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Best way to change American dollars to pounds

Best way to change American dollars to pounds

Old Jan 20th 2017, 8:09 am
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Default Best way to change American dollars to pounds

Hi, I've sold my house in Florida and need to convert the proceeds into pounds. I understand that using a currency exchange company will get me a better rate than using my bank. Can anyone suggest a good company to use?

Many thank.
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Old Jan 20th 2017, 10:37 am
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Default Re: Best way to change American dollars to pounds

Do you really "need" to convert just right now? I ask because with Brexit all traditional models for the $/£ conversion are kind of out the window and it may be advantageous to wait a bit.

But if you want to get it done look at companies like xe.com but double check your bank's rate. Sometimes they offer quite competitive rates if it is part of an international chain (like Citibank or HSBC).
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Old Jan 20th 2017, 10:39 am
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Default Re: Best way to change American dollars to pounds

Pizza comes to mind...oops I see you mean currency.
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Old Jan 20th 2017, 11:27 am
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Default Re: Best way to change American dollars to pounds

Also look at transferwise.. They've been giving better rates than XE on smaller sums, but I don't know how they compare on larger amounts.
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Old Jan 21st 2017, 11:13 pm
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Default Re: Best way to change American dollars to pounds

Now is a great time to buy £...

we use worldfirst but you do have to open an account first. They have been great, very cheap (?£10 charge) and great exchange rates.
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Old Jan 22nd 2017, 8:22 am
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Default Re: Best way to change American dollars to pounds

Originally Posted by penguinsix
Do you really "need" to convert just right now? I ask because with Brexit all traditional models for the $/£ conversion are kind of out the window and it may be advantageous to wait a bit.

But if you want to get it done look at companies like xe.com but double check your bank's rate. Sometimes they offer quite competitive rates if it is part of an international chain (like Citibank or HSBC).
I don't need to exchange the money right now,and also think it might be best to hang on and see what difference the Brexit thing makes. I contacted my bank but their rate was way too high. I spoken with a company called Currencies Direct, but just wanted to see if there were others that people could recommend.
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Old Jan 22nd 2017, 1:24 pm
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Default Re: Best way to change American dollars to pounds

I second TransFerwise.
I.E. just did a test and if I wanted to TX right now, within 24 hours the following are the guaranteed net proceeds I would receive...
US$100,000 = UKP80,293
US$500,000 = UKP401,545
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Old Jan 23rd 2017, 1:44 pm
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Default Re: Best way to change American dollars to pounds

Hold on if possible
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Old Jan 23rd 2017, 3:07 pm
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Default Re: Best way to change American dollars to pounds

Originally Posted by Adambradshaw
Hold on if possible
why?

If so, how long & when is the time (+/-) 6 months) should the US:GBP be done?

Using post #7 at the pegged rate
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Old Jan 23rd 2017, 3:29 pm
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Default Re: Best way to change American dollars to pounds

Originally Posted by not2old
why?

If so, how long & when is the time (+/-) 6 months) should the US:GBP be done?

Using post #7 at the pegged rate
Oh for a crystal ball!

You have to decide if you want to wait or if you are happy with what you are getting right now. Just glad you aren't doing it the other way round!
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Old Jan 23rd 2017, 3:54 pm
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Default Re: Best way to change American dollars to pounds

Why not just put in a buy order on the GBP at 1.20. If it hits that number (or a number the OP is looking for) the deal is done.

Of course some folks with their crystal ball will tell others to wait till the FX is at 1:1, now wouldn't that be interesting
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Old Jan 23rd 2017, 8:50 pm
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Default Re: Best way to change American dollars to pounds

THe rate is already very good. Yes, the brexit fallout could tank the pound even more but no one knows for sure. However the other side of that is once more information comes to light about brexit then the pound may stabilise as the uncertainty is over.
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Old Jan 24th 2017, 1:08 am
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Default Re: Best way to change American dollars to pounds

What about the risk with Transferwise?
Transferwise is definitely excellent for small sums, meaning less than 1000 dollars or pounds. But I'm not sure I would trust them with my entire lifetime's wealth.
The chances of a problem might be slight, but the consequences terrible. At the least I would spread the risk by dividing the transfer into several installments.

I always remember, back in 1982, I went down to my travel agent after work to buy an airline ticket to New York. But they were busy with other clients and I was pressed for time and it was already 5:15pm, so I decided to return the next day. When I arrived and suggested buying a ticket to New York with Laker airlines they told me how lucky I was not to have bought one yesterday because Laker ceased operations that very day!
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Old Jan 24th 2017, 1:29 am
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Default Re: Best way to change American dollars to pounds

Originally Posted by beachgal21
I don't need to exchange the money right now,and also think it might be best to hang on and see what difference the Brexit thing makes. ....
That may be smart, or it may not. The rates for changing dollars for pounds are close to the best ever, and they may get better still, or they may not. .... In your situation I would exchange some now, maybe a quarter of the money, or a third, to lock in the great rate, then wait a few months and see how the rates have moved. If the rates are still good, then move another one quarter to one third of the money, then wait again, etc. I will guarantee that splitting the money into three or four transfers won't get you the best possible rate on the whole amount, but I will guarantee that you won't get the worst possible rate either.
I contacted my bank but their rate was way too high. .....
Did you ask for the "dealing desk rate"? If you have at least $50,000-$100,000 to move then you don't just ask for "the rate", because you'll get the crappy rate for a few $,000's, you need to ask for the dealing desk rate and you might be surprised how good a rate your bank can offer. ..... This probably won't work if you bank with Podunk Community bank, but it will if you bank with one of the big four banks, or the larger mid-sized banks - US Bank, SunTrust, PNC, Citizens, Fifth Third, etc.
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Old Jan 24th 2017, 9:03 am
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Default Re: Best way to change American dollars to pounds

Originally Posted by holly_1948
What about the risk with Transferwise?
Transferwise is definitely excellent for small sums, meaning less than 1000 dollars or pounds. But I'm not sure I would trust them with my entire lifetime's wealth.
The chances of a problem might be slight, but the consequences terrible. At the least I would spread the risk by dividing the transfer into several installments.

I always remember, back in 1982, I went down to my travel agent after work to buy an airline ticket to New York. But they were busy with other clients and I was pressed for time and it was already 5:15pm, so I decided to return the next day. When I arrived and suggested buying a ticket to New York with Laker airlines they told me how lucky I was not to have bought one yesterday because Laker ceased operations that very day!
I don't think Transferwise is any less secure than any other of the money transfer companies, such as XE.com. But, if anyone knows different, I'd like to hear from them.
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