Currency Exchange Problem

Old Oct 1st 2014, 1:13 pm
  #16  
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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.
Why do they care where you are - it's your money and they are a currency exchange organisation. Am I missing something here?
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Old Oct 1st 2014, 1:17 pm
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Default Re: Currency Exchange Problem

Originally Posted by Lorac05 View Post
Why do they care where you are - it's your money and they are a currency exchange organisation. Am I missing something here?
I don't understand why. But HIFX won't allow my son to wire the money to them, because he lives in the US.
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Old Oct 1st 2014, 2:28 pm
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Default Re: Currency Exchange Problem

Originally Posted by Lorac05 View Post
Why do they care where you are - it's your money and they are a currency exchange organisation. Am I missing something here?
They are trying to cut down money laundering and terrorist funding.
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Old Oct 1st 2014, 2:34 pm
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Default Re: Currency Exchange Problem

Originally Posted by Sally Redux View Post
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 have accounts with HSBC in the UK and USA and do bank to bank transfers, they usually take minutes.

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.
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Old Oct 1st 2014, 2:36 pm
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Default Re: Currency Exchange Problem

Originally Posted by ottotheboar View Post
They are trying to cut down money laundering and terrorist funding.
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!!
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Old Oct 1st 2014, 7:14 pm
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Default 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.
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Old Oct 1st 2014, 7:26 pm
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Default Re: Currency Exchange Problem

Originally Posted by Janelle View Post
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.
Thanks Janelle, I will check again but I think the problem with having a UK-based account is that we need to wire the money to them.
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Old Oct 1st 2014, 10:22 pm
  #23  
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Default 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

Last edited by MMcD; Oct 1st 2014 at 10:44 pm. Reason: added top link
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Old Oct 1st 2014, 10:30 pm
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Default Re: Currency Exchange Problem

Originally Posted by MMcD View Post
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]
Thanks.

The Airing Cupboard
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Old Oct 1st 2014, 10:56 pm
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Default Re: Currency Exchange Problem

Good luck Sally. Let us know how you get on.
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Old Oct 2nd 2014, 12:25 pm
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Default Re: Currency Exchange Problem

Originally Posted by Bnet36 View Post
Good luck Sally. Let us know how you get on.
Cheers. I am going to try Lloyds.
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Old Oct 2nd 2014, 3:10 pm
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Default Re: Currency Exchange Problem

Originally Posted by Sally Redux View Post
Would another FX company maybe work?
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.

Last edited by Quinna; Oct 2nd 2014 at 3:11 pm. Reason: spealling
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Old Oct 2nd 2014, 3:16 pm
  #28  
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Default 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.
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Old Oct 2nd 2014, 5:05 pm
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Default 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
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Old Oct 2nd 2014, 11:56 pm
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Default Re: Currency Exchange Problem

Originally Posted by Sally Redux View Post
Now I am worrying that it all looks dodgy on the form with short stays in rented accommodation.
But if Wells Fargo keep on keeping on keeping you from your money and other entities keep throwing obstacles in the way of getting those funds transferred to you in the UK - your "short stay in rented accommodation" will no longer be that.

Or that's one way of looking at it
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