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converting dollars to pounds
Whats the best way to get the most bang for your buck?
My family and I are moving back to the UK in February of next year. I'm turning all my assets into cash and closing all bank accounts before I leave. My questions are: Is it better to convert from $ to pounds in the US or in the UK? Where's the best place that will exchange at the best rate with the lowest fees? I'll be dealing with cash in hand with around $30-40k Thanks.. |
Re: converting dollars to pounds
Originally Posted by swtcorrado
(Post 8178184)
Whats the best way to get the most bang for your buck?
My family and I are moving back to the UK in February of next year. I'm turning all my assets into cash and closing all bank accounts before I leave. My questions are: Is it better to convert from $ to pounds in the US or in the UK? Where's the best place that will exchange at the best rate with the lowest fees? I'll be dealing with cash in hand with around $30-40k Thanks.. |
Re: converting dollars to pounds
Originally Posted by dunroving
(Post 8178254)
Search for posts containing xe.com
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Re: converting dollars to pounds
The best rate is through an FX broker, such as Custom House and using bank transfers. You don't get the best rate with cash, in fact it is usually one of the worst. Not to mention that is a lot of cash to carry around, sooner you than me. You will also be required to decalre this to customs when entering the UK, so expect a few questions. http://www.hmrc.gov.uk/customs/arriv...aring-cash.htm You may also want to check with US customs as there may be a threshold where you have to declare cash being taken out of the country, it is $10,000 coming in maybe the same going out.
Does not matter where you are, the rate is the rate. With banks it can vary a bit more though from country to country. No way to tell where you're going to get the best, rate, it changes by the second. |
Re: converting dollars to pounds
Originally Posted by swtcorrado
(Post 8178184)
Whats the best way to get the most bang for your buck?
My family and I are moving back to the UK in February of next year. I'm turning all my assets into cash and closing all bank accounts before I leave. My questions are: Is it better to convert from $ to pounds in the US or in the UK? Where's the best place that will exchange at the best rate with the lowest fees? I'll be dealing with cash in hand with around $30-40k Thanks.. |
Re: converting dollars to pounds
Originally Posted by swtcorrado
(Post 8178309)
thanks but xe.com is a currancy trading site... like I said in my orginal post, I'll have the cash in hand.
Do you mean you are literally going to carry that kind of cash with you when you travel? That sounds risky (other words come to mind). I didn't think having cash in your hand (literally) meant anything different these days, especially re: currency exchange - it's not like you are haggling over the price of a sweater at some open market, surely? It's the amount that usually makes a difference, not whether it's physically in your sweaty palm? Maybe I'm missing something fundamental. |
Re: converting dollars to pounds
Originally Posted by dunroving
(Post 8179435)
It's the amount that usually makes a difference, not whether it's physically in your sweaty palm? Maybe I'm missing something fundamental.
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Re: converting dollars to pounds
Originally Posted by dunroving
(Post 8179435)
I did read your original post, and saw what you said (but thanks for the bold, anyway :rolleyes:) but I don't see what difference it makes.
Do you mean you are literally going to carry that kind of cash with you when you travel? That sounds risky (other words come to mind). I didn't think having cash in your hand (literally) meant anything different these days, especially re: currency exchange - it's not like you are haggling over the price of a sweater at some open market, surely? It's the amount that usually makes a difference, not whether it's physically in your sweaty palm? Maybe I'm missing something fundamental. Without going into too much detail I have had to close my bank accounts. I literally have all my assets liquid so to speak. |
Re: converting dollars to pounds
Originally Posted by The Aviator
(Post 8178353)
The best rate is through an FX broker, such as Custom House and using bank transfers. You don't get the best rate with cash, in fact it is usually one of the worst. Not to mention that is a lot of cash to carry around, sooner you than me. You will also be required to decalre this to customs when entering the UK, so expect a few questions. http://www.hmrc.gov.uk/customs/arriv...aring-cash.htm You may also want to check with US customs as there may be a threshold where you have to declare cash being taken out of the country, it is $10,000 coming in maybe the same going out.
Does not matter where you are, the rate is the rate. With banks it can vary a bit more though from country to country. No way to tell where you're going to get the best, rate, it changes by the second. |
Re: converting dollars to pounds
Originally Posted by swtcorrado
(Post 8181063)
It is $10,000... There are 5 of us so it would be easy enough to divide it up...
