Best method of transferring pounds to dollars
Jun 27th 2017, 12:45 am
#16
Forum Regular
Joined: Jun 2008
Location: Virginia
Posts: 129
Re: Best method of transferring pounds to dollars
You're new to the US but from the perspective of a financial services company you "don't exist" .... literally your profile of data is empty.
For anyone who is legally in the US, whether a born citizen or a legal immigrant, they quickly start to leave footprints here there and everywhere. Not only a SSN, but mailing addresses, phone numbers, driving license records, car registrations, house deeds, criminal records, degrees and professional qualifications, voting registrations, boat and aircraft registrations, and other data which can be accumulated in the US without most of the limitations of the UK Data Protection Act.
So Xe ran your name and address through whatever database they use, and what came back was zilch! zippo! nada! nothing!! You might as well have used a made up name, because as far as Xe can tell you literally don't exist.
For anyone who is legally in the US, whether a born citizen or a legal immigrant, they quickly start to leave footprints here there and everywhere. Not only a SSN, but mailing addresses, phone numbers, driving license records, car registrations, house deeds, criminal records, degrees and professional qualifications, voting registrations, boat and aircraft registrations, and other data which can be accumulated in the US without most of the limitations of the UK Data Protection Act.
So Xe ran your name and address through whatever database they use, and what came back was zilch! zippo! nada! nothing!! You might as well have used a made up name, because as far as Xe can tell you literally don't exist.
Jun 27th 2017, 7:04 am
#17
Forum Regular
Joined: Mar 2017
Location: Yorkshire --> Denver
Posts: 157
Re: Best method of transferring pounds to dollars
I just brought up both XE.com and Transferwise as I have accounts with both and used XE.com for years before discovering Transferwise. When I make a transfer I always bring up both sites to compare rates but choosing the best rate on the day, which has always been Transferwise since I started using it in January.
Currently, transferring £1,00 will get me $1,267 on Transferwise and $1,245 on XE.com. I also find Transferwise to be a very fast transfer compared to XE.com.
Currently, transferring £1,00 will get me $1,267 on Transferwise and $1,245 on XE.com. I also find Transferwise to be a very fast transfer compared to XE.com.
Jun 27th 2017, 10:29 am
#18
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Best method of transferring pounds to dollars
Under your circumstances you'll do better with a UK/non-US based company, but if you use a US address to register they might still reject you.
Jun 27th 2017, 11:12 am
#19
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,133
Re: Best method of transferring pounds to dollars
I used TorFx to transfer my house sale proceeds, but first registered from my UK address, so I don't know if they will accept an initial registration from a US address.
Now I use Transferwise for smaller amounts.
Now I use Transferwise for smaller amounts.
Last edited by MidAtlantic; Jun 27th 2017 at 11:15 am.
Jun 28th 2017, 12:37 am
#20
Grumpy Know-it-all
Joined: Jul 2010
Location: Calgary, Alberta
Posts: 8,928
Re: Best method of transferring pounds to dollars
Clearly the best method is to have a time machine.
Jun 28th 2017, 8:02 am
#22
Forum Regular
Joined: Mar 2017
Location: Yorkshire --> Denver
Posts: 157
Re: Best method of transferring pounds to dollars
Here's a question related - is it advised to transfer everything now or is there any merit to leaving some in pounds and hoping the rates improve over the next few years? Or are tax/reporting implications not worth it?
Jun 28th 2017, 11:15 am
#23
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,133
Re: Best method of transferring pounds to dollars
Reporting depends on the sum involved. If you have over $10k in a foreign account(s) then you have to complete FBAR, which is very simple. For much higher balances you also have to complete Form 8938.
Jun 28th 2017, 1:15 pm
#24
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Best method of transferring pounds to dollars
In short, if yours is a permanent move then move your cash and get on with your life - life is too short to stress about whether you could have got a few cents/pound more by waiting another six months.
That said, an intermediate strategy might be to move part of the money every few months, over 2-3 years, ensuring that you don't move all your money at the worst possible time. But it depends how much you have - if it isn't at least £30,000 I would just move it all now, then maybe split £50k in to two transfers, £100k into 3-4 transfers, etc.
Last edited by Pulaski; Jun 28th 2017 at 1:19 pm.
Jan 23rd 2018, 3:55 pm
#25
Forum Regular
Joined: Jun 2008
Location: Virginia
Posts: 129
Re: Best method of transferring pounds to dollars
The ex rates are great now $1.40, that is pretty ok considering the last 2 years the high was approx $1.45.
