converting dollars to pounds
Dec 16th 2009, 8:32 pm
#1
Just Joined
Thread Starter
Joined: Jul 2009
Posts: 26
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..
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..
Dec 16th 2009, 9:20 pm
#2
Ping-ponger
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,004
Re: 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..
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..
Dec 16th 2009, 10:09 pm
#4
Joined: Sep 2008
Posts: 12,830
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.
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.
Last edited by Aviator; Dec 16th 2009 at 10:18 pm.
Dec 16th 2009, 10:28 pm
#5
BE Forum Addict
Joined: May 2007
Location: England
Posts: 4,210
Re: 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..
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..
Dec 17th 2009, 9:01 am
#6
Ping-ponger
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,004
Re: converting dollars to pounds
) 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.
Dec 17th 2009, 4:39 pm
#7
Joined: Sep 2008
Posts: 12,830
Re: converting dollars to pounds
It does, if you try and exchange cash you get one of, if not the lowest Fx rate. The amount does also make a difference, timing can make an even bigger difference.
Dec 17th 2009, 7:42 pm
#8
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Thread Starter
Joined: Jul 2009
Posts: 26
Re: converting dollars to pounds
I did read your original post, and saw what you said (but thanks for the bold, anyway ) 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.
) 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.
Dec 17th 2009, 7:45 pm
#9
Just Joined
Thread Starter
Joined: Jul 2009
Posts: 26
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.
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.
Dec 20th 2009, 6:28 pm
#11
Just Joined
Joined: Jan 2007
Location: New York
Posts: 9
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
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
Dec 20th 2009, 7:55 pm
#12
Joined: Feb 2002
Posts: 6,848
Re: converting dollars to pounds
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?
Dec 22nd 2009, 1:55 pm
#13
BE Forum Addict
Joined: Aug 2007
Posts: 1,782
Re: 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..
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.
Last edited by johnh009; Dec 22nd 2009 at 2:10 pm.
Dec 26th 2009, 10:57 am
#14
MODERATOR
Joined: Nov 2006
Location: Hong Kong, mostly.
Posts: 5,214
Re: converting dollars to pounds
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.
