Steve Homer

I have been using the lovely Nationwide Flex to bring in money as needed - two cards $880 with a good rate and zero charges either end. Managed to fight to keep my card working when they moved to new credit card system but Nov 30th they cancelled their contract with Cirrus and I don't think even I can make them reverse that decision! (No notice BTW!)

So finally looking at bringing over a sizeable chunk of change to stop me having to go to the free ATM 10 miles away five times a month.

Given things change ALL the time is FX still giving the best rates for around £10,000?? Any other recommendations?

BTW if you have a Santander Zero card and put it in credit you can withdraw money for "FREE" but their exchange rate is pretty poor. Compared with same transaction on a Flex card I lost about £3 on a transfer of around £290 - but a lot cheaper than some other alternatives.

Aloha and TTFN

Steve
PS TIA for any info - please say how recent experience is as will be doing the leg work next week.

avanutria

I've used UKForex about five or six times to transfer amounts ranging from 3k pounds to the cost of a house, and was very pleased with their service. The last time we transferred was probably last June so it's not exactly recent experience, but I'd use them again in a heartbeat.

lansbury

I use currencyonline (part of HiFX) if you are already in the US you can sign up with HiFX SFO office.

Booked a forward contract for December the 21st a few weeks back and got it at 1 cent below spot rate on just over £10k. Good rate for a forward contract. Their rates for an immediate exchange are excellent. Been using them now for some time.

gingenie

A lot of people on here recommend XE too. I'm preparing to move from the UK to NY in Jan and wondering who to use.

Any major differences between the two?

If I decided to just get a lump of cash before I go and deposit it when I set up a new US bank account, is that frowned upon? I guess it's not the safest option though...

Sherlock Holmes

www.tranzfers.com.

Reliable, mid rates, low fee.

Dan725

While you are completely entitled to do that with the cash, as you say its not the safest option and depending on how much it is, you might have to declare it on the way in. Again, nothing really to that, although you might well be asked some questions about it and get some suspicious looks. Then you might get some odd looks when you took it to the US side bank to deposit it until you at least got through to someone not scared of foreign money. Much safer and less hassle to use either XE or UKForex - not much difference between the two....I use XE and have no complaints, but from what people have said here it might be marginally easier to set up an account with UK Forex (less paperwork, phone calls, etc).

avanutria

You'll get a better exchange rate, more security and less hassle by using an electronic service but you are allowed to bring a lump of cash through. Anything over $10,000 has to be declared at customs (but it's not taxed to my knowledge, just declared) and that includes cash, checks or any other kind of monetary note. (If you do electronic transfers over $10k the bank does the declaring for you.

If you get a wad of cash out in pounds then you'll have to convert it at your US bank and they may not be happy with that and may give you a bad rate, in which case you're stuck with it. If you get a wad of cash out in dollars you'll have to use whatever rate the UK bank wants to give you, which will not be as good as they midmarket rate you'll get using a foreign currency exchange company.

BritishGuy36

I don't use anything other than ukforex.co.uk. Usually among the best rates, and no transfer fees (although your receiving bank may charge it's own 'inbound wire transfer' fee).

Have used them several times including recently, always good service and very quick.

Jerseygirl

If you are carrying more than 10K Euro from the UK to the US it should be declared to HM Revenue & Customs. Entering the US amounts over $10K must be declared to US Customs.

The amounts include cash, cheques, travellers cheques etc.

Steve Homer

OK rang Currency Online and UKForex.

Both very helpful with almost identical rates of 1.5687 when the pound was around 1.5769 - so smidge under a cent.

I looked at Trazfers but they seem to be offering 1.5614 and the rates have gone UP a little so they are out of the running.

Currency Online warned of possible intermediary bank charges in the US of $20 to get it into my account (Bank opf Hawaii charge $10 for receiving).

UK Forex SEEMED to say that there might not be charges. So question - anyone else put currency into Bank of Hawaii and if so were you hit with charges?

BTW to the poster who was thinking about bringing cash DON'T DO IT. You will get a MUCH lower rate of exchange for sure. ..... Oh unless you can find some drug cartel that wants to launder their ill gotten gains:-)

Thanks for the pointers peeps - VERY useful.

Steve

avanutria

Steve,

If you will be moving a great deal of money later, like house-value sort of money, you can tell this to the UK Forex people and ask for a better rate level for your account, and they might give it to you. That's what my DH did - actually it was just in conversation with the guy when setting up the account, and the UKForex guy volunteered the better rate tier when he found out about our impending sale.

Steve Homer

Thanks for the thought. Had already asked them and they said that they would offer better rates starting at about £150K.

Steve

Yorkieabroad

I'd second the comments about not bringing cash. Far from the cheapest or most secure way to do it. I've got accounts with xe.com and fx.com. They were quick and easy to set up, and I always check them, but end up doing the transfers with First Direct who are consistently better on the rates.

gingenie

Thanks for the advice about not bringing cash too.

I'll sign up to XE and UKForex.

Does anybody have a UK and US based bank account with HSBC? I'm told that if you're with HSBC in the UK you can transfer funds between your accounts for free online.

Thanks a lot for all suggestions and experiences!

gingenie

Oh no, scrap that, for HSBC it looks like you need to have at least £60k in the bank to get their Premier / Expat account.

That's me not eligible then!