I have been using transferwise for a few months now, a good feature they have is being able to lock the rate in for 24 hours, gives you the opportunity of seeing if you get a better or worse rate within 24 hours before you complete the transfer and send funds, you can cancel and go the current rate, or keep yesterdays rate and complete, I found that comforting when transferring large sums. The rates are a lot better than banks also, another point to note hsbc would only allow 25k per day BACS transfers , unless you wanted to pay a wiring fee (no thanks).
"In short, if yours is a permanent move then move your cash and get on with your life - life is too short to stress about whether you could have got a few cents/pound more by waiting another six months."
I just brought a place, the value of that particular place had increased 25% in value in 7 years, that is 3.57%/year. for a large sum, that is higher than the rate of inflation in the UK for that period going back 7 years. admittedly not a huge property value increase in UK terms, but in my opinion is a stable increase and I like stable just now what with having moved all finances over and liquidated all stocks/isa's/savings/equity in house.
I have been using transferwise for a few months now, a good feature they have is being able to lock the rate in for 24 hours, gives you the opportunity of seeing if you get a better or worse rate within 24 hours before you complete the transfer and send funds, you can cancel and go the current rate, or keep yesterdays rate and complete, I found that comforting when transferring large sums. The rates are a lot better than banks also, another point to note hsbc would only allow 25k per day BACS transfers , unless you wanted to pay a wiring fee (no thanks).
"In short, if yours is a permanent move then move your cash and get on with your life - life is too short to stress about whether you could have got a few cents/pound more by waiting another six months."
I just brought a place, the value of that particular place had increased 25% in value in 7 years, that is 3.57%/year. for a large sum, that is higher than the rate of inflation in the UK for that period going back 7 years. admittedly not a huge property value increase in UK terms, but in my opinion is a stable increase and I like stable just now what with having moved all finances over and liquidated all stocks/isa's/savings/equity in house.
Last edited by hutchison; Jan 23rd 2018 at 3:57 pm.
Jan 23rd 2018, 4:09 pm
#26
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Best method of transferring pounds to dollars
The ex rates are great now $1.40, that is pretty ok considering the last 2 years the high was approx $1.45.
I have been using transferwise for a few months now, a good feature they have is being able to lock the rate in for 24 hours, gives you the opportunity of seeing if you get a better or worse rate within 24 hours before you complete the transfer and send funds, you can cancel and go the current rate, or keep yesterdays rate and complete, I found that comforting when transferring large sums. The rates are a lot better than banks also, another point to note hsbc would only allow 25k per day BACS transfers , unless you wanted to pay a wiring fee (no thanks).
"In short, if yours is a permanent move then move your cash and get on with your life - life is too short to stress about whether you could have got a few cents/pound more by waiting another six months."
I just brought a place, the value of that particular place had increased 25% in value in 7 years, that is 3.57%/year. for a large sum, that is higher than the rate of inflation in the UK for that period going back 7 years. admittedly not a huge property value increase in UK terms, but in my opinion is a stable increase and I like stable just now what with having moved all finances over and liquidated all stocks/isa's/savings/equity in house.
I have been using transferwise for a few months now, a good feature they have is being able to lock the rate in for 24 hours, gives you the opportunity of seeing if you get a better or worse rate within 24 hours before you complete the transfer and send funds, you can cancel and go the current rate, or keep yesterdays rate and complete, I found that comforting when transferring large sums. The rates are a lot better than banks also, another point to note hsbc would only allow 25k per day BACS transfers , unless you wanted to pay a wiring fee (no thanks).
"In short, if yours is a permanent move then move your cash and get on with your life - life is too short to stress about whether you could have got a few cents/pound more by waiting another six months."
I just brought a place, the value of that particular place had increased 25% in value in 7 years, that is 3.57%/year. for a large sum, that is higher than the rate of inflation in the UK for that period going back 7 years. admittedly not a huge property value increase in UK terms, but in my opinion is a stable increase and I like stable just now what with having moved all finances over and liquidated all stocks/isa's/savings/equity in house.
Jan 27th 2018, 2:01 pm
#27
Just Joined
Joined: Aug 2017
Posts: 13
Re: Best method of transferring pounds to dollars
I've started using Circle instead of Transferwise. Same rates without fees though. Only problem is that the limits are pretty small ($3k a week).
Jan 27th 2018, 2:42 pm
#28
Just Joined
Joined: Aug 2017
Posts: 12
Re: Best method of transferring pounds to dollars
Jan 28th 2018, 4:18 pm
#29
Just Joined
Joined: Aug 2017
Posts: 13
Re: Best method of transferring pounds to dollars
You can very easily go into the Transferwise and Circle apps and price out a transfer to see the difference.
