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Currency Conversion

Currency Conversion

Old Jul 14th 2004, 12:46 am
  #1  
Exile
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Default Currency Conversion

Can someone give me info on transferring currency from the UK to the US?
I've investigated several ways of doing it, but all seem very expensive.

I've seen it mentioned here before that someone used xe.net, however it
appears that the money needs to be wired to them which in itself is
extortionate. I'm wondering if regularly taking my maximum daily limit out
of an ATM in the US or taking travellers' cheques/checks is the answer.


Thanks,

Andy
 
Old Jul 14th 2004, 1:36 am
  #2  
Exile
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Default Re: Currency Conversion

I wrote:
    > I've seen it mentioned here before that someone used xe.net, however it
    > appears that the money needs to be wired to them which in itself is
    > extortionate. I'm wondering if regularly taking my maximum daily limit
out
    > of an ATM in the US or taking travellers' cheques/checks is the answer.


After reading up on XE.com, I've answered my own question regarding wire
transfers.
There are other, free ways of sending money to them.

I'd still be interested in hearing experiences of transfers using XE and
others.


Thanks,

Andy
 
Old Jul 14th 2004, 3:34 am
  #3  
Squire
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Default Re: Currency Conversion

In message <[email protected]>, Exile
<[email protected]> writes
    >> I've seen it mentioned here before that someone used xe.net, however it
    >> appears that the money needs to be wired to them which in itself is
    >> extortionate. I'm wondering if regularly taking my maximum daily limit
    >out
    >> of an ATM in the US or taking travellers' cheques/checks is the answer.
    >After reading up on XE.com, I've answered my own question regarding wire
    >transfers.
    >There are other, free ways of sending money to them.
    >Andy

Remember that there are at least two factors to consider - the exchange
rate and the transfer charges. If the amount to be transferred is
substantial, the rate of exchange is far more important. Note also that
any rate quoted to you may vary - at least each day and often by the
hour for higher sums.

Consider these two scenarios for a sum of say GBP 10,000

Bank A Exchange Rate $1.70 Charges GBP 40
- you would receive $17,000 at a cost of GBP 40

Bank B Exchange Rate $1.68 Charges GBP 25
- you would receive $16,800 at a cost of GBP 25

In the second example you would save GBP 15 but it would cost you $200.

Also consider the speed of transfer for significant amounts. The longer
the monies are in limbo during the transfer procedure the later the
funds start earning interest if directed to an interest bearing account.
Plus. of course, you wouldn't want to wait excessively before getting
your hands on the dosh.


--
squire
Those are my principles. If you don't like them I have others. (Groucho)
 
Old Jul 14th 2004, 12:58 pm
  #4  
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Default Re: Currency Conversion

When I left the UK i just went into my bank (Lloyds TSB) and transferred it via them.
I believe it was 25UKP fee for a 30,000 UKP+ transfer, then the bank in the US charged a $25 fee, and I had them both billed to my account in the UK. So for less than 40UKP I transferred 30,000 UKP.

It is worth watching the rate and maybe delaying your transfer a week or two - by delaying mine for 9 days the rate went from $1.49 to $1.61 meaning we got another $3600.
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Old Jul 14th 2004, 7:15 pm
  #5  
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Default Re: Currency Conversion

Originally posted by leebarton
When I left the UK i just went into my bank (Lloyds TSB) and transferred it via them.
I believe it was 25UKP fee for a 30,000 UKP+ transfer, then the bank in the US charged a $25 fee, and I had them both billed to my account in the UK. So for less than 40UKP I transferred 30,000 UKP.

It is worth watching the rate and maybe delaying your transfer a week or two - by delaying mine for 9 days the rate went from $1.49 to $1.61 meaning we got another $3600.
Yeah that is what we did Lee. But on the flip side.......... going back over to visit is highway robbery lol I think it is 1.82 the last I looked on MSN money last week. Great for the UK - USA transfer but not good the other way around

Cindy and John
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Old Jul 14th 2004, 7:30 pm
  #6  
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Default Re: Currency Conversion

Originally posted by JohnCindy
Yeah that is what we did Lee. But on the flip side.......... going back over to visit is highway robbery lol I think it is 1.82 the last I looked on MSN money last week. Great for the UK - USA transfer but not good the other way around

Cindy and John
heheh I cheated on that one too.. I left a few thousand pounds in a bank account in the UK so we can just use the money when we visit... no point paying exchange on it twice when I already paid UK income tax on it
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Old Jul 14th 2004, 7:41 pm
  #7  
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Default Re: Currency Conversion

Originally posted by leebarton
heheh I cheated on that one too.. I left a few thousand pounds in a bank account in the UK so we can just use the money when we visit... no point paying exchange on it twice when I already paid UK income tax on it
Yeah John did the same. We took my daughter over in February and she wanted to exchange $ for pounds............ John took her money......... withdrew from his UK account and pocketed the $$ lol Like you said........... no sense exchanging it twice

Cindy
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