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Money transfers

Old Jul 18th 2005, 2:40 am
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Default Money transfers

Hello,
I am currently withdrawing funds from my bank in the UK at local ATMS. But, they are charging me $60 per transaction of $500. I have just opened an account with Bank of America-is there a cheaper way of getting cash from my account in the UK? Someone mentioned 'Wire transfers' does anyone have any information on them?

Last edited by CKM8; Jul 18th 2005 at 2:42 am. Reason: more information
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Old Jul 18th 2005, 3:20 am
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Default Re: Money transfers

Originally Posted by CKM8
Hello,
I am currently withdrawing funds from my bank in the UK at local ATMS. But, they are charging me $60 per transaction of $500. I have just opened an account with Bank of America-is there a cheaper way of getting cash from my account in the UK? Someone mentioned 'Wire transfers' does anyone have any information on them?
What bank in the UK so you use? If they have internet banking you should be able to transfer it that way. Alternatively use a UK credit card and pay it off using the UK bank account. We do that occaisionally and it means we get the exchange rate on purchases. Nice.
 
Old Jul 18th 2005, 3:23 am
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Default Re: Money transfers

Originally Posted by CKM8
Hello,
I am currently withdrawing funds from my bank in the UK at local ATMS. But, they are charging me $60 per transaction of $500. I have just opened an account with Bank of America-is there a cheaper way of getting cash from my account in the UK? Someone mentioned 'Wire transfers' does anyone have any information on them?

that sounds very high
i use wells fargo and its $2 or $5 to get your daily limit usually $500
last time i did it was oct2004 unless things have changed
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Old Jul 18th 2005, 3:27 am
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Default Re: Money transfers

Originally Posted by CKM8
Hello,
I am currently withdrawing funds from my bank in the UK at local ATMS. But, they are charging me $60 per transaction of $500. I have just opened an account with Bank of America-is there a cheaper way of getting cash from my account in the UK? Someone mentioned 'Wire transfers' does anyone have any information on them?
Do you happen to have a Barclays Bank account? If so, you're in luck. Barclays customers can make ATM withrdrawals from BoA ATMS without any additional fee.



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Old Jul 18th 2005, 3:34 am
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Default Re: Money transfers

Originally Posted by CKM8
$60 per transaction of $500.
:scared: Holy crap! At least start using a different ATM!
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Old Jul 18th 2005, 3:38 am
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Default Re: Money transfers

Originally Posted by CKM8
Hello,
I am currently withdrawing funds from my bank in the UK at local ATMS. But, they are charging me $60 per transaction of $500. I have just opened an account with Bank of America-is there a cheaper way of getting cash from my account in the UK? Someone mentioned 'Wire transfers' does anyone have any information on them?


OK just called wells fargo fee is $5 per transaction
i went to Bof A website but it didnt say but should be similar
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Old Jul 18th 2005, 3:39 am
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Default Re: Money transfers

Originally Posted by garfro
that sounds very high
i use wells fargo and its $2 or $5 to get your daily limit usually $500
last time i did it was oct2004 unless things have changed
G
Did seem a tad high to me. Ripoff springs to mind.
 
Old Jul 18th 2005, 4:24 am
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Default Re: Money transfers

Might be helpful if we knew which UK bank. For example, Barclays has an agreement with BoA whereby withdrawals from BoA ATMs are very cheap.
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Old Jul 18th 2005, 8:30 am
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Default Re: Money transfers

Originally Posted by CKM8
Hello,
I am currently withdrawing funds from my bank in the UK at local ATMS. But, they are charging me $60 per transaction of $500. I have just opened an account with Bank of America-is there a cheaper way of getting cash from my account in the UK? Someone mentioned 'Wire transfers' does anyone have any information on them?

go to www.xe.com and open an xetrade account

no transaction fees of any kind, a great rate and funds are normally in the US bank account in 4 days

I use the service fairly often for three years with no issues and other posters have had no problems
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Old Jul 18th 2005, 2:10 pm
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Default Re: Money transfers

buy a shed load of travellers cheques from the UK and pay them into your new account? Might be alogistical problem with you being over here though...
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Old Jul 18th 2005, 2:42 pm
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Default Re: Money transfers

Originally Posted by CKM8
Hello,
I am currently withdrawing funds from my bank in the UK at local ATMS. But, they are charging me $60 per transaction of $500. I have just opened an account with Bank of America-is there a cheaper way of getting cash from my account in the UK? Someone mentioned 'Wire transfers' does anyone have any information on them?

Like somebody else said - open an XE.com account.

My ancient UK building society doesn't have electronic transfers to the US and needs to have my BS book to make a transaction. I still manage to get a transfer in 3 days for less than $60 despite using UPS Express.
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Old Jul 18th 2005, 2:49 pm
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Default Re: Money transfers

Originally Posted by CKM8
Hello,
I am currently withdrawing funds from my bank in the UK at local ATMS. But, they are charging me $60 per transaction of $500. I have just opened an account with Bank of America-is there a cheaper way of getting cash from my account in the UK? Someone mentioned 'Wire transfers' does anyone have any information on them?

Until earlier this year I was doing the same thing - using ATM to get funds from my UK bank account, but the most I ever had to pay was around $2.75 to get $300. Even at the little ATM in the local supermarket it was only a few cents more.

Your $60 fee sounds more like the bank transfer fee I paid when I transferred money to buy the house here. I think that is what is known as "wire transfer". I sent the bank a request using fax, after having arranged for "fax indemnity" and obtaining all the information I'd need before I left the UK. The fee was somewhere between 25 and 30 pounds I think.

If you need to make a bank transfer I'd telephone your UK bank and ask for advice.
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Old Jul 18th 2005, 2:57 pm
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Default Re: Money transfers

Originally Posted by Dimsie
Until earlier this year I was doing the same thing - using ATM to get funds from my UK bank account, but the most I ever had to pay was around $2.75 to get $300. Even at the little ATM in the local supermarket it was only a few cents more.

Your $60 fee sounds more like the bank transfer fee I paid when I transferred money to buy the house here. I think that is what is known as "wire transfer". I sent the bank a request using fax, after having arranged for "fax indemnity" and obtaining all the information I'd need before I left the UK. The fee was somewhere between 25 and 30 pounds I think.

If you need to make a bank transfer I'd telephone your UK bank and ask for advice.

I would take care what you tell you UK bank about your move to the States - they may make you close your UK account, or call in any credit cards, loans or mortgages you may have with them
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Old Jul 18th 2005, 5:10 pm
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Default Re: Money transfers

Originally Posted by ImHere
What bank in the UK so you use? If they have internet banking you should be able to transfer it that way. Alternatively use a UK credit card and pay it off using the UK bank account. We do that occaisionally and it means we get the exchange rate on purchases. Nice.
Barclays Bank..am in the process of setting up my internet banking as we speak. Thanks for the advice.
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Old Jul 18th 2005, 5:12 pm
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Default Re: Money transfers

Originally Posted by CKM8
Barclays Bank..
Read here: http://www.personal.barclays.co.uk/B..._self&site=pfs
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