Best way of transferring money back to Blighty???
#1
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Joined: Jul 2012
Posts: 18
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.
Mick
(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.
Mick
#2
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Joined: Nov 2015
Location: Pittsburgh
Posts: 110
Re: Best way of transferring money back to Blighty???
I use Transferwise
#3
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Joined: Jul 2012
Posts: 18
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?
Also, what part of Bowtun R tha frum mate?
#5
Forum Regular
Joined: Nov 2015
Posts: 52
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.
The rate was 1 USD = 0.7535 GBP, and the fee charged was $9.90.
#6
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Joined: Apr 2016
Location: California
Posts: 233
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.
Last edited by Asg123; Jul 1st 2016 at 7:44 pm.
#7
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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?
Do l need to use IBAN or not?
#8
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Joined: Feb 2013
Posts: 946
Re: Best way of transferring money back to Blighty???
You'll need your UK bank account and sort code. It's really that easy.
#9
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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.
#10
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Joined: Jul 2012
Posts: 18
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.
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.
#11
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Joined: Apr 2016
Location: California
Posts: 233
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.
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.
#12
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Joined: Jul 2012
Posts: 18
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!!!!