Ellie-May

I am on my 1 week countdown and was wondering if anyone can advise on best way to exchange some money. I need to take roughly $9000 back to UK. Would a wire transfer, Xoom, travellers cheques etc be best? I do have an acc in UK which has a hold on it till I go in a give them ID and change of name. Any ideas greatly appreciated. It is extremely important to me as it is all I have left. I had to pay 4.5 months rent in advance as I am unable to work due to being virtually disabled hence my main reason to return and no one would rent to me. So every penny will count. Thanks in advance

Englishmum

Which country are you returning from?

Just a thought: even if you choose *not* to do a wire transfer, visit - in person - your bank and speak to an experienced employee to find out how the process works. Tell them about the UK bank only being able to activate your account once you go there in person. Ask if there is a mechanism where you can pre-authorise paperwork even if you make it clear to them that you may choose not to exercise this option (ie. they may want a copy of your ID or a notarised signature). Also see enquire about the best possible exchange rate they can offer you. Ask how much they charge for the wire transfer, and also the bank in the UK may charge for incoming wire transfers so ask them for their charges too.

One poster on here moved back to the UK from Canada (Lilybilly?) and her spouse had to fly back a few weeks ago to personally sign some paperwork at their bank to release some funds!

Sorry I'm not familiar with Xoom....we have used xe.com but it does take a few days to set up an account with them (you need to send faxes to them) as they make checks to ensure that you're not an international money-launderer!

TBH Travellers Cheques are rarely used these days, for example American Express now do a pre-loaded card, similar to a debit card....my husband's aunt got one in the UK and found that it wouldn't work at all when she visited us in the US If you could get paper Travellers Cheques it may be worth considering but I don't know if you would get a decent exchange rate...however it's certainly safer than taking cash.

Englishmum

Here you go....read Paragraph 2!

http://britishexpats.com/forum/showthread.php?t=706836


Best to visit your bank before leaving for the UK, no matter which country you are departing from!

Good Luck and safe travels!

Bob

XE.com Hifx.com etc, those type of foreign exchange services will be best for a large wedge of cash. They usually take a few days to open an account.

Xoom is okay for small amounts as it's easy to do if you haven't already set up an account with any of the above.

Travellers cheques, waste of money. Bank direct transfer you'll more likely get a shit rate and with this kind of money, a tiny difference makes a fair bit of difference.

Brat1

Yeah, I have to agree with Bob. We've used HiFX on countless occasions to transfer money from the UK to the US and once you have an account, the transfers are done within 24 hours from start to finish and the rate you get is much better than with the bank. They only charge $15 transfer fee as compared to our bank here, who charge you $40 if you do a wire transfer. Good luck with your move back

Ellie-May

Thanks everyone, I leave this time next week. It has been 3 and a half years since I saw 3 of my 4 kids and I will meet 2 grand kids for the first time too. I havent seen any of my family including my Mum either so I am very excited it has been a very difficult time for me here.It is very overwelming and I know when I touch down at LHR there will be tears for sure

Brat1

Aaawww good luck, I'm sure it'll all fall in to place Ellie