robbie3002

Hi
Any help or advice with this would be great, I have run up with dead ends over and over.
I sold my house in the USA beginning of feb. title company put the money in my bank account and I got on a plane back to the UK.
So I went to do the reserve with my money, before I moved money to the USA, no problem what so ever!
Contacted XE.com who I had used before, got a good rate and booked the transfer.
they sent me details of their US bank to wire the money into.
nothing new there as same happened when I moved money to the USA.
contacted my US bank to do the wire and was told sorry we cant do that!
we only wire to a linked US bank account in your name or to a title company when your buying a house in the USA.
I dont have another US bank account and every bank talked to in the USA wont let me open an account as I dont have a USA address.
XE.com will only accept funds if done by a wire transfer.
I am now looking at having to pay over £3000 to XE.com as they had purchased the currency and the rates have now all changed.

Any one have any ideas how to solve this issue, as it seems at the moment I cant actually move my money to the UK.

thanks

durham_lad

Before I moved back to the UK from the USA I had exactly the same problem so I switched banks before I left. Other banks such as HSBC don’t have this restriction.

One possible solution would be to open a UK bank account that also has a presence in the USA such as HSBC or Barclays then open an account in the USA through them.

Hopefully others here will have more suggestions.

I used to use XE.com but switched to Transferwise a few years ago. Transferwise has the option of transferring funds from our US bank to their US bank using ACH as am
n alternative to a wire transfer.

UKBritExpat

I use Transferwise to move my money from Wells Fargo to Lloyds. Easy.

robbie3002

I have done it from uk to USA using XE and transferwise and yes easy

spoken to transferwise and they will only accept a wire, which capital one wont do

robbie3002

my bank wont do any electronic transfers

durham_lad

Would Capital One do a foreign wire to an account in your name in the UK? If so and you have a large sum to transfer you can ask them for a “dealing desk” rate.

robbie3002

the wont as say a domestic US bank

Pulaski

I am not sure who you are talking to at your bank, but it sounds like the lowest level of customer service phone agents. I'd start by asking to speak to a supervisor/ manger and explain your problem to them and ask them what you can do/ what they can do for you in your situation - you might for example need to sent a notarized copy of your passport along with a written instruction.

Almost all banks have the technological capability to send domestic and international wires, and some banks certainly put some obstacles in your way, but I suspect that at very least there is a way to transfer your money either domestically and probably internationally. When I have used xe,com in the past I used to do an electronic transfer (ACH) not a wire - maybe that is no longer possible?

robbie3002

I have spoken to so many people at the bank asked to speak to supervisors, managers etc.
all I get is the same this is our policy we cant do it.

Pulaski

Is this a large bank, medium-sized, or a community bank?

robbie3002

large bank!

Pulaski

Your short answers are making this painful. ..... There are numerous possibilities, such as using a power of attorney (document) to someone to instruct the bank/ visit a branch to approve a wire for you. Do you have online banking access? Using Zelle, or Venmo might be an option - if you an find a FX broker-remitter that accepts such transfers. Someone else recently used Paypal - you won't get the best rate, but at least you'll get most of your money. .... Do you still have cheques for the account - you can deposit a USD cheque at a British bank, and they will "send it for collection". It may take several weeks to clear, and you'll get shafted with fees and a $4!tty exchange rate, but again you'll get most of your money. Those are a few possibilities off the top of my head.

robbie3002

yes I know I can do a few things and loose money, the fact that a huge US bank refuses to do a wire is frustrating
I have spoken to my bank in the UK and the best they can offer I will loose around £70,000 compared to using a transfer company.
that's my issue and trying to find work arounds as opposed to loosing more money

robbie3002

it isnt a case of someone or even me going to a branch to sort the wire, the bank refuses to unless to an account in the US in my name linked. or to a title company when buying a house in the US

durham_lad

Capital One is indeed a large bank and I see that you can even get a Capital One uk credit card at CapitalOne.co.uk so it beggars belief they are giving you this grief.

I would first try setting up a TransferWise account because they do give the option of ACH or wire transfers.

I opened an HSBC US account from the UK at my HSBC bank. It took a couple of visits but can be done. I expect other banks like Barclays can do the same.

Ask your UK bank if they would accept a bankers draft aka cashiers check in $s to convert to £s, if that would be cheaper than a US check written by you. I had to have such a thing a couple of years ago to get my US passport renewed at the US embassy in London and it was easy to have them Fedex it over.