Changing large amounts of sterling in to dollars

[dis00 0]

Hi,

When the visa is final granted and im ready to move whats the best/cheapest/safest way of getting my money from my UK bank account to my US bank account?

Thanks

Dean

[Keeto 12]

Hi Dean,

I've used www.xe.com a few times. One hell of a registration process for security reasons I would guess, but after that a breeze to use.

You do have a "trading limit" so I'm not too sure how your "large" amount of money will work with these guys.

They obviously do charge a fee that is in relation to the amount of money you sending.

HTH.

[dis00 0]

i guess when i say large its relative to me haha. Thanks though i'll check them out

[Hannah B 16]

I'm in a similar position. I firstly want to take a lump sum with me or transfer it electonically so I can buy a car and get by for the first few months until I am working. Then I have also rented out my flat here in the UK and will receive monthly rent payments so am wondering the best way to transfer smaller regular amounts to me in the US once I have a bank account so if anyone has any advice/experience of this then it would be greatly appreciated. I will also check out www.xe.com

Thanks

[rocks 494]

Your bank can arrange a wire transfer to your partners US account. Takes a few days.

[Ellesse 11]

Hi there,

I used the Post Office to transfer money over (and still do) - I linked it to my UK and US accounts and it worked really well. This is the link: https://postoffice.hifxonline.co.uk.

If I requested a transfer before 5pm (UK time) on, say, Tuesday, it would be in my account on the Wednesday morning in the US; I've been really impressed with the service I've received.

One thing to note though: it's always easier to register whilst you're still in the UK as you have to go through a security procedure that includes a UK address (and evidence of it - so, a bank statement or something like that dated within the last 3 months).

Good luck!

L

[Moomin 292]

I used paypal - send as gift option, and just send it a few times to my husband. The rest I kept in my Danish bank account and just took the creditcard with me and used it that way. Worked out fine.

[RobNKharen 70]

Many banks have "sister" banks around the world....for example my Well's Fargo account can send money to my fiancee's BDO account in the Philippines for a nominal charge/exchange rate. Since you have regular income from your rental property, you might consider looking into that long term option. Short term you can send yourself money once you are in the US using a service like Xoom.com. Sign-up and link your bank account to Xoom, your account, NOT your debit card, because the fees are higher for plastic. I always send in USD to the phils because Xoom's exchange rate is total robbery, so check into your exchange rate options for sterling to USD in the USA.

BTW, In my case, Well's Fargo exchange rate is whatever exchange rate is current at BDO during the transaction.....but normally BDO's rate is the exact same at the local money changer's rate. Using a service like Xoom to send yourself money once in the USA avoids the headaches of going through customs with a fat bag of cash.

[Owen_London 65]

Hi,

When the visa is final granted and im ready to move whats the best/cheapest/safest way of getting my money from my UK bank account to my US bank account?

Thanks

Dean

The specialist currency transfer companies usually give better rates than transferring directly through your bank.

I opened accounts with xe.com, hifx.com (looks like they also do the Post Office service linked above), Moneycorp and Currencies Direct.

For the amount of money I wanted to transfer, all four required scans of both ID (e.g. passport) and proof of UK address (e.g. recent utility bill) loaded to their secure website. XE's requirements wanted one of each; HiFX wanted one of each, and sent me a password in the post that I could type in on their website; Moneycorp wanted two forms of each ID, which was a problem as I don't have a photocard driving license. I did like that they talked through the possible future trends in the pound to dollar exchange rate with me though; Currencies Direct, I forget what they wanted. Some of the companies I didn't use have been trying to phone me every few days, though I think that's finally stopped.

In the end I used HiFX, as their rates were noticeably better than XE. I have no complaints.

Edited August 1, 2012 by Owen_London

[rocks 494]

Natwest charges between 20 and 28 pounds for the transfer, depending on whether you want it to take 4 or 2 days. Your American bank will charge you for the incoming transfer too, probably around $50. Contact your bank and see what they can offer you.

[Krikit 1,165]

You may want to take a look at HSBC. If they are anything like the bank I deal with in Canada, and its sister bank here in the US, I just pick up my phone and do an electronic transfer with no service charge applied. (They are still working on an online system but, for now, this works for me.) Funds are usually in my account by the next business day if I call before 2:00pm.

http://www.hsbc.com/...nternet-banking

Edited August 1, 2012 by Krikit

[dis00 0]

Thanks for the valuable info. Ive opened an account with XE.com to have a look at the rates. I'll also compare with the others that have been suggested.