paulward50

Hi everyone,

I have read several posts about money transfers between the UK and US and who are the best companies to go with, but I am trying to find out if there is a limit on how much you can transfer at a time. Does it depend on the company you are using or your bank?

Any experiences would be welcome. Thank you.

chrissy52

I'd be interested in the answer to this too.

You say you've read advise about best way to transfer money - companies with best rates etc - I've searched & not found this soi would appreciate a link to these threads or for any advice.

I sent the first lots of my money through my bank - big mistake, so am going to send bulk via an agency.

I have these names so far, x-rates.com (seems to be based in Ireland)
xe.com & HiFX

Any advice anyone could add would be appreciated.

Thanks
Chrissy

Flabound oneday

i have used sterling exchange many times and they are very good. i dont believe there is a max limit , though i would bet it might raise some eyebrows if you wanted to shift the odd million

A I

At least from the US, the wire fee is fixed regardless of the amount transferred, so the more you send, the better off you are with the bank, as the fee is the same for a wire of any amount.

porvera

I currently use Currencies Direct and have also used HIFX. Both offer a good service.

Don't use your bank, unless you want to pay exorbitant fees and commissions.

As for amount, I have moved figures of up to 6 figures and am not aware of restrictions.

Porvera

ian-mstm

While a specific bank or company may have a limit... as far as the US government is concerned, there is no limit on the amount you can transfer. That said, amounts over $10,000 must be declared as part of the RICO laws on money laundering.

Ian

crg

To add to what Ian said, be aware that intentionally structuring transactions to stay under the 10k reporting limit is a against the law.

paulward50

Thank you Ian.

paulward50

Have a look at Money Corp, they are suppose to be good.

paulward50

Very helpful, thank you Ian.

mrsvic

i always used WORLDFIRST found them to offer the best rates, and if over a certain amount - cant remember if its 5k or 10k GBP there is no charge

You join up which takes minutes and thereafter the transactions are very simple, you can also hold a rate for up to year, if you think its going to drop..

chrissy52

Thanks Ian & crg
Oopsy I've already transferred much more than that & haven't so far informed any US govt agency so I'd better check with my US bank when I'm back there (in Uk at moment) to find out who I should inform.

Have bought some property with it so it's not 'hidden' money.

Contacted HiFX & they wouldnt quote me a rate, wanted all my details first which I thought unecessary to giving me a rate so I could compare.
UKForex were helpful on phone & quoted me 1.5459. xe.com are showing 1.560 & I've been advised online they are ok.

mrsvic

Worldfirst currently showing 1.562 - might not seem a lot, but if your transferring a lot of money all adds up!

cranston

Each bank or broker will set a limit for each customer. If you have the funds or limit available there is no limit. If you have £50 million pounds in your bank account - the bank will do it for you in one deal..

However, looking at the charts the old GBP is trending higher at the moment and whilst no one can predict the future a higher GBP is becoming a strong possibility.

crg

The bank is likely already reporting the transactions to the US government.