British Expats

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-   -   Money Transfer to US (https://britishexpats.com/forum/usa-57/money-transfer-us-844900/)

PJakes Oct 11th 2014 6:25 pm

Money Transfer to US
 
Does anyone know about money transfers from UK to US. I live in the US.
My UK building society will not let me open any other accounts, and I cannot open an account at another bank without a UK address.
I want to transfer my money to the US. The building society uses SWIFT and cannot tell me about the exchange rate or fees by the Agent Bank until I request the transfer.
Is SWIFT the best way to go or are there other options?
Jake

lansbury Oct 11th 2014 9:04 pm

Re: Money Transfer to US
 
Search the many previous threads on this subject for advice. Do a Google search on companies such as World First, xe.com and transferwise.com.

Basically these are currency brokers with accounts in the UK. You send the money to them, and they send $s to the US, at better rates than you get on the high street.

Pulaski Oct 13th 2014 12:09 am

Re: Money Transfer to US
 
What Lansbury said. I use xe.com. :)

DevonLady Oct 14th 2014 8:06 pm

Re: Money Transfer to US
 
Search Moneycorp.com. Fast, reliable, great exchange rates. I've used them several times

lansbury Oct 14th 2014 9:01 pm

Re: Money Transfer to US
 

Originally Posted by DevonLady (Post 11438304)
Search Moneycorp.com. Fast, reliable, great exchange rates. I've used them several times

He lives in the US. Moneycorp are one of the companies I believe who are not licensed to trade in all US States, if the peson is resident there. I had to stop using them for that reason, and also because they actually charge a transaction fee, unlike most other currency brokers, while offering similar rates.

ZeeGee Oct 15th 2014 1:32 am

Re: Money Transfer to US
 
We always use XE. They're great and you can send the money in a way that your US bank doesn't charge you a fee.

MattAus2014 Oct 15th 2014 3:38 am

Re: Money Transfer to US
 
Hi,

What U.S state are you in? Depending on licensing we may be able to help you out.

Quinna Oct 16th 2014 7:35 pm

Re: Money Transfer to US
 

Originally Posted by PJakes (Post 11435585)
Does anyone know about money transfers from UK to US. I live in the US.
My UK building society will not let me open any other accounts, and I cannot open an account at another bank without a UK address.
I want to transfer my money to the US. The building society uses SWIFT and cannot tell me about the exchange rate or fees by the Agent Bank until I request the transfer.
Is SWIFT the best way to go or are there other options?
Jake

Hi Jake,

If you are actually moving to the states, I recommend finding the ones that are registered in the state where you are moving. This will mean that you can get you money in and out with the same service.

The challenge for a money transfer company is that the have to register in each state, which requires a lot of effort on their behalf. I have researched this and there are only but a few.

Apart from this there are other factors you might like to consider: Are they phone or internet based, what are the minimums they allow and of course fees and rates.

Sounds like a lot of work, but it can save you a LOT of money. Fortunately many have offices in the UK so that can be helpful too.

Pulaski Oct 16th 2014 8:24 pm

Re: Money Transfer to US
 

Originally Posted by Quinna (Post 11440633)
Hi Jake,

If you are actually moving to the states, I recommend finding the ones that are registered in the state where you are moving. This will mean that you can get you money in and out with the same service.

The challenge for a money transfer company is that the have to register in each state, which requires a lot of effort on their behalf. I have researched this and there are only but a few.

Apart from this there are other factors you might like to consider: Are they phone or internet based, what are the minimums they allow and of course fees and rates.

Sounds like a lot of work, but it can save you a LOT of money. Fortunately many have offices in the UK so that can be helpful too.

Xe.com belongs to Western Union, so effectively registered almost anywhere you could conceivably want to move money from or to. I am not certain that xe.com is the cheapest, but they're much cheaper than the banks, and certainly competitive with the cheapest on-line brokers, plus they have a long established and trusted name behind them.


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