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-   -   Best way of transferring money back to Blighty??? (https://britishexpats.com/forum/usa-57/best-way-transferring-money-back-blighty-879726/)

britmick Jun 30th 2016 10:25 pm

Best way of transferring money back to Blighty???
 
I have a USA bank account as well as a UK bank account & while the dollar is strong against the pound (thank you Brexit!) l want to change dollars into pounds via a direct bank to bank transfer......
(probably using IBAN, but not 100%)

I seem to remember a European/Scandinavian company that does transfers for very little, but l've forgotten their name!!

Any help appreciated.:fingerscrossed:

Mick

boltonreddave Jun 30th 2016 10:32 pm

Re: Best way of transferring money back to Blighty???
 
I use Transferwise

britmick Jul 1st 2016 1:00 pm

Re: Best way of transferring money back to Blighty???
 
What percentage doew Transferwise charge because the company who's name l've forgotten (duh!) charges 0.5%.......

Also, what part of Bowtun R tha frum mate?

britmick Jul 1st 2016 1:00 pm

Re: Best way of transferring money back to Blighty???
 

Originally Posted by boltonreddave (Post 11990554)
I use Transferwise

see above post

nick.simpson19 Jul 1st 2016 1:02 pm

Re: Best way of transferring money back to Blighty???
 
I use transferwise, the exchange rate and charges for $1000 was

The rate was 1 USD = 0.7535 GBP, and the fee charged was $9.90.

Asg123 Jul 1st 2016 7:31 pm

Re: Best way of transferring money back to Blighty???
 
I've just used it and it's taking 5 days, before when I used it it took 1-2 days. So allow a little more time if you want to send money at the moment.

britmick Jul 1st 2016 10:22 pm

Re: Best way of transferring money back to Blighty???
 
How do l involve the bank in the USA with the Brit bank or do Transferwise do all that?
Do l need to use IBAN or not?

sherbert Jul 5th 2016 11:31 pm

Re: Best way of transferring money back to Blighty???
 

Originally Posted by britmick (Post 11991395)
How do l involve the bank in the USA with the Brit bank or do Transferwise do all that?
Do l need to use IBAN or not?

Transferwise does it all - it's basically an intermediary. You transfer money to its US account and then it takes the corresponding amount out of its UK account and puts that in your UK account.

You'll need your UK bank account and sort code. It's really that easy.

Sir Spangle Jul 6th 2016 12:43 pm

Re: Best way of transferring money back to Blighty???
 
I'm thinking of doing the same thing and so far it's looking to me that usforex.com is the best deal.

britmick Jul 6th 2016 1:12 pm

Re: Best way of transferring money back to Blighty???
 
Have any of you guys tried World First (dot com)>>>????

Their rate is 0.0775% commission & there's NO charge on transactions over $10k.

ie; yesterday they would've put 15400 GBP into my UK account
for a $20k deposit.

Asg123 Jul 6th 2016 11:43 pm

Re: Best way of transferring money back to Blighty???
 
I used Worldfirst about 8 times between 6 months and a year ago and have used Transferwise about 10 times in the past 6 months.

For 4-figure amounts Worldfirst charged me 3 times as much as Transferwise, for 5-figure amounts 60-100% more, and for 6-figure I ended up paying a third more than Transferwise would have charged me.

With Worldfirst the rate offered is not linked to the actual (spot) rate (unlike Transferwise where it's 0.5% from the spot rate), so you should watch the spot rate at the moment you're doing the transaction to make sure you're not paying more than you expected. For a 6-figure amount I was looking for a one cent difference and the rate they told me was 1.5 cents from the spot rate at that moment and I gave them a figure 1.0 cents from the spot rate that I was watching at that moment and asked if I could have that rate and they accepted. Even then it was more than Transferwise would have been (0.75 cents). (With Transferwise I've checked it's always been close to 0.5% from the spot rate).

So Transferwise is better than Worldfirst but Worldfirst is definitely better than the banks.

I haven't used Worldfirst in the last 6 months so I don't know if it's different now.

britmick Jul 7th 2016 2:02 pm

Re: Best way of transferring money back to Blighty???
 
That's REALLY good to know Asg, thanks for that info, & it's just what l need to know................& thanks to all the previous posters as well!!!!:thumbsup::thumbup::thumbsup:


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