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..

Search for posts containing xe.com

thanks but xe.com is a currancy trading site... like I said in my orginal post, I'll have the cash in hand.

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.

Try ozforex or Hifix with a large amount you can get more than a smaller amount...we had a really good rate from ozforex....but as per usual a month later rates went through the roof...lol...good luck...

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.

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.

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.

It is $10,000... There are 5 of us so it would be easy enough to divide it up...

No doubt they've seen that one before. Be a bugger if it was confiscated eh!

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

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?

I am in Canada and doing the same and using these people:

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.

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.

It was $30-40,000 eight posts ago.