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Re: converting dollars to pounds
Has anyone used TorFx (U.K. based) or Payline FX (Canada Based) for foreign exchange?
https://www.torfx.com/index.htm http://www.paylinefinancial.com/ The rates they offer would appear to be much better than www.xe.com Recently I exchanged $10,000 US dollars into Pounds Sterling with www.xe.com and they offered a rate that was over 300 pips higher than the live rate. WWW.XE.COM The live rate (mid-market rate) was £1 GBP = $1.6147 USD Rate offered by www.xe.com £1 GBP = $1.6467 USD I was able to therefore obtain £6,072.75 GBP There were absolutely no fees involved WWW.TORFX.COM The live rate (mid-market rate) was £1 GBP = $1.6147 USD Rate claimed they could offer was £1 GBP = $1.6260 USD Fee of $20 USD involved to wire money from the U.S. to the U.K. I was able to therefore obtain £6,137.76 for $10,000 USD Savings of £65.01 GBP vs www.xe.com WWW.PAYLINEFINANCIAL.COM The live rate (mid-market rate) was £1 GBP = $1.6147 USD Rate claimed they could offer was £1 GBP = $1.6309 USD I would therefore have been able to obtain £6,131.58 for $10,000 USD Savings of £58.83 GBP vs www.xe.com No fees involved Any feedback on this would be appreciated |
Re: converting dollars to pounds
Originally Posted by swtcorrado
(Post 8181063)
It is $10,000... There are 5 of us so it would be easy enough to divide it up...
However....when you get to the UK are you planning to buy something 'big' with your cash eg. a car, house deposit, or spend it over a long period of time in dribs and drabs? Any large financial transactions in cash have to be reported - do you want to take the risk of potentially being deemed an international money launderer? :ohmy::lol: |
Re: converting dollars to pounds
Originally Posted by swtcorrado
(Post 8178184)
Whats the best way to get the most bang for your buck?
My family and I are moving back to the UK in February of next year. I'm turning all my assets into cash and closing all bank accounts before I leave. My questions are: Is it better to convert from $ to pounds in the US or in the UK? Where's the best place that will exchange at the best rate with the lowest fees? I'll be dealing with cash in hand with around $30-40k Thanks.. http://www.currencyonline.com/ They are part of the HiFX Group (they have a banner on this site) and operate through the Bank of New Zealand. The rates they offer are better than the banks. I have found them to be efficient and helpful and the whole transfer process usually only takes 2 to 3 business days. I believe when entering the UK you have to declare anything more than 9,000 Euros (or equivalent) in cash (including bank drafts). So they may ask for evidence of where any amounts in excess of this came from. |
Re: converting dollars to pounds
Originally Posted by swtcorrado
(Post 8181063)
It is $10,000... There are 5 of us so it would be easy enough to divide it up...
|
Re: converting dollars to pounds
Originally Posted by swtcorrado
(Post 8181063)
It is $10,000... There are 5 of us so it would be easy enough to divide it up...
|
Re: converting dollars to pounds
Originally Posted by Sally Redux
(Post 8198033)
It was $30-40,000 eight posts ago.
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Re: converting dollars to pounds
Originally Posted by Sally Redux
(Post 8198033)
It was $30-40,000 eight posts ago.
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Re: converting dollars to pounds
Originally Posted by swtcorrado
(Post 8181058)
I didn't put anything in bold??
Without going into too much detail I have had to close my bank accounts. I literally have all my assets liquid so to speak. travellers' checks and/or an account to transfer your money to. It is much better to declare funds. |
Re: converting dollars to pounds
Originally Posted by SpoogleDrummer
(Post 8198612)
I believe he was talking about the maximum amount of money you can take out of the country being 10k not the amount of money he has.
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Re: converting dollars to pounds
Originally Posted by Sally Redux
(Post 8199520)
Ah right. You just have to declare it, as thers have said. Sounds like he might be on the run though.
To repeat, if on the run...not really our business. In today's world better safe than sorry. |
Re: converting dollars to pounds
I know of a guy in Lagos who may be able to help!
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Re: converting dollars to pounds
Originally Posted by The Aviator
(Post 8199602)
I know of a guy in Lagos who may be able to help!
can I get his number? Just kidding... And just for the record I'm not on the run, just an international man of mystery. Thanx to everyone that actually had a suggestion and not just throwing in their two cents. Probably the best thing to do is deposit half the money into a family members account and use one of the online trading companies. I wanted to be able to buy a car asap when I get there. It's best to deal in cash when buying used and private party. Only fools and horses. |
Re: converting dollars to pounds
There are no restrictions on moving cash from the US as long as the correct US customs form has been completed, have this form completed before you attempt to leave the country with the cash. You will of course also have to declare this cash once you arrive in UK. By changing the cash into US money orders in the US prior to traveling, you will avoid the risk of traveling with a large amount of cash at minimal cost. The money orders are treated as cash for custom purposes.
You will probably get the best exchange rate by paying the Dollars into your UK account, though if your intention is to evade tax by traveling with cash.....best of luck.
Originally Posted by penguinsix
(Post 8197651)
In the US that would be called 'structuring'--breaking up a transaction to avoid a financial reporting law. It is illegal in the US and many other jurisdictions under money laundering statutes. I do not know about the current UK law though.
