In California: Best alternative to Moneycorp?
#1
Just Joined
Thread Starter
Joined: Apr 2012
Posts: 12
In California: Best alternative to Moneycorp?
Hi All,
I was preparing to transfer my inheritance from the solicitors account in the UK to Moneycorp and then on to my bank account in California. As many of you know Moneycorp can no longer do this due to new US regulations.
I looked at both HiFX and UKForex but neither can service California. Anyone have any other suggestions?
Many thanks,
Lee
I was preparing to transfer my inheritance from the solicitors account in the UK to Moneycorp and then on to my bank account in California. As many of you know Moneycorp can no longer do this due to new US regulations.
I looked at both HiFX and UKForex but neither can service California. Anyone have any other suggestions?
Many thanks,
Lee
#2
BE Forum Addict
Joined: Mar 2008
Location: Santa Cruz, CA
Posts: 4,913
Re: In California: Best alternative to Moneycorp?
Why can't your just instruct your solicitor to make a direct wire transfer from their account to your US account?
#3
Re: In California: Best alternative to Moneycorp?
Hi All,
I was preparing to transfer my inheritance from the solicitors account in the UK to Moneycorp and then on to my bank account in California. As many of you know Moneycorp can no longer do this due to new US regulations.
I looked at both HiFX and UKForex but neither can service California. Anyone have any other suggestions?
Many thanks,
Lee
I was preparing to transfer my inheritance from the solicitors account in the UK to Moneycorp and then on to my bank account in California. As many of you know Moneycorp can no longer do this due to new US regulations.
I looked at both HiFX and UKForex but neither can service California. Anyone have any other suggestions?
Many thanks,
Lee
#4
Just Joined
Thread Starter
Joined: Apr 2012
Posts: 12
Re: In California: Best alternative to Moneycorp?
#5
BE Forum Addict
Joined: Mar 2008
Location: Santa Cruz, CA
Posts: 4,913
Re: In California: Best alternative to Moneycorp?
The rates that I get doing direct bank to bank international wire transfers seem quite reasonable to me.
I did look at using a broker a couple of years ago but (as you appear to be discovering) the sheer hassle and inconvenience of getting everything set up just looked like more trouble that it was worth in terms of time and effort (compared with spending about 30 seconds on my bank's web site and having the transfer go out within 10 minutes).
#6
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Joined: Feb 2010
Location: Temecula, CA
Posts: 4,759
Re: In California: Best alternative to Moneycorp?
Are you really sure about that?
The rates that I get doing direct bank to bank international wire transfers seem quite reasonable to me.
I did look at using a broker a couple of years ago but (as you appear to be discovering) the sheer hassle and inconvenience of getting everything set up just looked like more trouble that it was worth in terms of time and effort (compared with spending about 30 seconds on my bank's web site and having the transfer go out within 10 minutes).
The rates that I get doing direct bank to bank international wire transfers seem quite reasonable to me.
I did look at using a broker a couple of years ago but (as you appear to be discovering) the sheer hassle and inconvenience of getting everything set up just looked like more trouble that it was worth in terms of time and effort (compared with spending about 30 seconds on my bank's web site and having the transfer go out within 10 minutes).
That's only comparing Lloyds->WF and Lloyds->XE->WF so YMMV.
Edit: Comparing the two today, transferring GBP10,000 would yield $170 extra with XE, though with my combination of banks it would be more like $200 due to fees. Not as much as I quoted above but of course we're looking at fluctuating exchange rates here.
Last edited by GeoffM; Aug 28th 2012 at 3:39 pm. Reason: Example
#7
Re: In California: Best alternative to Moneycorp?
The difference between using NatWest and World First, is NatWest are between and 5 and 10 cents to the £ less in the exchange rate, and last time I used NatWest they charged me £38 for the privilege, while World First don't charge a fee. That adds up when transferring my pension over every few months.
#8
Re: In California: Best alternative to Moneycorp?
I've just heard from a friend it's down to licensing and Moneycorp aren't licensed in 4 states, with Texas being one of them. XE are good for Texas apparently. I don't know about California or whether/when Moneycorp will sort out licensing (don't they sponsor a forex sub-forum on here?), but I would guess California is the same situation.
#9
Forum Regular
Joined: Feb 2009
Location: S. California
Posts: 254
Re: In California: Best alternative to Moneycorp?
We used Moneycorp to transfer funds from Canada to the US. So got a bit of a shock last month when we tried to transfer the balance and couldn't because we were in California, so we used Venstar.
#10
Just Joined
Joined: Mar 2011
Posts: 29
Re: In California: Best alternative to Moneycorp?
I recently used xe.com because Moneycorp can't do California anymore. Seemed to be hassle free as these things can be.