HarryTheSpider

Hi All

I'm aware of the various different companies that offer money transfer services.

I'm curious to know which is the quickest.

I currently have money in Barclays in the UK, and would like to get it to my CitiBank account in NY. It's not a huge amount, and getting it our of an ATM in time isn't going to work.

Cheers

Harry

Jerseygirl

IMO bank to bank transfer...takes 24 to 48 hours. I have almost always had the money in my account within 24 hours. Due to the weak pound...now is a really bad time to transfer large amounts of money from the UK to US.

Bob

Bank to bank depends on the bank...if they're related banks it can be instant, other wise can be a few days. All depends on how/cost though.

For small sums, pretty instant, xoom.com

HarryTheSpider

Thx. Isn't xoom only FROM the US, and not TO the US?

Jerseygirl

I have transferred large amounts from non related banks...Nat West to Chase...and vice versa...it usually only takes 24 hrs...although they do state it could take longer.

MRam

I suggest you shop around for currency transfer quotes and make sure that you are getting the best rate from an FSA authorised foreign exchange provider. Typically, a foreign exchange broker's rate can be up to 4% better than the banks.

Hope that helps

Jerseygirl

It depends whether you wish to have a better exchange rate or a quick transfer...Harry asked for the quickest route.

MRam

For one off payments most foreign exchange brokers can transfer within 48 hours (usually depends on the currency and the broker). Once an account has been opened and usually if it's done before midday then the money can sometimes be in the account on the same day. On top of that you'll get a better exchange rate with a foreign exchange provider than a bank.

markwm

I've used XE.com for quite a while and with FPS from the UK bank to XE, I usually have the money within 24 hours or so.

celticgrid

Quickest, in my experience, is bank to bank. I can request transfers electronically in the evening here, so it processes first thing when the UK opens the next morning. The money is in my US bank before the end of the day - well under 24 hours. The banks are not related.

Jerseygirl

Harry if it is a large amount of money the bank may not release the funds for a day or two. I have experienced this with both my US and UK bank.

MRam

FX specialist providers can also transfer same day - Transfer money at 9am, money in the recipient bank by 3pm or even sooner.

Bob

That I wouldn't know, haven't tried. Though I thought they could, but you could be right.

I know bank to bank should be quick and I've had small sums done within 24 hours, but I've also had it take up to 4 days on occasion. Don't do it often, as my mother usually just sends cash as the missus can exchange it free. We're only talking 20-50squid now and again from my mother to get stuff for the kids.

When the missus was doing her masters and had to shift the loan money to the UK, that did take longer as the bank held the money before releasing it. But that was a weird little chain event and not sure that it's such a common occurrence.

RICH

Not to be flippant, but Paypal. I sent 5 quid to my cousin to get a Mother's day card last minute. He got it within the hour. Cost me $7.76 including 3 p fee . I'd guess it won't work for large amounts, but don't know the cut off.
Setting it up for both your accounts might be tricky, and take time.

MRam

Also just to say many FX companies such as ourselves offer a specific service for this type requirement - ours is called a spot contract - if you want more details, feel free to personal message me.