Currency Exchange Problem

Old Oct 18th 2014, 5:48 pm
  #61  
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Default Re: Currency Exchange Problem

OK got it the Isle of Man.

Thanks everyone for holding my hand

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Old Oct 18th 2014, 9:43 pm
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Old Nov 6th 2014, 3:55 pm
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Default Re: Currency Exchange Problem

Will finish this off in case anyone else finds themselves in such a pickle.

The money in Lloyds offshore account had to be moved by going into a branch and them faxing through a CHAPS form. This involved a lot of sitting around and people saying, "Well, I've never done this before." And "I haven't the faintest clue." Eventually we got the fax off, due to the uncertainty over timing we had it sent to HIFX's US dollar account and then did a trade when we knew it had arrived. It went into the UK bank account about 24 hours later.

Of course, immediately afterwards the dollar rallied to a 4-year high.

Not complaining, the rate had got better than when we first wanted to move it, and just happy to be able to move forward.
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Old Nov 6th 2014, 4:42 pm
  #64  
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Default Re: Currency Exchange Problem

Originally Posted by Sally Redux View Post
Will finish this off in case anyone else finds themselves in such a pickle.

The money in Lloyds offshore account had to be moved by going into a branch and them faxing through a CHAPS form. This involved a lot of sitting around and people saying, "Well, I've never done this before." And "I haven't the faintest clue." Eventually we got the fax off, due to the uncertainty over timing we had it sent to HIFX's US dollar account and then did a trade when we knew it had arrived. It went into the UK bank account about 24 hours later.

Of course, immediately afterwards the dollar rallied to a 4-year high.

Not complaining, the rate had got better than when we first wanted to move it, and just happy to be able to move forward.
What a flippin' faff, but hopefully not as fraught for others who might have the same problems.

Maybe we should have a sticky at the top of the page. Currency exchange problems? Can't get your bank to get their arses in gear? Call 1-800-SALLY now!

[p.s. I see you have been trawling convict mugshots again]
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Old Nov 6th 2014, 4:47 pm
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Default Re: Currency Exchange Problem

Originally Posted by dunroving View Post
What a flippin' faff, but hopefully not as fraught for others who might have the same problems.

Maybe we should have a sticky at the top of the page. Currency exchange problems? Can't get your bank to get their arses in gear? Call 1-800-SALLY now!

[p.s. I see you have been trawling convict mugshots again]


Just so glad we found a way.

[I almost missed the 'Guantanamo bae', luckily a BE member came through for me]
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Old Nov 13th 2014, 2:34 pm
  #66  
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Default Re: Currency Exchange Problem

Obviously a different situation, but for other people's reference, I just closed my UK-based USD account that has been holding the remainder of the proceeds of my US house sale, and moved it into my UK sterling account. Not a huge amount, but large enough to get preferential rates from the bank (see below). I currently live in the UK.

I called Barclays to check whether I could do this in-branch at my local branch (quite a small one) and after two abortive attempts to get through to the two rather dense people I spoke with, I eventually got through to their international help desk. [I can fill in some of the details of the two abortive calls, if anyone wants to know]

The international help centre checked my account details and asked various security questions, they called the markets and gave me a rate of £1 = $1.6075. The mid-market rate at exactly the same time was $1.57387 - so they gave me a rate that was about 3 cents off the mid-rate.

All dealt with, over the phone, in about 15 minutes. Couldn't believe it. Just wished I had done it at some other point during the past 7 years, when the rate was as low as $1.30's, but just relieved that it is done, at a rate that is OK (especially as it has spent quite a bit of time over the past several months at a much higher rate than that).

Now, I just need to stop checking the rates or I know it will go down to $1.40!

Last edited by dunroving; Nov 13th 2014 at 2:37 pm.
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Old Nov 13th 2014, 3:08 pm
  #67  
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Lightbulb Re: Currency Exchange Problem

Everybody in the branches is dense. And on the phone. Maybe I am old-fashioned but I was shocked when one woman came out with, "Aww, so he was meant to call you back and he never?" Premier International Banking at its finest.

Constantly tapping a keyboard and staring fixedly at a screen while saying something like, "What am I doing now Barry?" Also does not inspire confidence.

Anyway, well done Dunroving!

