Canveydave

I have 2, but they are young enough to be pretty good with change.

Countdown is really on now

hungryhorace

Yes. Currencyfair is able to process money from the UK to the US same day. You will need to pay the increased wire fee once your UK money has been matched.

Pulaski

Having your bank give you credit until the funds transfer is processed one or two days later is not quite the same as the money arriving 30 minutes later, though it might feel like it from your perspective.

MidAtlantic

Not according to the faster payments website (or am I missing something?):

The money must be available in the receiving customer account within two hours, but generally is available within minutes.

hungryhorace

That's one side of the leg. What about the US side?

FWIW - CurrencyFair always wires me the money (next business day), so the moment it hits my account it has cleared and is available for use.

Yorkieabroad

It comes through as a confirmed, cleared, available balance within 20-30 minutes. I don't think I have ever withdrawn the entire amount as actual cash, but have used it same day for cashiers checks, which is as good as.

MidAtlantic

My experience has been faster payment to TorFx in less than one hour and available in my US bank next business day by wire.

Pulaski

That would be a Wells Fargo credit decision because Wells Fargo has not received your funds in 20-30 minutes, it's just not possible with current technology.

The credit to your account has almost certainly been debited to a credit line against, in your case, First Direct. That debit balance will then be extinguished by funds arriving overnight. ... If First Direct don't deliver the funds and go belly-up you can expect Wells Fargo to revert to you.

BTW US banks can, and do, come back and reverse "cleared" transactions sometimes weeks after they have cleared.

Yorkieabroad

The question was whether you can get same day money to pay for rent.

The answer is "yes".

Dress it up any way you like

Pulaski

I did already.

amideislas

Again, for amounts under a few thousand, PayPal.

It's not 2 days, 30 minutes, or even 5 minutes. It's right now, this minute. And brain-dead-easy too. Click and go.

OK, not the best fx rates on the planet, but also far from the worst. And NO transfer fees. For small to medium amounts, the difference can be measured in single digits.

Having said that, we use an online Fx trading platform for large amounts, and that saves serious bob.

Otherwise it's hard to beat PayPal for simplicity and speed.

hungryhorace

PayPal is the cuss of all things financial related. I could and would never recommend them. The only reason people use them for eBay is because they are essentially compelled to.

amideislas

Well we and many people we know use it often, and I've never found anything simpler for transferring money internationally. Far easier and cheaper than say, western union. But mostly, the recipient gets it instantly, wherever they are.

But OK, if you need to save a couple quid, transferring 500 through an fx platform will often get you that savings. But it will usually take a day or two at least, more often 3-4 days.

hungryhorace

No, it won't. Paypal is a deeply uncompetitive product.

amideislas

Just this morning I sent my daughter in Brazil €1000 while we spoke on the phone, using only my smartphone.

She got it within one minute of sending it. Total cost: fees: 0, exchange rate 1.8 below bank rate, which equates to about €18 total loss in fx rate.

Western Union would have charged about €45 and I'd have to drive down to the post and fill out paperwork and have the cash on hand.

Using Oanda, my cost (from fx losses) would have been about €14 and it would take 2-4 days.