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Re: converting dollars to pounds
Originally Posted by Hino
(Post 8213413)
There are no restrictions on moving cash from the US as long as the correct US customs form has been completed, have this form completed before you attempt to leave the country with the cash. You will of course also have to declare this cash once you arrive in UK. By changing the cash into US money orders in the US prior to traveling, you will avoid the risk of traveling with a large amount of cash at minimal cost. The money orders are treated as cash for custom purposes.
You will probably get the best exchange rate by paying the Dollars into your UK account, though if your intention is to evade tax by traveling with cash.....best of luck. |
Re: converting dollars to pounds
If you are thinking about buying a car, most of the time you can get a better deal if you pay there and then in cash... but then again, this wont be with everyone!
In regards to getting your cash changed up... there are a few ways.. if you want to come into the UK with your cash in hand... then you could go to a currency company and get it changed up... i know the currency i used quite often, currencies 4 you.. can do cash money, but im not sure what sums! you are best off giving them a call, the website is www.currencies4you.com . But otherwise, i think the easier option would be depositing the money into your current account, then transferring it to a currency company to get changed up. But maybe you should ring the company 1st to see if they can do that amount of cash! Hope that helps you out Jim |
Re: converting dollars to pounds
Originally Posted by The Aviator
(Post 8181090)
No doubt they've seen that one before. Be a gger if it was confiscated eh!
Cost me @$940.00 approx. for the exchange to sterling and transfer from US bank to bank in UK. Dont know if that helps at all. |
Re: converting dollars to pounds
You paid $940 to carry out the whole transfer?
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Re: converting dollars to pounds
Originally Posted by PhillyG
(Post 8218369)
I sent home $70,000.00 USD last year when the rate was better.
Cost me @$940.00 approx. for the exchange to sterling and transfer from US bank to bank in UK. Dont know if that helps at all. |
Re: converting dollars to pounds
I know, thats crazy!
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Re: converting dollars to pounds
Originally Posted by JimDavid1972
(Post 8220026)
You paid $940 to carry out the whole transfer?
I had to do it there & then that day..........probably paid more than I should have. |
Re: converting dollars to pounds
Yeah i guess that had to be done... for anyone else... make sure you do it in advance!
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Re: converting dollars to pounds
Originally Posted by PhillyG
(Post 8220343)
Yes.
I had to do it there & then that day..........probably paid more than I should have. |
Re: converting dollars to pounds
Originally Posted by aes1
(Post 8270669)
Just read this and wondering who you used that charged that much? Anyone know who is the cheapest for fees??
www.currencyonline.com |
Re: converting dollars to pounds
Originally Posted by johnh009
(Post 8270858)
As mentioned, use these people, they are currently charging no fees whatsoever:
www.currencyonline.com |
Re: converting dollars to pounds
Originally Posted by johnh009
(Post 8270858)
As mentioned, use these people, they are currently charging no fees whatsoever:
www.currencyonline.com |
Re: converting dollars to pounds
Originally Posted by aes1
(Post 8272718)
What is the difference between currencyonline and HiFx for making transfers??
HiFX have a Vendor Forum on this site. "Windsor2" (Mark Bodega) is a UK HiFX director so you can maybe direct any questions or concerns you have to him if no one else can help. |
Re: converting dollars to pounds
Originally Posted by johnh009
(Post 8272928)
Currencyonline is part of the HiFX group. I know that when you contact HiFX in Canada, they refer you to Currencyonline. Maybe they handle the North American side of the business. It is operated in conjunction with the Bank of New Zealand. I have used them numerous times, they are very helpful (with a freephone number to NZ) and efficient. Your money always appears in your desitination account the day after they recieve it. They are charging no transfer fees at the moment and their rates are competitive. You only have to pay the cost of wiring your money to them.
HiFX have a Vendor Forum on this site. "Windsor2" (Mark Bodega) is a UK HiFX director so you can maybe direct any questions or concerns you have to him if no one else can help. |
Re: converting dollars to pounds
Originally Posted by aes1
(Post 8273092)
Thanks for the info, I think you are right, Currencyonline being the NA side of HiFX. Do you know how long they are not charging for transfer fees? Does it depend on the amount?
[email protected] |
Re: converting dollars to pounds
Originally Posted by johnh009
(Post 8274349)
Sorry, I have no idea how long their offer lasts, I suppose it will be as long as the economic climate is in the Doldrums, which could be a long time. If you email them, they will send you a freephone number and can can discuss any concerns you may have. I found them quite helpful. I could send you my Canadian freephone mumber but it is different from the US. Try emailing them at:
[email protected] |
Re: converting dollars to pounds
Originally Posted by johnh009
(Post 8274349)
Sorry, I have no idea how long their offer lasts, I suppose it will be as long as the economic climate is in the Doldrums, which could be a long time. If you email them, they will send you a freephone number and can can discuss any concerns you may have. I found them quite helpful. I could send you my Canadian freephone mumber but it is different from the US. Try emailing them at:
[email protected] |
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