Transferring GBP to USA

[Captain Oates 911]

I use Worldfirst in London and they are about 1.5 US cents less than my spreadbetting graph which is real time and represents the middle of the real time market..

So when the dollar is 1.985, Worldfirst can usually quote me 1.97

they are v efficient and I have an electronic payment set up at my bank to pay them for free in 3 days...

If I pay Worldfirst £4 extra they will cover the charges all the way through to either the US or my offshore banks..

I used the Halifax PLC once and the rate they gave me was more like a tourist rate- cost me a LOT !

I don't work for Worldfirst or have any sort of hookup but I would recommend using a specialist outfit like that rather than a bank

I have made at least 7 transfers with them without hitch or hassle

Has anyone used other specialist exchange companies like that...?

I know I won't be able to use my spreadbetting trading platform as it will be illegal for companies to provide that to a US resident (work of the DEVIL pilgrim ?) but the spot rates there are bang on the market rates...

It's really handy right now as I bet against the GBP when the exchange rate goes really well which allows me to 'fix' a rate.. I am fixing any time it goes near 2.00 (it is almost there now)

At the worst end of the spectrum, I see airport cash changes charging 12.5 % spread from buy to sell

Anyone who is planning to sell a house in the UK (plus wad) is taking a heck of an exchange risk right now. When we got married in November 05, the dollar was about 12%higher from now. On a house plus wad of even say £350k, you could lose 35k easily if there was a movement...

Of course I hear people say that isn't going to happen .. what do we know ? ... a lot of things can swing an exchange rate 10% and a things could occur which would drop the exchange rate a heck of lot more than any 10%

That would cost some pending VJ immigrants a big piece of change

[mawilson 2,133]

I know I won't be able to use my spreadbetting trading platform as it will be illegal for companies to provide that to a US resident (work of the DEVIL pilgrim ?) but the spot rates there are bang on the market rates...

Is that so?

Is there any reason you can't use your trading platform here in the U.S. through a U.S. broker?

[rebeccajo 14]

Yeah, Alan, everytime Wes draws money from the Simpson Family Trust Fund, we just can't figure out whether to have it wired, carrier pigeoned or floated at sea.

I agree with you. That exchange rate really sucks. Especially at two-to-one your way. Bothersome, that.

And the price of corks guaranteed to hold a seal during Atlantic gale-storms - yikes!

[kins 0]

Anyone who is planning to sell a house in the UK (plus wad) is taking a heck of an exchange risk right now. When we got married in November 05, the dollar was about 12%higher from now. On a house plus wad of even say £350k, you could lose 35k easily if there was a movement...

Of course I hear people say that isn't going to happen .. what do we know ? ... a lot of things can swing an exchange rate 10% and a things could occur which would drop the exchange rate a heck of lot more than any 10%

That would cost some pending VJ immigrants a big piece of change

Don't....

I am selling a house in the UK and will have just under £200k to take to the US. The buyer pulled out a few weeks ago, I have another buyer just appeared today, I just want it SOLD and the money in the bank ready to move. But there's not much I can do to speed it up

[Captain Oates 911]

Anyone who is planning to sell a house in the UK (plus wad) is taking a heck of an exchange risk right now. When we got married in November 05, the dollar was about 12%higher from now. On a house plus wad of even say £350k, you could lose 35k easily if there was a movement...

Of course I hear people say that isn't going to happen .. what do we know ? ... a lot of things can swing an exchange rate 10% and a things could occur which would drop the exchange rate a heck of lot more than any 10%

That would cost some pending VJ immigrants a big piece of change

Don't....

I am selling a house in the UK and will have just under £200k to take to the US. The buyer pulled out a few weeks ago, I have another buyer just appeared today, I just want it SOLD and the money in the bank ready to move. But there's not much I can do to speed it up

All I can say is don't believe anyone (including me) as far as future house prices and exchange rates are concerned. I think 2.00 USD to a £ is very good and I will take that. If it goes to 2.10 I will have a wry smile but if it goes to 1.70 I will stamp my feet - so I am going to take 2.00

My pal says UK house prices will come off 10% in the next year - its possible as its more than 10 years since the last 10 yearly slump - but there are new forces at work such as immigration, divorce, and even 'white flight' (yes it exists)... so it depends on what kind of house you are trying to sell and what is the typical buyer - the overall average market is one thing but your specific kind of house in your specific kind of area, plus some good luck, is what will sell your house - no matter what the market is like.

