Currency Exchange

[sharpies 0]

Hi,

We are moving to the USA on December 26th and are looking to transfer money from our account here in the UK. I have researched a few companies, but was wondering if anyone can recommend a good one.

I have looked into ukforex.com and xe.com. Any other ones to look into? Any good or bad experiences with them?

Any advice would be greatly appreciated!

[mox 298]

Are we talking a LOT of money, or..?

[leith@Ievgeniia 8]

you might want to look at international bank and just take out here. or you can just get bank checque or open up an account here and do international wire directually to your account.

all that is much better than paying service. if not much money you can just carry into usa and just declare on customs. tell them your immigrating to usa and carrying with you.

i would rather have bank wire though. or leave part in england and bring over when you need

[sharpies 0]

you might want to look at international bank and just take out here. or you can just get bank checque or open up an account here and do international wire directually to your account.

all that is much better than paying service. if not much money you can just carry into usa and just declare on customs. tell them your immigrating to usa and carrying with you.

i would rather have bank wire though. or leave part in england and bring over when you need

Unfortunately we don't have a lot to transfer.

Thanks for the advice on the international bank and wire transfer!

[Aubrey 10]

After looking into the complications and expense of an international bank transfer (apparently it's easy for the money to get "lost" from small errors and nobody takes responsibility), we decided to just have my husband close his account and take the cash with him. It was much easier and cheaper. We just had him use a traveler's wallet so he didn't have to worry about security (the kind that you wear under your shirt). We just brought the Euros to our bank, they did the conversion and he opened an account (no conversion fee or anything). I think you're allowed up to $10,000 undeclared at customs, but I'd check if you're bringing something close to that.

Good luck!

[Mikkel 0]

While it depends on how much you're transferring, you'll almost always find bank transfers to be the easiest and cheapest option.

Most European banks, including my own, carry out currency exchanges in connection with international transfers at trading rates established by the institutions, and these are typically at or very close to the daily market prices published by the respective national banks. These rates are very significantly better than rates published by regular commercial foreign exchange traders. I'll give you an example taking basis in my transaction fees for transfering DKK 150,000 to an account in the U.S.

Bank transfer:

Effective bank exchange rate - DKK 100 = USD $19.194

IBT transaction fee - DKK 100

U.S. currency received (1,500 * 19.194 =) USD $28,791

Or, with the best current commercial foreign exchange rate I could find:

Forex trader exchange rate - DKK 100 = USD $18.795

No transaction fee - DKK 0

U.S. currency received (1,500 * 18.795 =) USD $28,192.50

The bank transfer in this scenario is therefore (USD $28,791 - USD $28,192.50 =) USD $598.50 cheaper. Of course, your rates /will/ vary, and you may find a really good deal somewhere, but as a rule, you're often way better off with a bank transfer unless you're just transferring a few hundred dollars.

Edited December 22, 2009 by Mikkel