JimBeam

Anyone used these guys?

Looking to transfer a decent chunk from UK to the US before I move there next month.

I have used Travelex previously for a small amount. Worked well, but the rate isn't so good.

Any other exchange firms recommended?

Cheers

JimBeam

Hey. Thanks folks. Will check them out.

mikewest

I use currencyfair on a monthly basis to transfer money from the US to Ireland. I find them very good and so far no problems. Decent rate and very low fees

Joe_Lowry7

Hi JimBeam, We are the new currency partners of British Expats and we now have special offers on for any British expats members. Please inbox me for details of the offer.

ClevelandBrown

Related question: If I have double figure thousands in a UK bank account and transfer it to the U.S. (might be cashing out soon if the dollar dives on a default) - what will my tax liability for the transfer be? Or will I just pay tax on the interest?

Joe_Lowry7

Hi ClevelandBrown, can you elaborate a bit more? and I may be able to advise or help

Pulaski

There is no tax on funds transfers between the UK and the US. Period. If you are resident in the US, or are a US citizen, the interest should be included on your US tax return anyway, whether it is remitted to the US or not.

ClevelandBrown

Indeed, I have been paying (far too much ) tax on the interest.

I have ~£XXk in a savings acct in the UK. When I moved to the U.S. the exchange rate was crap (£1/$1.45) so I kept hold of it waiting for a change in the rate. It has obviously improved a lot since and might get even better if Congress lets the U.S. default and the dollar dives.

So I'm potentially looking at moving it over to the U.S. but I didn't know whether I'd be charged tax on the transfer by the IRS.

Pulaski

You won't. ..... But for some mysterious reason Joey seems to think that sharing information that is already in the public domain should be confined to private messages.

lansbury

Are you licensed to trade in all 50 US States?

sir_eccles

This is very important.

Bob

Yeah, this is the reason a lot of the other big outfits don't deal with the US, or will every state at least so you see them dealing with the popular coastal ones, but the ones in the middle seem to be ignored.

Think it was you who found that out recently wasn't it? And was the case of one of the previous currency vendor sponsors on BE.

sir_eccles

Yup, <snip> are not currently licensed in AZ.

One suspects that licensing is not a trivial matter to obtain.

lansbury

Make you wonder why this is State specific.<snip> happily send me money to Oregon so what is different about AZ. When this cropped up with difficulty getting money sent over it was claimed to be because of Federal changes. If it was a Federal regulation which caused this what is it that brings it down to individual States. I can't imagine there are so many more people in OR changing currency than in AZ to make it worthwhile ** being licensed here, as opposed to AZ.

sir_eccles

Part of it may be that they need a trading presence in the state. Even setting up a po box virtual office is time consuming and expensive.