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Banks and transferring money bwn UK and back

Banks and transferring money bwn UK and back

Old Sep 4th 2010, 8:28 pm
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Default Banks and transferring money bwn UK and back

In the UK I have an account with Barclays.. am wondering which is the best bank in the States to open an account with which will make transferring money or withdrawing from the Barclays account the cheapest.

I *think* Bank of America wont charge me if I use their cash machines to withdraw from the UK Barclays account .... but thats as far as I've got..

thanks all ..

Ade
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Old Sep 4th 2010, 9:56 pm
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Default Re: Banks and transferring money bwn UK and back

It is difficult to recommend a "best bank" in the US without knowing what services you want from the bank and where you will be located. While B of A has a fairly wide presence they don't operate everywhere - if you happen to be in Nebraska, for example, they would be a really bad choice.

Generally, B of A customer service sucks - their branches are staffed with people of about the level of supermarket checkout clerks and even the branch managers have no real authority to do anything.

Their online banking service is pretty good though and does include the ability to make both domestic and international wire transfers.

Although, as far as I know, BofA don't charge an extra withdrawal fee for using Barclays cash machines you need to be aware that there is still a fairly hefty "foreign exchange transaction" fee that gets added on.
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Old Sep 4th 2010, 10:24 pm
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Default Re: Banks and transferring money bwn UK and back

thanks md....

Am gonna be located in Santa Ana .. and will need to transfer some $US to pay off UK credit cards...
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Old Sep 4th 2010, 10:37 pm
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Default Re: Banks and transferring money bwn UK and back

XE.com are an on-line broker who are excellent at transferring money abroad. If you do a search you will find loads of recommendations for them.

Last edited by cranston; Sep 4th 2010 at 10:54 pm.
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Old Sep 4th 2010, 10:48 pm
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Default Re: Banks and transferring money bwn UK and back

thanks .. I use xe.com a lot for currency rates at work .. didn't realise they can actually transfer money too ..
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Old Sep 5th 2010, 4:10 am
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Default Re: Banks and transferring money bwn UK and back

Originally Posted by adec
thanks .. I use xe.com a lot for currency rates at work .. didn't realise they can actually transfer money too ..
Yes, I use them, and they're dirt cheap, not only because you don't pay the wire fee to send the "wire" (it is direct-debited to your account by xe,com) but also, it shows up in your receiving-end bank account as an ACH - so the receiving bank doesn't see it as a "wire" and doesn't charge the $15-$25 wire receipt fee.
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Old Sep 5th 2010, 9:17 pm
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Default Re: Banks and transferring money bwn UK and back

aye, XE probably the best way to go about this.

As for bank recommendations, which ever one has a branch local to you. BoA in general are pretty shite though.
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Old Sep 6th 2010, 12:32 am
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Default Re: Banks and transferring money bwn UK and back

Originally Posted by Bob
aye, XE probably the best way to go about this.

As for bank recommendations, which ever one has a branch local to you. BoA in general are pretty shite though.
ALL the big ones are shite. I'm in the process of closing my Chase stuff, and moving everything over to a local credit union.

If you absolutely need a bank rather than a CU, most of them offer free or low-cost checking accounts, which you can use as necessary, while using the CU account for most of your transactions.
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Old Sep 10th 2010, 1:10 am
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Default Re: Banks and transferring money bwn UK and back

B of A charges $12 per wire but it is quick and easy to set up a recurring wire. HOWEVER I hate B of A and all their fees for checking accts, so I moved to a more local bank (Union Bank) which still has many branches across the country. They charge a whopping $13 for each transfer but no other fees, and they are much friendlier.

Be cautious with local banks...one of ours (Santa Barbara Bank and Trust) was facing closure and had to be kept afloat with a HUGE private loan. I know money is FDIC insured but it's still scary!
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Old Sep 10th 2010, 3:19 am
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Default Re: Banks and transferring money bwn UK and back

Originally Posted by Nicole5446

Be cautious with local banks...one of ours (Santa Barbara Bank and Trust) was facing closure and had to be kept afloat with a HUGE private loan. I know money is FDIC insured but it's still scary!
Don't count on FDIC insurance, it only covers $100K per person and they have 100 years to repay you
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Old Sep 10th 2010, 6:23 am
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Default Re: Banks and transferring money bwn UK and back

Originally Posted by Nicole5446
B of A charges $12 per wire but it is quick and easy to set up a recurring wire.
That's a domestic wire transfer - international wire transfers with BofA are more like $35.
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Old Sep 10th 2010, 3:17 pm
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Default Re: Banks and transferring money bwn UK and back

I'd get a bank that allows you to view multiple accounts on one screen and move funds between them at no cost. I use HSBC Premier which is excellent.
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Old Sep 10th 2010, 3:59 pm
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Default Re: Banks and transferring money bwn UK and back

Originally Posted by Bob
Don't count on FDIC insurance, it only covers $100K per person and they have 100 years to repay you
I believe it is $250,000. It was extended to that level until 2013.

Still does no good if they decide to take their time on the repayment though.
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Old Sep 10th 2010, 8:43 pm
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Default Re: Banks and transferring money bwn UK and back

Originally Posted by celticgrid
I believe it is $250,000. It was extended to that level until 2013.

Still does no good if they decide to take their time on the repayment though.
Yeah I think your right about the amount, shame they didn't make repayment quicker

HSBC Prem, great if you've got the funds in the account....but really, just use xe.com
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Old Sep 12th 2010, 3:08 pm
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Default Re: Banks and transferring money bwn UK and back

I have a Barclays account. In the US my account is with Wachovia/Wells Fargo.

Be aware that you cannot initiate an international wire transfer from Barclays using their web site. You have to mail/courier (not fax) them a letter. Then they will sit on it for a week before doing anything, so it is a lengthy process.

I use xe.com for transfers. You can send xe money from your Barclays account using FPS (i.e. just use the web site feature to pay someone), and xe deposits into your US account using ACH. There are no fees at either end for this. xe.com actually bank with Barclays themselves, so transfers from your Barclays account to them happen instantaneously. The whole end-to-end process takes about a day.
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