Banking - Paid in £ but living in US
Feb 10th 2017, 2:08 pm
#46
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Banking - Paid in £ but living in US
I have used XE for years. I did a transfer a few days ago and noticed that their UK bank details had changed. When the money arrived in my US bank account, I was charged an incoming wire fee of $15. This has never happened before - they used ACH, for which there was no fee. I have emailed XE to see if wire transfer is now their normal method. Anyway, that is what prompted me to come to this forum and see if there is any new favourite transfer service. ....
Feb 10th 2017, 8:03 pm
#47
Forum Regular
Joined: Dec 2006
Location: Atlanta
Posts: 66
Re: Banking - Paid in £ but living in US
You used to be able to choose. Their web site has changed significantly since I last did a transfer. I just took another one all the way up to final confirmation (which I did not do) and at no time was I given an option to choose wire or ACH, as far as I could see.
Feb 10th 2017, 8:42 pm
#48
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Banking - Paid in £ but living in US
With one of my banks there is a limit for ACH, above which they will then use wire. Could that be the reason?
There is a $10k limit on transferwise , https://transferwise.com/help/articl...-bank-debit#/2
There is a $10k limit on transferwise , https://transferwise.com/help/articl...-bank-debit#/2
Last edited by mrken30; Feb 10th 2017 at 8:58 pm.
Feb 11th 2017, 12:30 am
#49
Forum Regular
Joined: Dec 2006
Location: Atlanta
Posts: 66
Re: Banking - Paid in £ but living in US
Respnse from XE:
To confirm, all USD payments are sent as a wire transfer as of the 31st October 2016.
However, to offset the fee your bank charges, we usually top up your payment with an additional USD15.
For your last transaction, this was not done. We will arrange to refund your bank account as to compensate for the fee charged.
However, to offset the fee your bank charges, we usually top up your payment with an additional USD15.
For your last transaction, this was not done. We will arrange to refund your bank account as to compensate for the fee charged.
Feb 14th 2017, 4:02 pm
#51
Just Joined
Joined: Feb 2017
Posts: 1
Re: Banking - Paid in £ but living in US
Not too unique actually - most of my business is in the UK, but I'm here in the US.
Whenever I need large amounts of US$ (to pay taxes etc) I use TransferWise (www.transferwise.com) - there are good savings vs doing it with your bank.
Also, join me in hoping the exchange rate keeps improving
Whenever I need large amounts of US$ (to pay taxes etc) I use TransferWise (www.transferwise.com) - there are good savings vs doing it with your bank.
Also, join me in hoping the exchange rate keeps improving
Just wanted to thank you for reminding me that TransferWise is a thing!
Was about to come on here trying to hunt down a NatWest card reader so I could make an international payment as the lady on the phone was quite stumped when I was not able to make it into a branch for the next 12 months
Feb 14th 2017, 4:47 pm
#52
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: Banking - Paid in £ but living in US
Just wanted to thank you for reminding me that TransferWise is a thing!
Was about to come on here trying to hunt down a NatWest card reader so I could make an international payment as the lady on the phone was quite stumped when I was not able to make it into a branch for the next 12 months
Was about to come on here trying to hunt down a NatWest card reader so I could make an international payment as the lady on the phone was quite stumped when I was not able to make it into a branch for the next 12 months
ETA: Just checked TW web site and it says the limit for debit cards is £2,000. However I have made at least 4 payments to them of £3,000 by debit card.
Last edited by lansbury; Feb 14th 2017 at 4:55 pm.
Feb 18th 2017, 12:14 am
#53
Grumpy Know-it-all
Joined: Jul 2010
Location: Calgary, Alberta
Posts: 8,928
Re: Banking - Paid in £ but living in US
Because to me it sounds they've still got you on the UK payroll. Companies that use foreign currencies as a functional currency for payroll are very few and far between, and generally they're companies in say, Canada paying in USD. A US company paying in Sterling is a very rare bird.
Feb 22nd 2017, 1:23 pm
#54
Forum Regular
Joined: Dec 2006
Location: Atlanta
Posts: 66
Re: Banking - Paid in £ but living in US
A follow-up to post 49: XE did refund me $15 to cover the wire fee. They paid me by wire, so at least they worked out they had to send me $30 to cover the additional $15 on this wire.
Feb 27th 2017, 3:53 pm
#55
BE Forum Addict
Joined: Nov 2004
Location: SC
Posts: 4,153
Re: Banking - Paid in £ but living in US
I have already used XE today prior to looking for the reply to my initial question. Their deposit will be 3156.60
Last edited by tony126; Feb 27th 2017 at 4:30 pm.
Feb 27th 2017, 4:25 pm
#56
BE Forum Addict
Joined: Nov 2004
Location: SC
Posts: 4,153
Re: Banking - Paid in £ but living in US
Just done a check with World First Money Transfer and an initial quote at the time of asking was approx 3175 pounds would be deposited. Don,t see any mention of then on BE so????.
I look at Transferwise and see their charge is $33.71 thus making a deposit of 3182.02 pounds.
As pointed out it would appear that Transferwise is the way to go. All figures quoted as of today.
I look at Transferwise and see their charge is $33.71 thus making a deposit of 3182.02 pounds.
As pointed out it would appear that Transferwise is the way to go. All figures quoted as of today.
Feb 27th 2017, 5:31 pm
#57
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Banking - Paid in £ but living in US
Foreign exchange rates change continuously, literally every few seconds, which is what makes comparing rates between different companies, so very difficult. If the comparison is not at the same time there is highly likely to be an element of rate movement buried in the difference in figures, or partially reducing the difference.