Careful of averages - if you have one foot in the fire and one foot in the fridge, then on average you are comfortable.

[cheeky^Wolf 0]

I use this company http://www.interchangefx.co.uk/ who I believe mags recommended. Excellent service, no complaints at all.

Hope it helps.

Helen

[Captain Oates 911]

Yeah, Alan, everytime Wes draws money from the Simpson Family Trust Fund, we just can't figure out whether to have it wired, carrier pigeoned or floated at sea.

I agree with you. That exchange rate really sucks. Especially at two-to-one your way. Bothersome, that.

And the price of corks guaranteed to hold a seal during Atlantic gale-storms - yikes!

Can't quite decide what this post is trying to say, though I guess it is disapointment that a retired 59 and a half year old guy like me is getting a good exchange rate on the life savings he is bringing to the US

If that is malice or envy then I have met that before and I just hope you like my new speedboat anchored in the bay haha !, if it's just wine talking then cheers !

alan

[Captain Oates 911]

I use this company http://www.interchangefx.co.uk/ who I believe mags recommended. Excellent service, no complaints at all.

Hope it helps.

Helen

Excellent - its best to have 2 companies to compare margins so I will will check with them that wordfirst are in line...

many thanks

[esmp 1]

I use this company http://www.interchangefx.co.uk/ who I believe mags recommended. Excellent service, no complaints at all.

Hope it helps.

Helen

Excellent - its best to have 2 companies to compare margins so I will will check with them that wordfirst are in line...

many thanks

Not sure if this is of help but our US bank account allows me to send cheques - sorry checks, (must watch my English/American!!) directly to our account. It maybe because it's specifically for the military but they don't charge and the last time I checked they were converting at 1.98. It is not a service they advertise but I just called and asked their advice and voila free service. It's not every day one of those pops it's head up from a banking service! Yipee for USAA!

May be worth a quick call to your own US bank?

Emma

[tucsonbound 0]

I use Worldfirst in London and they are about 1.5 US cents less than my spreadbetting graph which is real time and represents the middle of the real time market..

So when the dollar is 1.985, Worldfirst can usually quote me 1.97

they are v efficient and I have an electronic payment set up at my bank to pay them for free in 3 days...

If I pay Worldfirst £4 extra they will cover the charges all the way through to either the US or my offshore banks..

I used the Halifax PLC once and the rate they gave me was more like a tourist rate- cost me a LOT !

I don't work for Worldfirst or have any sort of hookup but I would recommend using a specialist outfit like that rather than a bank

I have made at least 7 transfers with them without hitch or hassle

Has anyone used other specialist exchange companies like that...?

I know I won't be able to use my spreadbetting trading platform as it will be illegal for companies to provide that to a US resident (work of the DEVIL pilgrim ?) but the spot rates there are bang on the market rates...

It's really handy right now as I bet against the GBP when the exchange rate goes really well which allows me to 'fix' a rate.. I am fixing any time it goes near 2.00 (it is almost there now)

At the worst end of the spectrum, I see airport cash changes charging 12.5 % spread from buy to sell

Anyone who is planning to sell a house in the UK (plus wad) is taking a heck of an exchange risk right now. When we got married in November 05, the dollar was about 12%higher from now. On a house plus wad of even say £350k, you could lose 35k easily if there was a movement...

Of course I hear people say that isn't going to happen .. what do we know ? ... a lot of things can swing an exchange rate 10% and a things could occur which would drop the exchange rate a heck of lot more than any 10%

That would cost some pending VJ immigrants a big piece of change

Thanks for the tip. Just the kind of reccomendation I was looking for. It feels so risky to transfer every penny you have electronically.

