dunroving

My bank (State Employees Credit Union) don't know their arse from their elbow when it comes to talking about "wholesale rates" for exchanging dollars to pounds. They don't even "do" international wires (they do it through Wachovia).

I called the local branch of Wachovia. Despite the above, they said they would not send an international wire for me b/c I wasn't a customer, even if I walked in with $20,000 in cash.

I called my bank's 1-800 "expert" helpline and they insist that:

they have no control over what exchange rate I will have - they send the wire in $, and when it arrives in the UK, the receiving bank will then exchange it and decide what exchange rate I'll get. Of course, you know that will be the tourist rate and I figured this would be something like a 500 pound difference. Also:

they have nevered heard of the term "wholesale rate". I told them about the posts on this site and that people do this all the time and it was like I was talking a foreign language.

Please help! Anyone suggest a bank that knows how to do this, and will deal with a non-customer? We have Bank of America, BB & T, First Citizens, Southern Bank & Trust.

I'd go through xe.com if I knew how to do it and wasn't crapping myself that it seems so "dodgy" (I'm just not adjusted to the whole internet/money thing).

Pulaski

Thanks to the Patriot Act you are in a bit of a pickle. Most banks make it difficult to open an account and establish a long-term banking relationship. Can you imagine what they think of walk-in casual business - and the risks that they see of accepting such business? The chances of you finding a bank that'll take your cash and wire it out of the US is, to say the very least, slim.

I'd recommend going back to Wachovia and opening an account there. They offer free checking, so there is no real reason for you not to. Then you should be able to get them to convert your money, at a sensible rate, and wire it to the UK. *

Credit unions and community banks and are fine for local banking, but anything fancy and you'll quickly find them out of their depth.

* If by any chance you can't get them to convert the funds to sterling and wire them to the UK, then you should contact your bank in the UK and let them know to expect the funds, and that you'll expect the wholesale rate. .... And take a name so you can hold them to the deal!

excpomea

You could send them to me, I would be more than happy to transfere them for you

dunroving

- thanks, I hadn't even thought about opening a Wachovia account. I'll also email Barclays and see if they will commit to using the wholesale rate.

- I looked further into xe.com today. Looks so simple, but..... I just feel like I'm taking my life in my hands (or at least the past 3 years of working hard and saving). They're off in Canada, no building to walk into, no person to talk face to face with.

- exchange rate backed off a little today. Feel like now's the time to get off my arse and send... can't see the dollar going anywhere but down in the forseeable future.

dunroving

I don't care what others say about you, you are so thoughtful.....



p.s. You are close to one of my favorite places - St George Island - ever get down there?

excpomea

LOL I do try to be helpfull

Yes I know St George Very well, we have a small place down there that we use in the summer.

Englishmum

You might be able to pick up some info here:

http://www.international-money-trans...er-guide.info/

(It does mention xe.com).

I have seen previous posts here where expats have used xe.com and been very satisfied. I think you need to send them a fax first to register. Perhaps you could send say, $100 to them to transfer to your UK account and see how it goes. If it works without a hiccup, then you can decide whether or not to send a larger amount.

For a smaller amount I guess you could use Western Union but they will probably offer a poor exchange rate - as if it isn't already bad enough with the dollar being so weak compared to the pound!