Currency Exchange Problem

Old Sep 30th 2014, 11:59 am
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Default Currency Exchange Problem

OK we have a problem which is similar to the one in this old thread:

http://britishexpats.com/forum/usa-5...-fargo-777531/

We have the bulk of the proceeds from our US house sale in a Wells Fargo account in the US.

Unfortunately we blabbed to XE.com that we are living in the UK and they won't do another transfer.

Tried to set up with HIFX, but cannot wire the money to them.

(Before leaving the country, we talked to Wells Fargo about issues relating to our move. One of these was specifically that we would need to wire the funds over later. Assured no problem etc. Of course now they tell us we have to be there.)

HIFX will not accept a cheque as it takes too long to clear.

So trying to find a way around this:

HIFX will not accept funds from my son, if we transferred the money to him, as he lives in the US. Would another FX company maybe work? Would it cause any legal or tax problems for my son?

They suggested our opening a dollar account in the UK into which we could deposit a cheque. Does anyone know if that would work? I spoke to Lloyds which seems like a possibility. The funds would be held on the Isle of Man.

We could fly over to the US, like the people in the thread did. We were thinking of a quick dash to Newark, although it would still cost a bit. But Wells Fargo usually find a way to make a problem, visions of it still going wrong in the branch.

Thanks if anyone has any thoughts.
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Old Sep 30th 2014, 4:27 pm
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Default Re: Currency Exchange Problem

Have you tried HSBC for a US dollar account? Might be worth giving them a quick call. I have a GBP and Cdn dollar account with them and it makes transferring money between accounts and countries easy.
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Old Sep 30th 2014, 4:32 pm
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Default Re: Currency Exchange Problem

Originally Posted by lf1 View Post
Have you tried HSBC for a US dollar account? Might be worth giving them a quick call. I have a GBP and Cdn dollar account with them and it makes transferring money between accounts and countries easy.
No I haven't, will try them
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Old Sep 30th 2014, 5:34 pm
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Default Re: Currency Exchange Problem

I have had a Barclays USD account for years, so they might be another possibility.

0% interest, though.
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Old Sep 30th 2014, 7:37 pm
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Default Re: Currency Exchange Problem

Sally, son is still in US right? Does he have access to your Wells Fargo account? Could he be added and then do wire transfer? Just an idea - might be daft..
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Old Sep 30th 2014, 9:21 pm
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Default Re: Currency Exchange Problem

Originally Posted by fulwood View Post
Sally, son is still in US right? Does he have access to your Wells Fargo account? Could he be added and then do wire transfer? Just an idea - might be daft..
+1 to this... I've nothing to add but fingers crossed for you Sally - it would suck to have to spend the money on a flight to the US because of institutional incompetence.
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Old Oct 1st 2014, 2:53 am
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Default Re: Currency Exchange Problem

Originally Posted by Sally Redux View Post
OK we have a problem

We have the bulk of the proceeds from our US house sale in a Wells Fargo account in the US.

Unfortunately we blabbed to XE.com that we are living in the UK and they won't do another transfer.

(Before leaving the country, we talked to Wells Fargo about issues relating to our move. One of these was specifically that we would need to wire the funds over later. Assured no problem etc. Of course now they tell us we have to be there.

They suggested our opening a dollar account in the UK into which we could deposit a cheque. Does anyone know if that would work? I spoke to Lloyds which seems like a possibility. The funds would be held on the Isle of Man.

We could fly over to the US, like the people in the thread did. We were thinking of a quick dash to Newark, although it would still cost a bit. But Wells Fargo usually find a way to make a problem, visions of it still going wrong in the branch.
Bummer
Unbelievable!.....or maybe not...given that Smells Fargo are involved - perhaps inevitable, Murphy's Law etc.

I re-read your post about 5 times - trying to understand all those options and hurdles you mention.
Don't get why xe.com are saying they can't now do the transfer...

Wish there was something I could do from this end to help. You don't deserve this
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Old Oct 1st 2014, 8:00 am
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Default 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.
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Old Oct 1st 2014, 8:34 am
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Default Re: Currency Exchange Problem

No option to escalate with XE? Find out what they would need from you to satisfy the regulations?
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Old Oct 1st 2014, 8:37 am
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Default Re: Currency Exchange Problem

Originally Posted by rebs View Post
No option to escalate with XE? Find out what they would need from you to satisfy the regulations?
We seemed to be getting somewhere with one person we spoke to, but then we just got an email saying they couldn't do it and the account was closed.
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Old Oct 1st 2014, 8:41 am
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Default Re: Currency Exchange Problem

Originally Posted by Sally Redux View Post
We seemed to be getting somewhere with one person we spoke to, but then we just got an email saying they couldn't do it and the account was closed.
Bummer
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Old Oct 1st 2014, 10:07 am
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Default Re: Currency Exchange Problem

try Lloyds international on the isle of man, us eu and uk current accounts, some paying interest...
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Old Oct 1st 2014, 10:32 am
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Default Re: Currency Exchange Problem

Originally Posted by bob_grenada View Post
try Lloyds international on the isle of man, us eu and uk current accounts, some paying interest...
I am thinking of doing this. Do you have an account with them?
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Old Oct 1st 2014, 10:34 am
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Default Re: Currency Exchange Problem

I did, closed now as not needed but they/it were good, 1% interest on us dollar acts.
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Old Oct 1st 2014, 10:35 am
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Default Re: Currency Exchange Problem

Originally Posted by bob_grenada View Post
I did, closed now as not needed but they/it were good, 1% interest on us dollar acts.
Ah, thanks.
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