|---|
| Bring cash to the US | ✅ Simple option if you’re physically moving back to the US ✅ Familiar | ❌ Carrying lots of cash as you travel is not secure ❌ You must report funds over 10,000 USD on arrival to a Customs and Border Protection (CBP) officer |
| Bring a check to deposit in the US | ✅ Easy to carry ✅ Familiar option | ❌ Slow and cumbersome ❌ You must report checks for over 10,000 USD on arrival to a Customs and Border Protection (CBP) officer |
| Transfer funds with a bank to a USD account | ✅ Convenient electronic payment option ✅ Receive your money in USD to spend more easily | ❌ Bank transfer fees can be fairly high ❌ Exchange rates are likely to include a markup – an extra charge |
| Use a money transfer specialist to receive in USD | ✅ Exchange rates and fees are often competitive ✅ Very broad range of providers to pick from | ❌ Variable transfer fees are likely to apply ❌ You may need to provide the service with proof of the source of funds before the payment is processed |
| Use a multi-currency account | ✅ Receive payment in the currency of your choice ✅ Transfers may use local payment methods which are usually cheap and quick | ❌ You’ll need to register and verify an account in advance ❌ Fees may apply if and when you exchange funds back to USD |
Bring cash to the US
If you’re selling a property overseas the chances are that you’ll generate a fairly large amount of money. This may mean that while carrying your proceeds in cash with you when you come back to the US is an easy option, it’s not very practical. Carrying a lot of cash is a security risk – and you’ll need to report your funds to border control when you arrive in the US which can be an inconvenience.
| Cash pros | Cash cons |
|---|---|
| ✅ Simple option which is familiar to most people ✅ Quick and easy to arrange | ❌ Presents security issues ❌ Bringing over 10,000 USD into the US requires you to report to border control ❌ Depending on the currency your cash is in, you may need to pay to convert it to USD for spending |
Bring a check to deposit in the US
Bringing your money into the US as a check can feel like a more practical option compared to carrying a lot of cash. However, whether or not this is even possible will depend on the bank you use in the country the property is located in. Not all banks issue checkbooks, and checks are not commonly used in some countries. Plus, you’ll likely be issued a check in a foreign currency, which means that you might have to pay a fee to deposit it into your US based account.
| Check pros | Check cons |
|---|---|
| ✅ Simple to carry ✅ Fast and easy to arrange if you have a check book issued in the country you’re bringing money from | ❌ Not all countries and banks issue check books ❌ Fees may apply if you need to convert funds to deposit to your account ❌ Needs to be reported at the border if you’re bringing over 10,000 USD |
Transfer funds with a bank to a USD account
Using your overseas bank to send an electronic payment to USD can be convenient as your money will be deposited into your US account without you needing to physically carry your funds with you. Transfers set up by banks may take a few days to arrive, and can include a few different fees such as an exchange rate markup and third party costs. Make sure you’re clear of the overall costs before you set up your transfer.
| Bank transfer pros | Bank transfer cons |
|---|---|
| ✅ Secure and reliable ✅ Have funds deposited in USD for use on arrival ✅ Some banks offer fairly quick payments to the US ✅ Most global banks can support your transfer in USD | ❌ Fees can be high ❌ Exchange rate markups are likely to apply |
Use a money transfer specialist to receive in USD
Instead of using your bank to send money back to the US you can also consider using a money transfer specialist service like Wise or OFX. Providers like these offer low cost international payments which you can range eonline and in an app, and because there are many different services you choose from you can shop around to find the best fit of costs and convenience for your needs. Payments can often arrive quickly, or in some cases even instantly.
| Specialist transfer service pros | Specialist transfer service cons |
|---|---|
| ✅Lots of services to choose from ✅Send payments to the US from many countries globally ✅Have money deposited to your US bank in USD for convenience ✅ Secure service as long as you choose a regulated provider | ❌Variable fees apply depending on the payment details ❌Exchange rates may include a markup – shop around to find the best available rate for your currency |
Use a multi-currency account
Our final option is to open a multi-currency account which offers ways to be paid in foreign currencies. This will mean that you can receive your payment in the original currency without needing to convert it back to USD if you don’t want to.
