Transferring funds from UK to USA (Illinois)

[Naddy&Mikey 2]

Hi there

I was wondering if there is anybody on here that can be of help to me? I've been in the U.S.A for three months or so now and I'm having real difficulty having money transferred from my U.K bank account to my U.S bank account. Apparently it's down to the trade laws here in Illinois (whatever that means). I'm just wondering the best way of going about doing this because right now I haven't the foggiest. I have a few thousand I want transferring, so if there's anyone out there that can be of assistance then please let me know.

Thanking you in advance

[MmmBlondie 8]

I ended up transferring my money when I moved to Florida via my actual bank (Lloyds TSB), with international transfers there was only a 20pound charge which I thought was reasonable. If you're having issues with transferring from your account to your spouses account or your American account though you could try western union or paypal??

I dont know if that helps but I was looking into those routes before I just did an international transfer.

[nobbie 105]

I set up an account with hifx in the UK, they get you a better rate than banks and have no transfer fees. I just send them the money from my UK account, they convert it and send it to my US account. I am in MD though not IL, no idea how it differs.

Only problem is you are supposed to be in the UK when you make the transfer.

[cathy2904 97]

Try Transferwise. It's peer to peer and works really well for me. It gets great reviews: http://www.trustpilot.com/review/transferwise.com

Also, if it is for a large amount you could use someone like Tor FX. I just sold my house in England and used them to transfer the proceeds.

[ki&si 0]

I use Transferwise, had no problems at all with many transactions now. Others recommend http://xe.com.

[perfect 39]

I used xe years ago several times and they were great - You may have to fill out extra paperwork because of the KYC banking laws which are supposed to protect against money laundering. Basically you should be able to transfer $9999 without question. After that they will ask a few more questions to satisfy banking requirements for the AML laws put in place.

Most banks can do an international wire transfer once you have fulfilled any legal requirements for AML.

[*Snowdrop* 604]

Barclays now has the option of using your online banking account for sending money to an account in the US. That's what I use now - it's very simple, similar to any online transaction.

I wish it had been available back in 2008 when I moved over.

[Naddy&Mikey 2]

Thank you for all the responses to my query Firstly I have tried Moneycorp in the U.K and a company here in the U.S called Worldfirst without any luck. Both companies told me I cannot transfer funds from the U.K to Illinois, U.S.A because of the trade laws?? Other states..YES......Just not Illinois!!!

I am wondering whether (like you mentioned MmmBlondie) I can just transfer funds from my Nationwide account (using SWIFT) to my U.S account. It just seems like I cannot use these money exchange companies because I live in the state of Illinois...

[Jo Amelia Finlay 20]

I was getting worried I'd not been asked extra security questions in setting up my xe.com account the other day, but now I realise it's because I'd set a rather low money threshold for myself. I suppose when the time comes I need to transfer more (presently it's a smallish chunk to help Bob with costs for flights etc to come and get me) I'll give their customer services a call and talk it through.

I'm generally a pretty internet savvy person but transferring substantial amounts (ie larger payments than just buying a book off of Amazon!) is making me nervous, even though I purposefully chose xe as they come so recommended! Fear of the unfamiliar and all that.

[markonline1 11]

I personally wouldn't use my bank to transfer money as they will sting you with fees or rates. Open an account with a money transfer company. I used World First, but there are plenty about. They are helpful, the process is simple and you get far better rates than the high street banks.

[Jo Amelia Finlay 20]

Update from me: xe.com took about four working days and was very simple. I would stand with everyone else recommending them.

Bob's got my money and is booking flights soon!

[mrken30 0]

I have used xe and UKFOREX/USFOREX to move larger amounts. For small amounts I use citibank. If you have a citibank account in both countries the transfer is free and instant. If you dont have a citibank account in the UK you could get a family memeber to set one up and the transfer fees would be free also, both ways.