Bring your money over to america

[ericdraven 0]

Thought you mite like this information. I was trying to sort out how to get my money out of my English bank Without paying the masses of money you end up paying the banks going from one account to another. Well I found Paypal to be the cheapest I sent money from my Paypal account connected to my Bank account to my Wifes Paypal account. Took a few days but only cost me £3.50 about $7.00. My babe just wrote me a cheque and I put it in my American Bank account.

Edited May 30, 2008 by ericdraven

[Sheriff Uling 3]

That's the best ticket going right now because you come out of pocket a lot more any other way. Like you have noted, there is some lag time in transferring the funds back into the appropriate bank account, but that's it. No biggie and thanks for posting this...

[przy 0]

Thought you mite like this information. I was trying to sort out how to get my money out of my English bank Without paying the masses of money you end up paying the banks going from one account to another. Well I found Paypal to be the cheapest I sent money from my Paypal account connected to my Bank account to my Wifes Paypal account. Took a few days but only cost me £3.50 about $7.00. My babe just wrote me a cheque and I put it in my American Bank account.

That's exactly what my husband and I are going to do.

[Jeraly 4]

I thought that other exchange places were better? I can't tell you their names though cause I forgot them already If PayPal works out better then I can save myself a whole lot of hassle...

[Krikit 1,164]

Or you could use Custom House or XE and pay nothing.

[Jeraly 4]

Those are the ones I was on about!

[Flames9_RN 358]

I have used Customhouse for 3 yrs now, and its great! Takes a bit to initially set up the account, but NO fees when u transfer Electronically (EFT). Takes 3-4 business days for a transaction. They do offer a wire service which is very quick, but it costs a few $$.

[English Muffin 59]

Or you could use Custom House or XE and pay nothing.

They get my vote too.

[StillThePrettiest 3]

do they offer the same rates of exchange?

[Flames9_RN 358]

I just know that custom house gave a a much better exchange route than my USA bank (wachovia)

[Jeraly 4]

I know in the past we have used PayPal for smaller amounts because they had a really good exchange rate but not sure how this compares to everything else..

[Krikit 1,164]

The way the system works is that the online exchange house considers your electronic transfers from account to account as trades. In their eyes you are purchasing and/or selling foreign currency.... not simply moving it from account to account. So, for example, let's say you wanted to move money from your account in the UK to your account in the US. You would pick a rate, lock it in, and make the "trade". There are no additional service fees associated with the transaction unless you require same-day service. The wire fee for same-day service is $20 at Custom House. Which is still far cheaper than the service fees that the banks in the US charge.

With Custom House, you choose your own rate as the market goes up and down. You have two options:

1) Choose a rate and have them inform you once it reaches that point.

2) Watch the rates fluctuate and lock in when it hits an amount you're happy with.

The other variable lies in the amount. If you have a significant amount to move, then you would work with a broker and this will get you the better rate. In my case, my first transaction was significant so they assigned me a broker who worked with me in setting up the account and informing me.... based on his expert opinion.... when the market had reached its best available rate and recommending that I act now. When I was ready to move smaller amounts, my original broker set me up with a Vantage account where you do your own trades. The person who helped me with the new account said my original broker had arranged for me to receive a higher exchange rate than regular Vantage users due to my initial trade. This is why it's a bit difficult to say what rate of exchange you are going to receive. The best way to confirm it is to call the banks and ask them for their current rates, then check with Custom House/Vantage to see what their going rates are. Now, mind you, the bank does not update their rates every 30 seconds (or whatever the refresh rate is) like the online exchange houses do. The banks work on a daily rate.... their rates aren't fluctuating with the market..... so you will never see the same rate for both. Also, the banks are going to take their cut so they will increase/decrease the exchange rate to their advantage, whereas the exchange house effectively cuts out the middleman in order to give you a preferred rate.

For those who are concerned with the rumours of having to declare amounts greater than 10k.... this does not apply. All transactions are verified by the banks involved, leaving you out of having to get involved..... in effect they are saying that this is legitimate money and to proceed with the transaction.

Phew. I hope I haven't muddied the waters further. My best advice is to call the 1-800 # and speak with an advisor. They are very pleasant and very helpful, and will walk you through every step of the way. It sounds a lot more complicated than it really is.

I just know that custom house gave a a much better exchange route than my USA bank (wachovia)

Ditto. Plus my bank charges a hefty fee for the "service". Which they know is a total ripoff because they told me, themselves, to do it my way.

[Krikit 1,164]

Okay, seriously now. I pour my heart and soul into a dissertation on the merits of online trades and all I get is silence? Where is the applause? Where are the accolades? Where are my chocolate-covered Easter Bunnies? I'm going back to the popcorn threads.

[*julez* 124]

Okay, seriously now. I pour my heart and soul into a dissertation on the merits of online trades and all I get is silence? Where is the applause? Where are the accolades? Where are my chocolate-covered Easter Bunnies? I'm going back to the popcorn threads.

Well, when I read your response I was sincerely impressed! I guess I was just so awestruck that I was left speechless!

Huzzah! Bravo!! You are the best!!

Seriously, it was a great response. Unfortunately we don't seem to see a lot of acknowledgement for great posts around here.

[Krikit 1,164]

Still waiting for the chocolate-covered Easter Bunny.