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Selling my US Home.......Best way to transfer the money

Selling my US Home.......Best way to transfer the money

Old Nov 16th 2015, 5:11 pm
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Default Selling my US Home.......Best way to transfer the money

Hello

I'm really hoping someone in this great site can offer some help.

I will be selling my home in the US within the next 6 weeks.....after the sale has completed. What is the best way to transfer the money from the sale back to the UK where I will be moving to. I am a British citizen who has lived in the US for a couple of decades. But time to go home and spend the rest of my life with my beloved family.

Thoughts, suggestions very welcome.
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Old Nov 16th 2015, 9:08 pm
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Lightbulb Re: Selling my US Home.......Best way to transfer the money

Originally Posted by RollTide
Hello

I'm really hoping someone in this great site can offer some help.

I will be selling my home in the US within the next 6 weeks.....after the sale has completed. What is the best way to transfer the money from the sale back to the UK where I will be moving to. I am a British citizen who has lived in the US for a couple of decades. But time to go home and spend the rest of my life with my beloved family.

Thoughts, suggestions very welcome.
This question comes up quite frequently.

Do you currently have a US bank account? Do you also have a UK bank account?

Like many posters here on BE, I do international money transfers with XE - The World's Trusted Currency Authority and have done so for more than a decade (there are other similar companies). It will take a few days to set up an account with them to transfer funds as they need to check that you are not a money launderer. You will need to provide a copy of your passport for example and they *will* phone you and ask some relevant questions.

After they are satisfied that you are kosher/bona fide then it is fast, easy and in my experience much cheaper than bank charges to use XE for transferring large sums of money from one country to another.

Once you have decided what you are going to do, some feedback would be most welcome! Good Luck!

PS. By the way - I have no commercial involvement with XE. You may wish to use the search facility here on BE to see other comments about XE.com
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Old Nov 16th 2015, 9:20 pm
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Default Re: Selling my US Home.......Best way to transfer the money

If the net proceeds exceed $100k, you should check with your bank as banks often provide a very competitive "dealing desk rate" for substantial transfers. With smaller sums the on-line exchange businesses are more likely to provide the best combination of good exchange rates and low fees.
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Old Nov 17th 2015, 11:49 am
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Default Re: Selling my US Home.......Best way to transfer the money

For large transfers, I've always done bank-to-bank. Fast and the rate for >$100K was very competitive. I've initiated in the early morning in the US, and have money in my UK account by afternoon.
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Old Nov 23rd 2015, 9:28 pm
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Default Re: Selling my US Home.......Best way to transfer the money

Just to piggy back off the thread, I need to transfer over $100k to aid a house purchase from U.S. to U.K.
If I transfer bank to bank, I would need to have my funds deposited as GBP right away into my UK bank account right? Would I still get a better rate than say going through XE? My broker is recommending I go with FC exchange but I've seen reviews saying propel have lost out on the exchange rate changing up once the money has been moved.
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Old Dec 2nd 2015, 8:21 pm
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Default Re: Selling my US Home.......Best way to transfer the money

Western Union worked well for me with the most competitive exchange rate. Although this was for a home sale in Canada and moving funds to the U.S., they provide equivalent service and rates to/from just about anywhere. I think their commission is built into the exchange rate, which as I recall was half a percent.
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