Weird how the markets change as soon as we hit the button
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Old Nov 14th 2014, 3:59 pm
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Default Re: Currency Exchange Problem

Originally Posted by Sally Redux View Post
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.
As far as I am aware the "Expat" Accounts offered by banks and domiciled in Isle of Man require an large initial deposit.

Have you tried worldfirst?
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Old Nov 14th 2014, 4:02 pm
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Default Re: Currency Exchange Problem

Originally Posted by unique_boy View Post
As far as I am aware the "Expat" Accounts offered by banks and domiciled in Isle of Man require an large initial deposit.

Have you tried worldfirst?
I got there in the end

The minimum deposit required was $5,000.
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Old Nov 14th 2014, 4:05 pm
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Default Re: Currency Exchange Problem

Originally Posted by dunroving View Post
Obviously a different situation, but for other people's reference, I just closed my UK-based USD account that has been holding the remainder of the proceeds of my US house sale, and moved it into my UK sterling account. Not a huge amount, but large enough to get preferential rates from the bank (see below). I currently live in the UK.

I called Barclays to check whether I could do this in-branch at my local branch (quite a small one) and after two abortive attempts to get through to the two rather dense people I spoke with, I eventually got through to their international help desk. [I can fill in some of the details of the two abortive calls, if anyone wants to know]

The international help centre checked my account details and asked various security questions, they called the markets and gave me a rate of £1 = $1.6075. The mid-market rate at exactly the same time was $1.57387 - so they gave me a rate that was about 3 cents off the mid-rate.

All dealt with, over the phone, in about 15 minutes. Couldn't believe it. Just wished I had done it at some other point during the past 7 years, when the rate was as low as $1.30's, but just relieved that it is done, at a rate that is OK (especially as it has spent quite a bit of time over the past several months at a much higher rate than that).

Now, I just need to stop checking the rates or I know it will go down to $1.40!
That seems like quite a large spread for the cable?

You were wise to transfer now, I myself am trying to enter into a forward contract to secure the current rate for 6 months down the line. The dollar is reaching technical resistance levels and could be ready to stall. I don't think there are any further big announcements to be made that will strengthen it considerably. Considering it is at a 1 year high it is a good time to conver to GBP/EUR.
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Old Nov 14th 2014, 6:31 pm
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Default Re: Currency Exchange Problem

Originally Posted by unique_boy View Post
That seems like quite a large spread for the cable?

You were wise to transfer now, I myself am trying to enter into a forward contract to secure the current rate for 6 months down the line. The dollar is reaching technical resistance levels and could be ready to stall. I don't think there are any further big announcements to be made that will strengthen it considerably. Considering it is at a 1 year high it is a good time to conver to GBP/EUR.
I don't think it is a large spread when going through a high street bank, is it? Typical tourist or customer spreads for commercial high street banks are about +/- 4 to 10 cents off the mid-rate from my observation.

I could have got a better spread going through one of the Forex companies like XE.com but I am a bit old-style and couldn't bring myself to set up an account. I don't anticipate any more transactions of that size, so I am done with fretting over the USD/GBP other than for holidays. No point crying over spilt milk.

Hard not to keep checking the exchange rate after a big transaction (it has now improved by 1 cent since yesterday), but considering when I first came back in 2006, it hit $2.00+ for many weeks, circa $1.60 isn't bad, and is about the historical norm over the 30+ years since I first left the UK.

Last edited by dunroving; Nov 14th 2014 at 6:35 pm.
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Old Nov 15th 2014, 2:24 am
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Default Re: Currency Exchange Problem

Originally Posted by Sally Redux View Post
I got there in the end

The minimum deposit required was $5,000.
I know you are happy Sally, well done!

It all seems so complicated so I will be calling the Sally hotline when it's time for me to go through this.

In the meantime, you have permission to relieve that stress with a holiday
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Old Nov 15th 2014, 9:12 am
  #73  
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Default Re: Currency Exchange Problem

Originally Posted by Bnet36 View Post
I know you are happy Sally, well done!

It all seems so complicated so I will be calling the Sally hotline when it's time for me to go through this.

In the meantime, you have permission to relieve that stress with a holiday
Thanks!

You just need to make sure it's all set up properly in writing before you leave the country, then you can do a straightforward transfer.

I can laugh about it now.
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