transferring pounds to dollars

[Laura_and_IanM 0]

I know that this has been talked about before, but I can't find the original thread. Ian needs to know what the cheapest way is to transfer British pounds to American dollars. Also, he has an HSBC account over here in the UK. Is it feasible for him to open a bank account in America without him or I actually being there??? Does anyone have any suggestions, thoughts, and or ideas??? Thanks in advance guys!!!

LJ

[mawilson 2,133]

PayPal if we're talking about a few hundred pounds or less;

wire transfer otherwise.

[Kez/JWolf 6]

Dont think it is possible to open an account in the States without you being there....

I transfered my money from my Uk account to my US account by just writing myself a check on my uk account and paying it into my US account... only took 2 days for the funds to clear and only cost me $1.50 foreign transaction fee....

Kezzie

[Laura_and_IanM 0]

Dont think it is possible to open an account in the States without you being there....

I transfered my money from my Uk account to my US account by just writing myself a check on my uk account and paying it into my US account... only took 2 days for the funds to clear and only cost me $1.50 foreign transaction fee....

Kezzie

Yeah but Ian can't write a check in american dollars...from his UK checking accnt if you know what I mean.

[Kez/JWolf 6]

No he writes it in UK pounds and it gets converted by the US bank when he pays it in.....

Kezzie

[Mr. Big Dog 10,747]

Dont think it is possible to open an account in the States without you being there....

I transfered my money from my Uk account to my US account by just writing myself a check on my uk account and paying it into my US account... only took 2 days for the funds to clear and only cost me $1.50 foreign transaction fee....

Kezzie

Yeah but Ian can't write a check in american dollars...from his UK checking accnt if you know what I mean.

I'm sure that you can deposit a GBP check into a USD account. Your bank will convert the GBP to USD. For a fee, of course. Plus, they stiff you on the exchange rate for those type deals. You won't get anything near market rate.

Ever considered a credit card with attached savings account? I think AmEx offers such. You can pay the GBP balance into the savings account over there. Then you can use the credit card anywhere here and draw the funds down that way. Once the funds are gone, you can either use the AmEx card just like a regular credit card or simply close the account if you don't need it anymore.

No he writes it in UK pounds and it gets converted by the US bank when he pays it in.....

That will cost you way more than that buck fifty you quoted earlier. Take a good look at the exchange rate the bank applies for your funds. They make money there, too...

Edited August 20, 2006 by ET-US2004

[Kez/JWolf 6]

Dont think it is possible to open an account in the States without you being there....

I transfered my money from my Uk account to my US account by just writing myself a check on my uk account and paying it into my US account... only took 2 days for the funds to clear and only cost me $1.50 foreign transaction fee....

Kezzie

Yeah but Ian can't write a check in american dollars...from his UK checking accnt if you know what I mean.

I'm sure that you can deposit a GBP check into a USD account. Your bank will convert the GBP to USD. For a fee, of course. Plus, they stiff you on the exchange rate for those type deals. You won't get anything near market rate.

Ever considered a credit card with attached savings account? I think AmEx offers such. You can pay the GBP balance into the savings account over there. Then you can use the credit card anywhere here and draw the funds down that way. Once the funds are gone, you can either use the AmEx card just like a regular credit card or simply close the account if you don't need it anymore.

No he writes it in UK pounds and it gets converted by the US bank when he pays it in.....

That will cost you way more than that buck fifty you quoted earlier. Take a good look at the exchange rate the bank applies for your funds. They make money there, too...

Well I transfered 3,000 GBP from my UK acount just 2 weeks ago I paid the check into my US account and the exchange rate was $1.86 for 1.00GBP and the only fee was $1.50 foreign transaction....

So as far as I can see this was much cheaper than anyother way I could find....

Kezzie

[Hilarious Clinton 452]

You can always use an ATM.

[derekkj 0]

Dont think it is possible to open an account in the States without you being there....

I transfered my money from my Uk account to my US account by just writing myself a check on my uk account and paying it into my US account... only took 2 days for the funds to clear and only cost me $1.50 foreign transaction fee....

Kezzie

Wow, where do you bank? Derek and I have an account at Wachovia here in the US and they told us if we wanted to deposit Canadian checks they would charge a $75 per check collection fee. Needless to say, we got an account through customhouse.com. A few days to set up the account, but no fees whatsoever and the exchange rate is usually better than what banks offer.

