Best way to transfer money -UK-> US
Apr 6th 2019, 7:26 pm
#16
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: Best way to transfer money -UK-> US
Buyer Beware...shady ?
https://www.bbc.com/news/technology-47751945
https://www.bbc.com/news/technology-47751945
Apr 6th 2019, 7:28 pm
#17
Lost in BE Cyberspace
Joined: Jun 2011
Location: Los Angeles
Posts: 6,159
Re: Best way to transfer money -UK-> US
Good point...although I send my funds in USD. So only $45.
(And I invoice the $45 to them.)
Last edited by Hotscot; Apr 6th 2019 at 7:34 pm.
Apr 6th 2019, 8:56 pm
#18
Forum Regular
Joined: Jul 2018
Location: California
Posts: 254
Re: Best way to transfer money -UK-> US
Hi all,
settling into my new life in the US and the banking system has been the most tricky to get my head around. Even though I work in finance, retail banking seems to be a decade behind us and I've gotten nowhere discussing international transfers at citibank and chase. The representatives seem to be clueless about charges and rates. Can someone who does this often please let me know what the cheapest way to transfer a sum between 20,000-30,000. I've had a look at transferwise which has better rates than the banks but it charges a 0.35% transfer fee on most transfers. this seems extortionate. has anyone tried to transfer between a cash trading/brokerage account e.g. fidelity/interactive brokers from a UK to US account and avoid these costs?
Thanks in advance.
settling into my new life in the US and the banking system has been the most tricky to get my head around. Even though I work in finance, retail banking seems to be a decade behind us and I've gotten nowhere discussing international transfers at citibank and chase. The representatives seem to be clueless about charges and rates. Can someone who does this often please let me know what the cheapest way to transfer a sum between 20,000-30,000. I've had a look at transferwise which has better rates than the banks but it charges a 0.35% transfer fee on most transfers. this seems extortionate. has anyone tried to transfer between a cash trading/brokerage account e.g. fidelity/interactive brokers from a UK to US account and avoid these costs?
Thanks in advance.
Apr 8th 2019, 11:37 am
#19
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Best way to transfer money -UK-> US
I find these sites helpful in seeing the effect of the combination of fees and exchange rates:
https://www.mycurrencytransfer.com/m...o-USA/5000-GBP
https://www.finder.com/international-money-transfers
https://www.mycurrencytransfer.com/m...o-USA/5000-GBP
https://www.finder.com/international-money-transfers
Apr 8th 2019, 2:21 pm
#20
Forum Regular
Joined: Sep 2017
Posts: 56
Re: Best way to transfer money -UK-> US
Thanks Mid Atlantic, these links are really helpful - what a variation in end amounts received with Transferwise doing best on the lists. I checked what you get with a revolute card - If you are still in the UK and moving over like I am . For £1000 you get $1299.82 with Transferwise and $1304.30 with Revolute - so very similar unless the sums involved are higher £100K gets you $129,487 with Transferwise and $130,430 which is more significant. What I now need to research is what risk is there during the transfer process!
Apr 8th 2019, 3:09 pm
#21
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Best way to transfer money -UK-> US
Thanks Mid Atlantic, these links are really helpful - what a variation in end amounts received with Transferwise doing best on the lists. I checked what you get with a revolute card - If you are still in the UK and moving over like I am . For £1000 you get $1299.82 with Transferwise and $1304.30 with Revolute - so very similar unless the sums involved are higher £100K gets you $129,487 with Transferwise and $130,430 which is more significant. What I now need to research is what risk is there during the transfer process!
You need to be aware of this re Revolut: https://www.bbc.com/news/technology-47751945
Apr 8th 2019, 5:15 pm
#22
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: Best way to transfer money -UK-> US
I find these sites helpful in seeing the effect of the combination of fees and exchange rates:
https://www.mycurrencytransfer.com/m...o-USA/5000-GBP
https://www.finder.com/international-money-transfers
https://www.mycurrencytransfer.com/m...o-USA/5000-GBP
https://www.finder.com/international-money-transfers
The fee is now 0.34% (instead of 0.4%), plus 58p a transaction (instead of 80p).
May 26th 2019, 2:33 am
#23
Forum Regular
Joined: Jan 2015
Location: kelso scottish borders
Posts: 48
Re: Best way to transfer money -UK-> US
I did a lot of research into transferring money before I left uk. Banks were far too expensive, the rate they give is appalling. I'm using Halo Financial. Like others they give on the current live rate and you can lock in your money to get the best rate. If they rate goes up you get that rate but if it drops you still get your locked in rate. I would advise checking those types of transfer companies to get best deal. Just make sure they are governed by the financial conduct authority to protect your money. No fees but a tiny deduction from the rate. Think my last quote was less than .1 of a cent per pound.
May 26th 2019, 4:47 am
#24
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Best way to transfer money -UK-> US
Er, banks will give you a much better rate the rate they quote for small transfers. If you're sending £50,000 or more (and I think I heard as little as £25,000 mentioned recently) you need to ask your bank for a "dealing desk rate" (use those words), and depending on the size of your transfer you will get, or close to, the rate that companies get for large transfers.
May 26th 2019, 5:01 am
#25
Forum Regular
Joined: Jan 2015
Location: kelso scottish borders
Posts: 48
Re: Best way to transfer money -UK-> US
Pulaski I did go to my bank first and asked for the rate using those words as I had seen it on another forum. My experience is I'm getting a better rate using Halo Financial. They also gave a lot of useful, checkable information and advice. I used a figure of £100,000 to compare. If you got better from a bank great stuff 😁
May 26th 2019, 1:27 pm
#26
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Best way to transfer money -UK-> US
Well the rate moves minute by minute throughout the day, and a move of 1c or more in a day, or even a few hours is quite common, so unless you are comparing rates at the same time it is impossible to say for certain whether any one bank or remitter is giving a better rate than another.
May 27th 2019, 4:46 am
#27
Forum Regular
Joined: Jan 2015
Location: kelso scottish borders
Posts: 48
Re: Best way to transfer money -UK-> US
You can- by asking what the percentage they deduct from the live rate and if they take fees or not. I'm happy with the company I'm using and that's all you need really. Expert advice, check the company out and what they are telling you and know the costs!
May 27th 2019, 4:40 pm
#28
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Best way to transfer money -UK-> US
May 28th 2019, 2:02 am
#30
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Best way to transfer money -UK-> US