Currency Exchange Problem
#16
Re: Currency Exchange Problem
Why do they care where you are - it's your money and they are a currency exchange organisation. Am I missing something here?
#19
BE Forum Addict
Joined: Sep 2008
Location: Rural Virginia
Posts: 1,076
Re: Currency Exchange Problem
Thanks everyone, I am going to investigate HSBC and Barclays today. If I can get a dollar account set up then my son could conceivably wire the money to us.
I should have known this would happen. No one at Wells Fargo appears to have the first clue about banking itself or customer service, but more fool us for thinking that would change.
Thanks for trying to analyse it MMcD, I think part of the problem is new regulations about money laundering which seem to govern where you can be living when doing a trade.
I should have known this would happen. No one at Wells Fargo appears to have the first clue about banking itself or customer service, but more fool us for thinking that would change.
Thanks for trying to analyse it MMcD, I think part of the problem is new regulations about money laundering which seem to govern where you can be living when doing a trade.
However if your son opens an account in the USA and then you do the same in the UK and want to transfer a large some of money shortly after the accounts were opened it may be flagged.
#20
Re: Currency Exchange Problem
But if you can prove where the money came from that you want to transfer they really shouldn't be stopping you. It really seems that Joe Public is suffering when the big boys - who can far easily 'hid' money laundering etc. - can proceed as normal!!
#21
Forum Regular
Joined: Mar 2013
Posts: 36
Re: Currency Exchange Problem
I use xe.com regularly. I started using it while we were still living in the US, and when we moved to England I tried to change my address. I recall something on their website that you cannot change your address to one outside the US. You have to close your US-based account and open a new account with your UK address. The bank accounts I was using from the US and in the UK are the same. I am sure I did it by email, and it continues to work fine. Hope this helps.
Last edited by Janelle; Oct 1st 2014 at 7:17 pm.
#22
Lost in BE Cyberspace
Thread Starter
Joined: Jan 2008
Posts: 41,518
Re: Currency Exchange Problem
I use xe.com regularly. I started using it while we were still living in the US, and when we moved to England I tried to change my address. I recall something on their website that you cannot change your address to one outside the US. You have to close your US-based account and open a new account with your UK address. The bank accounts I was using from the US and in the UK are the same. I am sure I did it by email, and it continues to work fine. Hope this helps.
#23
Re: Currency Exchange Problem
I wonder whether you might get any help thru this forum...it's a sort of BE - in reverse (well NOTHING'S as good as BE )...
http://talk.uk-yankee.com/index.php?board=57.0
International Banking
Repatriation
http://talk.uk-yankee.com/index.php?board=57.0
International Banking
Repatriation
Last edited by MMcD; Oct 1st 2014 at 10:44 pm. Reason: added top link
#24
Lost in BE Cyberspace
Thread Starter
Joined: Jan 2008
Posts: 41,518
Re: Currency Exchange Problem
I wonder whether you might get any help thru this forum...it's a sort of BE - in reverse (well NOTHING'S as good as BE )...
International Banking
http://talk.uk-yankee.com/index.php?board=19.0]Repatriation[/url]
International Banking
http://talk.uk-yankee.com/index.php?board=19.0]Repatriation[/url]
The Airing Cupboard
#27
Forum Regular
Joined: Nov 2012
Posts: 38
Re: Currency Exchange Problem
Perhaps you need to try to sign up with a FX company that is registered in the US - specifically the state you were living in.
I think it is worth a call or two, because it sounds like what you are coming up against with XE and Wells Fargo is the new US regulations that is making it hard for everyone.
For an FX company to operate fully (send money in and out) they have to be registered in your state. Most FX companies are not prepared to do this and many banks have walked away from international transfers as well.
There are two FX companies worth trying - USForex and WorldFirst - both have US operations and both are working on getting approved to operate in additional states.
Hope that helps! Would love to know how you get on.
P.S. I recently did some research to see if now was good time to send money from US to GBP and from what I can see it probably better to wait.
I think it is worth a call or two, because it sounds like what you are coming up against with XE and Wells Fargo is the new US regulations that is making it hard for everyone.
For an FX company to operate fully (send money in and out) they have to be registered in your state. Most FX companies are not prepared to do this and many banks have walked away from international transfers as well.
There are two FX companies worth trying - USForex and WorldFirst - both have US operations and both are working on getting approved to operate in additional states.
Hope that helps! Would love to know how you get on.
P.S. I recently did some research to see if now was good time to send money from US to GBP and from what I can see it probably better to wait.
Last edited by Quinna; Oct 2nd 2014 at 3:11 pm. Reason: spealling
#28
Re: Currency Exchange Problem
I really hope you don't have to spend money flying there to achieve this (How ridiculous would that be in an era of global finance?)
At least while you are trying to sort this out, the dollar is getting stronger.
At least while you are trying to sort this out, the dollar is getting stronger.
#29
Lost in BE Cyberspace
Thread Starter
Joined: Jan 2008
Posts: 41,518
Re: Currency Exchange Problem
Thanks both.
Now I am worrying that it all looks dodgy on the form with short stays in rented accommodation.
If I can get the money to the #**¥ing Isle of Man it'll be a start
Now I am worrying that it all looks dodgy on the form with short stays in rented accommodation.
If I can get the money to the #**¥ing Isle of Man it'll be a start
#30
Re: Currency Exchange Problem
Or that's one way of looking at it