Buying property in the USA
US purchases move faster than European ones and run through escrow rather than a notary — which shortens the currency exposure but introduces a cost most UK buyers only discover after the money has moved.
- Typical timeline
- Commonly around 30 to 45 days from accepted offer to closing.
- You pay in
- US dollars (USD) · live GBP/USD rate
Where the currency risk actually sits
A shorter timeline means less exposure than a European purchase — but the sums are undiminished, and 30 to 45 days is still long enough for GBP/USD to move a percent or two on a single Federal Reserve meeting. The bigger cost on this route is usually not the market, it is the wire.
The binding contract
The purchase agreement is backed by earnest money held in escrow by a title company or attorney, with contingency periods during which the buyer can withdraw on defined grounds.
When the money actually moves
A purchase in the USA is a sequence of payments on dates set by the process, not by you. Each one is a separate conversion.
| Stage | Typically | What it means for your rate |
|---|---|---|
| Earnest money into escrow | A modest share of the price | Smaller than a European deposit, so the rate matters less here — but it is your first exposure to the wire deductions described below, on a sum small enough to learn from cheaply. |
| Contingency periods | No payment | No conversion, but the closing date firms up here — which is the point to decide whether to fix the rate for the balance. |
| Closing | The balance, plus closing costs | Wired to escrow in cleared dollars before closing. The amount that must land is exact, which is precisely the problem when correspondent banks deduct from wires in transit. |
What catches UK buyers out in the USA
Incoming US dollar wires are frequently reduced by correspondent bank fees taken in transit, so the amount arriving at escrow can be less than the amount sent. On a closing where the figure must be exact, a short wire is a real problem — we route to avoid these deductions where the receiving bank allows.
Wire fraud targeting property closings is a known problem in the US market: always confirm escrow wire instructions by phone using a number you already had, never one from an email.
Closing costs are additional to the price and payable in dollars, so convert for the total figure your closing statement shows.
This guide covers the currency side of a purchase in the USA. Property law, tax and residency rules change and vary by region — take local legal and tax advice before you commit to anything.
Buying in the USA — common questions
Why did less money arrive at escrow than I sent?+
Correspondent banks in the payment chain commonly deduct fees from a dollar wire while it is in transit, so the beneficiary receives less than was sent. It catches out most first-time UK buyers, and it matters more at a US closing than almost anywhere because the amount due is exact. Routing the payment to avoid those deductions is something to arrange before you send, not after.
Should I fix my GBP/USD rate for a US purchase?+
A 30 to 45 day closing is a shorter exposure than a European purchase, but not a trivial one — a single Federal Reserve meeting inside that window can move the pair. If your budget has no room for a two-percent move, fix it; if it does, the shorter timeline makes floating more defensible here than in France or Portugal.
Can I buy US property as a UK resident?+
There is no restriction on foreign nationals owning US residential property. The complications are tax and financing rather than eligibility, and both are worth professional advice before you commit — this page covers the currency side only.
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