Transferring money

[Amiss5572 2]

A few days before my fiance arrives and we don't have it figured out how he will be bringing his money over. His idea?? To go to his bank, close the account and bring it over in his pocket/bag. It's not just a few thousand though. 

 

I am fairly certain that every time he's come over when he uses chase they don't charge him to remove money. Is this a good idea? I'm not really sure what the best options are and he's just kind of set in bringing the cash over. Worrys the heck out of me if something were to happen to it. 

[cordoba2015 224]

2 minutes ago, Amiss5572 said:

A few days before my fiance arrives and we don't have it figured out how he will be bringing his money over. His idea?? To go to his bank, close the account and bring it over in his pocket/bag. It's not just a few thousand though. 

 

I am fairly certain that every time he's come over when he uses chase they don't charge him to remove money. Is this a good idea? I'm not really sure what the best options are and he's just kind of set in bringing the cash over. Worrys the heck out of me if something were to happen to it. 

Why not use Western Union? You provide the name and ID of the person who will pick up the money, as well as the amount of money being retrieved. Depending on the location, there are people who can handle thousands of dollars. Then deposit that money into a US bank account.

 

Otherwise, he could just withdraw the money from an ATM in the states and deposit that money into a bank account.

 

 

[Amiss5572 2]

Is it that simple.. Just withdrawing it from a bank in America? He's taken out a few hundred at a time while on visits. It's just so far away that worries me. 

[cordoba2015 224]

Just now, Amiss5572 said:

Is it that simple.. Just withdrawing it from a bank in America? He's taken out a few hundred at a time while on visits. It's just so far away that worries me. 

Well, I use my debit card to withdraw money from my American bank account here in Argentina all the time. He could keep his bank account open and just use his card in the US. I think the idea of taking thousands with you on a flight is absolutely insane and completely unnecessary. You would also have to declare that large of an amount of money with customs, and it is extremely risky to carry such a large sum of money with you.

[Deagle 508]

Money gram is cheaper than Western Union here in USA, the fees are lower.

[Wuozopo 4,293]

1 hour ago, Amiss5572 said:

A few days before my fiance arrives and we don't have it figured out how he will be bringing his money over. His idea?? To go to his bank, close the account and bring it over in his pocket/bag. It's not just a few thousand though. 

 

I am fairly certain that every time he's come over when he uses chase they don't charge him to remove money. Is this a good idea? I'm not really sure what the best options are and he's just kind of set in bringing the cash over. Worrys the heck out of me if something were to happen to it. 

Carrying that much cash is just too risky. If he does, he has to declare it to US Customs. Then he has a pocketful of ££ that he will have fees to deposit and may pay bank rates. 

 

Try Transferwise https://transferwise.com/us/ for a safer option with less fees and better exchange rate.

Many UK people on here recommended it so I used it. Flawless and quick. 

 

[Boiler 45,468]

www.xe.com  or similar also check rates his Bank offers.

 

Not a good idea to cancel his Account as he would have great difficulty reopening one.

[VisaDJ 16]

Whenever I've had to transfer money to my fiancee (or vice versa), we've used: https://transferwise.com/

 

I think it was recommended on Money Saving Expert (or one of those sites), and has almost zero fees applied (I believe the way it works, is that instead of converting £ to $, you pay into the British 'pot', and the recipient is then paid straight out of the US 'pot', on the other side). I don't have exact figures in front of me right now, but as an example, regular transfer via WU or bank for £500 may incur approx. £30 loss (due to fees and the exchange rate they provide), whereas, with TransferWise, that may only be £3-5. I've transferred 5+ times now, and never had any problems - money usually shows up in a few days.

 

Alternatively, I believe the only completely fee / exchange free option (other than carrying it all in your pocket!), is to get a credit card that allows free withdrawals in the US. There are quite a few around, and this would allow you to simply empty the UK account once abroad, and then deposit everything into the new US account.

Hope that's helpful... Good luck!

[benboucher 8]

Revolut is the best currency card to use, easy to top up with the app and uses interbank rates for the exchange rate. If it's too late for him to apply for that then transferwise is the best option as others have mentioned here, he can just transfer to your account and withdraw from there

[Absolutely 34]

Thomas Cook cash passport travel card short term and then when I opened a bank account, used Transferwise to move my savings over. They give you the best currency conversion rates and really reliable. Definitely wouldn't bring cash, that'd be an expensive misplaced bag!

[Amiss5572 2]

44 minutes ago, Absolutely said:

Thomas Cook cash passport travel card short term and then when I opened a bank account, used Transferwise to move my savings over. They give you the best currency conversion rates and really reliable. Definitely wouldn't bring cash, that'd be an expensive misplaced bag!

Did they send you the card in the mail? 

[Absolutely 34]

8 minutes ago, Amiss5572 said:

Did they send you the card in the mail? 

No, you just go into Thomas Cook and get it there. It works just like a debit card and was so useful to me as an interim card until I was able to open a bank account.