[mawilson 2,133]

Dont think it is possible to open an account in the States without you being there....

I transfered my money from my Uk account to my US account by just writing myself a check on my uk account and paying it into my US account... only took 2 days for the funds to clear and only cost me $1.50 foreign transaction fee....

Kezzie

Yeah but Ian can't write a check in american dollars...from his UK checking accnt if you know what I mean.

Actually, he can. Most UK banks will issue US-dollar cheques for a fee (10 quid or so).

[Laura_and_IanM 0]

Dont think it is possible to open an account in the States without you being there....

I transfered my money from my Uk account to my US account by just writing myself a check on my uk account and paying it into my US account... only took 2 days for the funds to clear and only cost me $1.50 foreign transaction fee....

Kezzie

Yeah but Ian can't write a check in american dollars...from his UK checking accnt if you know what I mean.

Actually, he can. Most UK banks will issue US-dollar cheques for a fee (10 quid or so).

Actually no he can't lol. He has already inquired about it with his bank. He was going to write me a check once and he found out that he couldn't write it on his check because the checkbook is in sterling not us dollars. He did get a bank draft to pay for the I129f and I130 petitions and he was charged 20 quid for each petition.

Besides, if he was able to write a check out from his UK bank and deposit it into an American account, then I wouldn't be here asking. I am not trying to sound snippy, but rather pointing out the obvious. He needs to know the cheapest way of transferring the money and about opening an accnt in the US without being there. As far as someones answer of using the atm card, he has used it over in America but the charge is phenominal.

[mawilson 2,133]

Actually, he can. Most UK banks will issue US-dollar cheques for a fee (10 quid or so).

Actually no he can't lol. He has already inquired about it with his bank. He was going to write me a check once and he found out that he couldn't write it on his check because the checkbook is in sterling not us dollars. He did get a bank draft to pay for the I129f and I130 petitions and he was charged 20 quid for each petition.

Besides, if he was able to write a check out from his UK bank and deposit it into an American account, then I wouldn't be here asking. I am not trying to sound snippy, but rather pointing out the obvious. He needs to know the cheapest way of transferring the money and about opening an accnt in the US without being there. As far as someones answer of using the atm card, he has used it over in America but the charge is phenominal.

It's a special banker's cheque, not a regular cheque from his chequebook (which is obviously in GBP.)

You have to go to the bank and ask for it. I've done it myself (at Lloyds Bank), otherwise I wouldn't

be saying it. And yes, it does cost a bit (at least 7 or 13 quid).

[Lou Lou 1]

Might be worth going through the UK forum...

http://www.visajourney.com/forums/index.php?showtopic=27309

[Kez/JWolf 6]

well sorry my information was not of any help..... I must have a very special ordenary checking account in the US that allowes me to do this.... but I can assure you I sat here at my desk and wrote a personal UK check from LloydsTSB and paid it into my Citizen Bank account and had no problems and only charged $1.50....

Maybe it was just a dream.....

Kezzie

[Laura_and_IanM 0]

well sorry my information was not of any help..... I must have a very special ordenary checking account in the US that allowes me to do this.... but I can assure you I sat here at my desk and wrote a personal UK check from LloydsTSB and paid it into my Citizen Bank account and had no problems and only charged $1.50....

Maybe it was just a dream.....

Kezzie

Kezzie, that wasn't directed at you. But I do know that my own bank in America will not except a check from the UK. My bank is a local federal credit union bank..not a chain like Citizens so maybe that is the difference. As far as the last comment ...I know Ian can get a bank drawn check from HSBC that is taken directly from his account and made out in US funds, but the charge is outrageous, and if you look at my original question, I was asking how to go about transferring funds the cheapest way and how to open a bank accnt in America without being there. Now, since my last post, Ian's brother in law has spoken to him about it. He works for HSBC and has told him that all he has to do is go into the HSBC bank that he deals with, and tell them that he is immigrating and that he wants the proceeds of his house turned into American funds and they will open an accnt for him in America as long as we know where abouts in America we will be living which we do. SO that is a big relief. Just hope its as easy as he says it should be.