Providers like Wise, for example, offer account details for 20+ currencies so you can repatriate the funds from your property sale and hold the balance in the foreign currency until you need it. Then convert to the currency you want, use it for spending, or withdraw to your US bank if you prefer.
| Multi-currency account pros | Multi-currency account cons |
|---|---|
| ✅ Receive payments in foreign currencies conveniently ✅ Secure and simple service ✅ Several different specialist account services to choose from ✅ Hold your balance in the currency of your choice | ❌ You’ll need to register and verify an account in advance ❌ Not all currencies are supported for incoming payments |
Best ways to transfer large amounts of money to the US
If you need to make a large transfer from overseas to the US, you may decide to use a specialist provider which offers low cost international transfers you can arrange online or through an app. We’ve picked out a few great options here, so you can look at the costs, speed, and convenience of each. First, we’ll take a quick head to head comparison – then we’ll look at each in more detail.
| Provider | Coverage | Transfer fees | Exchange rates | Speed | Safety |
|---|---|---|---|---|---|
| Wise | 50+ currencies | From 0.57% | Mid-market rates | 60% of payments are instant, 90% arrive in 24 hours* | 2 factor authentication, in-app tracking |
| OFX | 50+ currencies | Fee varies depending on where the payment originates – often no fee for high value transfers | Exchange rate is likely to include a markup | 1 – 2 days | Secure app, 24/7 phone support |
| XE Money Transfer | 130+ currencies | Variable fees based on payment details | Exchange rate is likely to include a markup | Variable delivery times based on payment details | Industry level security from a huge global provider |
| Currencyfair | 20+ currencies | 3 EUR or equivalent | Exchange rate is likely to include a markup | Variable delivery times based on payment details | AWS hosted, thorough verification processes |
Details correct at time of research – 26th February 2025. About Wise pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
Wise
Wise operates in the US and many other countries globally, supporting international transfers from 50+ currencies which you can arrange online and in the Wise app.
Currency exchange uses the mid-market exchange rate with low transparent transfer fees from 0.57%.
If you’re sending a high value transfer – more than the equivalent of 20,000 GBP – there’s an automatic discount on the fees you pay, and you can get dedicated support from the Wise large transfers team.
You can also open a Wise account to send and receive international payments in a broad range of currencies. Accounts come with account details so you can receive transfers in global currencies, without needing to convert back to USD if you don’t want to.
| Wise pricing | |
|---|---|
| Wise fees | From 0.57%. More information on Wise large transfer fee calculator. |
| Wise exchange rates | Mid-market rates |
| Wise limits | Usually around the equivalent of 1 million USD per payment |
| Is Wise safe? | Yes. Wise has in built safety features and industry level security across all processes |
*Details correct at time of research – 26th February 2025
Learn more – Wise large amount transfers
OFX
OFX offers international transfers in 50+ currencies, which often have no upfront transfer fee if you’re sending large payments.
The fee that’s applied may vary depending on where the payment originates, and you can arrange your payment online, in the OFX app, or on the phone with a broker service available 24/7. There’s no limit to the amount you can send with OFX. OFX exchange rates are likely to include a small fee.
If you’re a business customer you can also open a Global Currency Account which lets you receive payments from others in a selection of foreign currencies conveniently and with no OFX fee.
| OFX pricing | |
|---|---|
| OFX fees | Fee varies depending on where the payment originates – often no fee for high value transfers |
| OFX exchange rates | Exchange rate is likely to include a markup |
| OFX limits | No limit |
| Is OFX safe? | Yes. OFX operates through a secure app, and has 24/7 phone support |
*Details correct at time of research – 26th February 2025
XE Money Transfer
Xe Money Transfer supports payments in many countries and currencies, with variable fees and exchange rates depending on where you’re sending to.
The Xe limits are set according to the country that the payment originates from, but it is generally fairly high. For example, from the US you can send up to 535,000 USD, from the UK you can send 350,000 GBP and from Europe you can send 400,000 EUR.
You can arrange your payments online or in the Xe app, for deposit to bank accounts and mobile money accounts.
| XE Money Transfer pricing | |
|---|---|
| XE Money Transfer fees | Variable fees depending on the payment details |
| XE Money Transfer exchange rates | Exchange rate is likely to include a markup |
| XE Money Transfer limits | Limits vary based on location – for example, from the US, you can send 535,000 USD per payment. |
| Is XE Money Transfer safe? | Yes. XE uses industry level security and is part of a huge global provider |
*Details correct at time of research – 26th February 2025
Currencyfair
Currencyfair has a flat transfer fee which is the equivalent of 3 euros – just over 3 USD at the time of research. There’s also a small fee added to the exchange rate used to convert your payment before it is deposited in your account in the US.
