MinMax

I've just joined the forum as I am about to move back to the UK after 40 years in the US. I'd appreciate any direction I can get about moving money back. I'm in the throes of selling my apartment here and would hate to pay a bank commission transferring the money back to the UK. Any thoughts anyone? i long since gave up my UK bank account and would need to start over with all of that.

bert07

Don't use your bank for transferring sums of money. There are many fx companies which will give you a better amount/exchange rate - we use Transferwise for smaller sums, we used another one for a page lump sum (global reach I think they were called). Google fx companies and it will tell you how to check they are legit etc.

petitefrancaise

You'll need to get your UK account opened first and then register with one of the foreign exchange companies. We use worldfirst and have been happy with them over many years.

MinMax

I'll look up Worldfirst, thank you.

So do you think that's a better solution than HSBC, which is the other possibility I've been hearing? Once I have sold my apartment I could upgrade a cheapo HSBC account to a Premier one which allows free transfer of money between countries. Of course I don't know if they have their own version of what the exchange rate is so they can make money on it that way (I found the Post Office in the UK does that--no fee but rotten rate).

MinMax

Just seeing your earlier post, Bert07. I will google the fx companies now--reassuring there is some way of knowing if they are legit. That's a bit of a crucial element isn't it? Thank you.

nun

Make sure you sell the apartment before you leave the US. That will make taxes simpler. For the same reason I would sell any mutual funds you have in the US.

MinMax

I didn't think of that! My latest thought was that I would leave before the apartment closing as I have to ship all my stuff beforehand and deal with transporting the cat, and hand over the keys at the closing, but now perhaps I should take up a friends offer of a couch to sleep on for me and the moggy. Thank you!

bert07

You have the conversion rate which is what you want to get as close to.
Fx companies are maybe 0.01-2 off this, I have found hsbc and equivalent will be 0.1-2 off this (and then additional fees if you don't have the special accounts). For small amounts, we use the hsbc account because it's all done there and then and is pretty instantanous and can be just a few dollars difference.

When we were transferring $20-30000 we used the fx companies because it became hundreds of dollars difference. Both the ones we used, money was cleared funds in our accounts within 3 days (just last Friday we sent with Transferwise and it was in the account on Tuesday)

MinMax

This is hugely helpful--the fog begins to clear. Thank you.

I think I will just be moving one batch of money, from the apartment sale, and then will no longer need a bank account in NYC. So I'd just be opening one to deposit that money here, and to act as a reference for the English one that I will have to open. I have to find out if I can open it before I move there. More calls to HSBC I see!

J.JsOH

Look into whether your chosen fx co. or your US bank need written / signed / notarized authorisation to set up the fx transfer permission.
It will be a lot easier to do while in US, Public Notaries are a lot easier and cheaper in US than they are in UK.
Consider keeping your US bank a/c open after you get back, in case of any need for straggler $$ transactions (tax refunds maybe). US bank a/c can be closed from UK.
John

MinMax

I was wondering that very thing, about closing the US bank account.
And I'll find out about that authorization. I'm only just starting to look at fx companies. Any recommendations would be welcome, and warnings even more so.
And it sounds like the money from the apartment sale may need to go into my US bank account first before being transferred to the UK.
So much to get sorted! Thank you for the input.

yellowroom

I would second the advice to keep your US bank account open for at least 1 - 2 years, mainly to deal with your Tax Returns but also for any straggling payments/refunds. My UK bank charges £15 just to process a foreign currency check/cheque.

I had no problems having a UK address on my US bank account.