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Funds Transfer

Funds Transfer

Old Jul 15th 2013, 8:58 pm
  #1  
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Red face Funds Transfer

OK - I know, I know - its another query probably previously answered but I am a little confused.

I have a UK current account - NatWest
I have a US checking account x 2
I want to transfer around £20,000/$30,000 to the US.
I am (currently) a UKC.

The folks at Natwest have, on the transfers page of their on-line banking a means to set-up international transfers. So far so good. I guess this would go via a SWIFT transaction this way.

However, from researchin around it looks like the sending and receiving charges could be a bit.

Essentially, whats the most efficient in terms of speed, cost and administrative hassle of sending the $30k.
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Old Jul 15th 2013, 9:09 pm
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Default Re: Funds Transfer

Originally Posted by freerskier View Post
OK - I know, I know - its another query probably previously answered but I am a little confused.

I have a UK current account - NatWest
I have a US checking account x 2
I want to transfer around £20,000/$30,000 to the US.
I am (currently) a UKC.

The folks at Natwest have, on the transfers page of their on-line banking a means to set-up international transfers. So far so good. I guess this would go via a SWIFT transaction this way.

However, from researchin around it looks like the sending and receiving charges could be a bit.

Essentially, whats the most efficient in terms of speed, cost and administrative hassle of sending the $30k.
I've used XE.com for years as have many other here. There are other services you could look at but they're all very similar. Very easy to setup and use and so far I've only been charged at the US end because I did something wrong but you'll need to check with each bank as to what any costs might be.
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Old Jul 15th 2013, 9:24 pm
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Default Re: Funds Transfer

The biggest expense you face is the sh!tty FX rates that big banks give on exchange rates, compared to on-line remitters such as xe.com. You could easily lose 4-5% or more, or over £1,000 on a £30k transfer!

BTW "SWIFT" is a fancy secure telex service used almost exclusively by banks, so while your transfer may be communicated by SWIFT the funds are no more transmitted by SWIFT than they could be by fax or phone.

Last edited by Pulaski; Jul 15th 2013 at 9:39 pm.
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Old Jul 15th 2013, 9:37 pm
  #4  
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Default Re: Funds Transfer

Thanks folks - I'll take a shufty at xe. I sue them for other stuff already.
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Old Jul 16th 2013, 3:28 pm
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Default Re: Funds Transfer

If you're suing them, they might not like you much
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Old Jul 16th 2013, 7:20 pm
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Default Re: Funds Transfer

ytpo?
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Old Jul 16th 2013, 8:30 pm
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Default Re: Funds Transfer

So, a bit of a late night tpyo. Definilee knot siouxing them.
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