There’s no advertised Currencyfair limit – if you’re sending a very high value payment you may want to check the limits which apply to your specific account in advance to ensure your transfer can go through smoothly.
You can create your payment online or in the Currencyfair app.
| Currencyfair pricing | |
|---|---|
| Currencyfair fees | 3 EUR or the equivalent |
| Currencyfair exchange rates | Exchange rate is likely to include a markup |
| Currencyfair limits | Not specified |
| Is Currencyfair safe? | Yes. Services are securely AWS hosted, and customers follow thorough verification processes |
*Details correct at time of research – 26th February 2025
What happens if I sell a property in another country?
Let’s say you’re selling a property in the UK, to move back to the US after a period of time working overseas. Once the sale closes you’re going to have a big chunk of money that you need to get transferred back to the US. You’ll also need to make sure you’ve followed all relevant local and US requirements for paying taxes and costs associated with the sale. This will vary a lot depending on the country you’re selling a property in and your own tax residency.
You may need to pay capital gains tax in the country you sell your property in, or in the US for example. Tax treaties between the US and the country in question could influence who you need to pay tax to – and the amount. As this is a complex area, getting professional advice early on is essential to make sure you don’t run into any problems with the IRS, the local tax authorities in the country the property is in, or any other authorities.
Once everything is settled up, you’ll need to get the money back home. Transferring money after the sale of a property is no small undertaking. Given the size of the transfer, the exchange rate you get on it is extremely important to the overall cost. Compare some options – like Wise, OFX and Xe Money transfer to see if any can help you move your funds with minimal fees.
Do I have to pay US tax on property sold overseas?
You will need to report the sale of your overseas property to the IRS as part of your tax filing. Whether or not any US tax is owed on the sale will depend on a range of factors, including the country the property is in, your tax residence status, and whether the property being sold was your primary residence. Because this is a complicated area, you’ll want to get the advice of both local and US tax advisers before you start the process of selling your overseas property.
This guide is for information only – seek professional advice if you need support about taxes in the US or abroad.
Do I have to report the sale of foreign property to the IRS?
Yes. The primary forms you’ll need to report the sale of your foreign property are:
- Form 8949 – Sales and Other Dispositions of Capital Assets
- Schedule D (Form 1040) – Capital Gains and Losses
You may also be responsible for other tax reporting and filing, depending on the specific circumstances. Get professional support with the tax side of your property sale if you are at all unsure. Penalties may apply if you do not comply with the law both in the US and in the country the property is in.
Capital gains tax on foreign property
You may need to pay capital gains tax on the foreign property, either in the US, in the country the property is based in, or in both. The way capital gains taxes apply can vary depending on the value of the property and how much profit you made, and whether or not you’re selling your primary home. The length of time you owned the property, and whether the property was gifted to you, inherited or purchased can also make a difference.
Capital gains tax in the US is set on a sliding scale depending on income, to a maximum rate of 20%.
How to calculate capital gains tax on overseas property
The capital gain you have made when selling an overseas property is calculated by looking at the amount you paid for the property in the first place compared to the same amount. If you have made improvements to the property this may also be taken into account. The way capital gains is calculated becomes more complicated if you inherited the property or if it was a gift to you.
You’ll need to get advice on calculating capital gains, both in the country you’re selling the property and in the US. Speak to a tax accountant with experience in this area to make sure you’re clear on how the calculations should work.
Key takeaways: Foreign property sale
If you’re selling a foreign property and repatriating the funds you’ve got a few options. Once you’ve settled any taxes or costs owed in the country you sell the property in, and in the US, you can bring the money back to the US in cash, as a check or as an electronic transfer.
Electronic transfers are the most secure and convenient option, and can be processed in USD or in the foreign currency if you’ve got a multi-currency account you can use to receive overseas payments.
Providers like Wise and OFX offer good ways to send money to the US from abroad, with low or no fee, and great exchange rates. Wise also has a multi currency account which comes with account details for 20+ currencies to receive funds from abroad conveniently.
- If you sell a property overseas you may own tax on it in the foreign country and in the US
- Overseas property sales should be reported to the IRS – get tax advice if you’re unsure of your obligations
- Bring the funds from your overseas property sale to the US as cash, a check or an electronic transfer
- Electronic transfers are the most secure and convenient option and can be processed in USD and other major currencies
- Check out providers like Wise and OFX for low cost international transfers to the US, or consider a multi-currency account from a provider like Wise if you want to receive your money in a foreign currency
