Moving Money From The UK to USA

[KennMB 0]

Quick question,

We moved from London to Miami in April this year. We rented out our property in London. Every month we move the rental money received to our US bank account. We pay our UK bank (nat west) £10.00, also pay our UK bank a further local US bank charge of £8.50. Lastly our US bank (Chase) charges us $25.00.

Does anyone know of a easier (cheaper)way to move money UK to USA. Please......

[heyray 2]

When I was waiting for my K1 visa, I came over to visit my fiancee and left one of my bank ATM cards with her. I then asked the bank to allow that card to be accessed in the USA so that she could use it when she needed. I found this to be a cheaper option for me as both of our banks (my AUS bank and her US bank were going to charge us around a total of $80 for each transaction). This way it cost me, I think, $4 for each transaction plus 3% (for exchange transfer). I don't know if that would be a cheaper option but that is how I got around it and saved some money as well.

[KennMB 0]

When I was waiting for my K1 visa, I came over to visit my fiancee and left one of my bank ATM cards with her. I then asked the bank to allow that card to be accessed in the USA so that she could use it when she needed. I found this to be a cheaper option for me as both of our banks (my AUS bank and her US bank were going to charge us around a total of $80 for each transaction). This way it cost me, I think, $4 for each transaction plus 3% (for exchange transfer). I don't know if that would be a cheaper option but that is how I got around it and saved some money as well.

Thanks

[JohnR! 5,495]

One additional idea. There are some US banks that have agreements with banks in the UK where you can use US ATM cards and pay no fee as a result.

Check with Nat West if they have any similar agreements and you may be able to use you UK ATM card in the US and pay no fees.

<div><br></div><div>For instance, I can use my BofA ATM at any Barclays location and not pay the fees.  </div>

Edited September 9, 2012 by Gegel

[Waiting234 18]

Quick question,

We moved from London to Miami in April this year. We rented out our property in London. Every month we move the rental money received to our US bank account. We pay our UK bank (nat west) £10.00, also pay our UK bank a further local US bank charge of £8.50. Lastly our US bank (Chase) charges us $25.00.

Does anyone know of a easier (cheaper)way to move money UK to USA. Please......

For US to UK, you could try xoom.com (maybe they can do UK to US). Otherwise, try PayPal. They might be your best bet. For every transaction, tell them that you are "paying money owed" or "paying rent" and they shouldn't charge you transaction fees. Probably best would be to sign up with PayPal twice, one account for your UK bank account and the other (perhaps under your wife's name) on your US bank account.

[Waiting234 18]

For US to UK, you could try xoom.com (maybe they can do UK to US). Otherwise, try PayPal. They might be your best bet. For every transaction, tell them that you are "paying money owed" or "paying rent" and they shouldn't charge you transaction fees. Probably best would be to sign up with PayPal twice, one account for your UK bank account and the other (perhaps under your wife's name) on your US bank account.

Better yet, see if your renters would be open to pay with PayPal. Keep in mind though that some are opposed to paying things like rent electronically.

[KennMB 0]

Thank you all for you comments.

[cathy2904 97]

I use the Post Office International to transfer money from my UK bank account. You can do it online and it is very easy. There is no charge, although they obviously make money on the exchange rate. They make it very clear exactly what rate you are getting and the more you transfer the better the rate.

[david'sgirl 134]

For US to UK, you could try xoom.com (maybe they can do UK to US). Otherwise, try PayPal. They might be your best bet. For every transaction, tell them that you are "paying money owed" or "paying rent" and they shouldn't charge you transaction fees. Probably best would be to sign up with PayPal twice, one account for your UK bank account and the other (perhaps under your wife's name) on your US bank account.

I would definitely NOT recommend doing this at all. We tried that and it failed miserably. Paypal wanted to know what we were buying and from whom. They held the money for months and charged a ridiculous fee.

We us XE.com, the exchange rates are accurate and there are no fees. They phoned when we first set it up and asked David a few questions. It has worked well and it is quick.

Edited September 9, 2012 by david'sgirl

[Holly2234 66]

Paypal has always been easiest for us. We have a UK and a US one and now they can transfer money a lot quicker, its hassle free.

[Owen_London 65]

Quick question,

We moved from London to Miami in April this year. We rented out our property in London. Every month we move the rental money received to our US bank account. We pay our UK bank (nat west) £10.00, also pay our UK bank a further local US bank charge of £8.50. Lastly our US bank (Chase) charges us $25.00.

Does anyone know of a easier (cheaper)way to move money UK to USA. Please......

The subject of transferring money internationally comes up quite often here. Generally, the advice is to use a specialist foreign exchange company for large amounts of money, as they give better exchange rates. Providing you can afford it, I'd definitely recommend you build up several months' worth of rent before transferring it, rather than doing it once a month. Transferring the same amount of money in fewer packages will push down costs a lot, firstly because you will pay fewer admin charges, and secondly because if you use a specialist foreign exchange company, the more you are looking to transfer, the better the exchange rate you will be offered.

I see someone has mentioned xe.com, and they're pretty popular. When I transferred money, I found hifx.com slightly cheaper, but there wasn't much in it. Bear in mind that UK money laundering regulations mean you have to supply some proof of ID before you can use any of these services, but I found it all pretty easy to do unless you're in a big rush, and it was far easier than the hassle that Aviva are currently putting me through.

[HikerMark 5]

I second xe.com. I have been using them since late 2008 transferring money from and to the UK each month. Easy to set up after a few questions and uploading ID and easy to use.