Won't High street banks give you the business rate if you are transferring house sale quantities of money?

[featherB 1]

I use this company http://www.interchangefx.co.uk/ who I believe mags recommended. Excellent service, no complaints at all.

Hope it helps.

Helen

I use them too (having seen a few recommendations on here) - and I agree, an excellent service. Just arranged another exchange/transfer with them today, and it was all nice & straightforward - got a good rate too, it seems like you can usually negotiate a bit on the rate!

[tucsonbound 0]

I use this company http://www.interchangefx.co.uk/ who I believe mags recommended. Excellent service, no complaints at all.

Hope it helps.

Helen

Excellent - its best to have 2 companies to compare margins so I will will check with them that wordfirst are in line...

many thanks

Not sure if this is of help but our US bank account allows me to send cheques - sorry checks, (must watch my English/American!!) directly to our account. It maybe because it's specifically for the military but they don't charge and the last time I checked they were converting at 1.98. It is not a service they advertise but I just called and asked their advice and voila free service. It's not every day one of those pops it's head up from a banking service! Yipee for USAA!

May be worth a quick call to your own US bank?

Emma

Really? That's unbelievable. I don't suppose it's Chase Bank is it? I will have to call them.

[kins 0]

Anyone who is planning to sell a house in the UK (plus wad) is taking a heck of an exchange risk right now. When we got married in November 05, the dollar was about 12%higher from now. On a house plus wad of even say £350k, you could lose 35k easily if there was a movement...

Of course I hear people say that isn't going to happen .. what do we know ? ... a lot of things can swing an exchange rate 10% and a things could occur which would drop the exchange rate a heck of lot more than any 10%

That would cost some pending VJ immigrants a big piece of change

Don't....

I am selling a house in the UK and will have just under £200k to take to the US. The buyer pulled out a few weeks ago, I have another buyer just appeared today, I just want it SOLD and the money in the bank ready to move. But there's not much I can do to speed it up

All I can say is don't believe anyone (including me) as far as future house prices and exchange rates are concerned. I think 2.00 USD to a £ is very good and I will take that. If it goes to 2.10 I will have a wry smile but if it goes to 1.70 I will stamp my feet - so I am going to take 2.00

My pal says UK house prices will come off 10% in the next year - its possible as its more than 10 years since the last 10 yearly slump - but there are new forces at work such as immigration, divorce, and even 'white flight' (yes it exists)... so it depends on what kind of house you are trying to sell and what is the typical buyer - the overall average market is one thing but your specific kind of house in your specific kind of area, plus some good luck, is what will sell your house - no matter what the market is like.

Careful of averages - if you have one foot in the fire and one foot in the fridge, then on average you are comfortable.

LOL thank you! I have sold the house today but I won't consider it properly 'sold' till we've exchanged contracts which will take another 4-5 weeks the way the UK market works. I've not had any problem selling my house - it is very sellable - the problem has been finding people who are ready to buy ie who have sold their own house. But I think we *may* be there (she says very gingerly)...

I agree, if the rate goes up to 2.10 I don't think I will care, I will just be grateful if I get 2.00.

[Captain Oates 911]

I use this company http://www.interchangefx.co.uk/ who I believe mags recommended. Excellent service, no complaints at all.

Hope it helps.

Helen

Excellent - its best to have 2 companies to compare margins so I will will check with them that wordfirst are in line...

many thanks

Not sure if this is of help but our US bank account allows me to send cheques - sorry checks, (must watch my English/American!!) directly to our account. It maybe because it's specifically for the military but they don't charge and the last time I checked they were converting at 1.98. It is not a service they advertise but I just called and asked their advice and voila free service. It's not every day one of those pops it's head up from a banking service! Yipee for USAA!

May be worth a quick call to your own US bank?

Emma

wow that's brill ! 1.98 is excellent and as long as there are no associated charges that's great... When you put a US check into a UK bank it can be a long time before it 'clears' ie before you can spend it - but that is a superb rate 1.98 - a UK bank would rip you off deluxe if you deposited dollars