Moving money between UK and US..cheaply
Sep 14th 2003, 4:06 pm
#1
Just Joined
Thread Starter
Joined: Sep 2003
Posts: 7
Moving money between UK and US..cheaply
Hi Guys,
Thought I'd re-post this subject as it was getting buried......
For those asking, and new Expats (like me), I have found what appears to be a cheap way of transferring money between UK/US.
I am starting a new job in Ft.Lauderdale in November, but will be paid in UK, so I need an efficient and cheap way of moving money.
I opened an account with Citibank here in the UK last week - they offer both £ and US$ current accounts (and Euro if you want). You get Debit cards and cheque books for both accounts, and there's no charges so long as you maintain a minimum of £2000 total across your accounts.
Transferring money between accounts is free of charge...you get the exchange rate prevailing on the day. They offer full telephone and internet banking services too.
You can write US$ cheques in the US, which are cleared through Citibank in NY, and there's no charge per cheque, unlike some US bank accounts.
When I get to Florida I will open an account with the US Citbank and there are no charges for transferring US$ from the UK account to the US one. Citibank US charge a fee for moving money back, but if you can wait for the delay in clearing a cheque, you can send a US$ cheque to London to pay in to your Citibank UK US$ account and there's no charge!! Got that!!!
Citibank UK also offer a US$ credit card which you can pay from your UK US$ account.
All in all it seems pretty good, and the service I received was excellent. I think you have to open the account in person as there are strict checks nowadays due to money laundering issues.
Citibank have several branches in London...check out their website for more info: www.citibank.co.uk
Hope this helps.
5 weeks and counting til I bailout of the UK....can't wait, this place is getting worse!!!!
Sean
Thought I'd re-post this subject as it was getting buried......
For those asking, and new Expats (like me), I have found what appears to be a cheap way of transferring money between UK/US.
I am starting a new job in Ft.Lauderdale in November, but will be paid in UK, so I need an efficient and cheap way of moving money.
I opened an account with Citibank here in the UK last week - they offer both £ and US$ current accounts (and Euro if you want). You get Debit cards and cheque books for both accounts, and there's no charges so long as you maintain a minimum of £2000 total across your accounts.
Transferring money between accounts is free of charge...you get the exchange rate prevailing on the day. They offer full telephone and internet banking services too.
You can write US$ cheques in the US, which are cleared through Citibank in NY, and there's no charge per cheque, unlike some US bank accounts.
When I get to Florida I will open an account with the US Citbank and there are no charges for transferring US$ from the UK account to the US one. Citibank US charge a fee for moving money back, but if you can wait for the delay in clearing a cheque, you can send a US$ cheque to London to pay in to your Citibank UK US$ account and there's no charge!! Got that!!!
Citibank UK also offer a US$ credit card which you can pay from your UK US$ account.
All in all it seems pretty good, and the service I received was excellent. I think you have to open the account in person as there are strict checks nowadays due to money laundering issues.
Citibank have several branches in London...check out their website for more info: www.citibank.co.uk
Hope this helps.
5 weeks and counting til I bailout of the UK....can't wait, this place is getting worse!!!!
Sean
Sep 14th 2003, 10:11 pm
#2
Wabbit Lord
Joined: Apr 2003
Location: B'ham UK - Daytona Fl - Longs, SC
Posts: 486
Sounds interesting
Anyone else tried them?
Would money in a UK citybank account help ones credit rating in the US?
Anyone else tried them?
Would money in a UK citybank account help ones credit rating in the US?
Sep 16th 2003, 7:52 pm
#3
Just Joined
Joined: Sep 2003
Location: Northern Virginia
Posts: 8
Re: Moving money between UK and US..cheaply
Also, another good way of doing one off transfers is by using www.onlinefx.co.uk They offer fantastic rates (best I have ever seen). For small amounts the transfer fee is 10 pounds, but for sums over about 5000 pounds (I think) It is free. I have used them and they are excellent.
Good luck on the job move!
Good luck on the job move!
Sep 20th 2003, 5:17 am
#4
Forum Regular
Joined: Jun 2003
Location: was London, now Los Angeles
Posts: 100
I have the same set-up of Citibank accounts (plus a sterling e-saver account) and have been in LA a week. So far it's worked pretty well. Have managed to withdraw cash from ATMs and used the cheques to pay my rent. Moving money around via the net is pretty easy too and the rate of exchange seems very competitive. I hhave ad to make two major US dollar payments for cars and this has worked well too via wire transfer.
I have a few minor quibbles. Their phone service is UK based which means if you need to call them (as I have a few times this week), it's a international call. Also, I have not had any success using the debit card function of the cards they have sent me, but am hoping this will sort out.
Having said that, their phone staff are excellent and it has worked pretty well. Would recommend.
Don't think it'll have any bearing on your US credit rating though.
I have a few minor quibbles. Their phone service is UK based which means if you need to call them (as I have a few times this week), it's a international call. Also, I have not had any success using the debit card function of the cards they have sent me, but am hoping this will sort out.
Having said that, their phone staff are excellent and it has worked pretty well. Would recommend.
Don't think it'll have any bearing on your US credit rating though.
Sep 20th 2003, 1:23 pm
#5
Just Joined
Thread Starter
Joined: Sep 2003
Posts: 7
Thanks for the feedback.
Cheque books and cards arrived a few days after opening accunts - so far the service has been excellent.
Will post more comments once I am using the account.
5 weeks to go!
Sean
Cheque books and cards arrived a few days after opening accunts - so far the service has been excellent.
Will post more comments once I am using the account.
5 weeks to go!
Sean
Sep 20th 2003, 4:00 pm
#6
Forum Regular
Joined: Sep 2003
Posts: 113
Re: Moving money between UK and US..cheaply
I have £3000 to take to America and was thinking about transferring it into US$ travellers cheques and then paying into an American bank account.
However, I can't understand why the exchange rate on the various internet sites is so different from the rate that American express are offering me.
However, I can't understand why the exchange rate on the various internet sites is so different from the rate that American express are offering me.
Sep 20th 2003, 4:32 pm
#7
Pagan Sex God
Joined: May 2002
Location: Living in Oblivion
Posts: 3,668
Re: Moving money between UK and US..cheaply
Because when you buy travellers cheques or cash you pay the tourist rate. If you transfered your money with a bank you would get a bank rate, the difference on £3000 is a couple of hundred dollars. It would be in your best interest to go via a bank and avoid the tourist rates
Patrick
Patrick
Originally posted by smiler125
I have £3000 to take to America and was thinking about transferring it into US$ travellers cheques and then paying into an American bank account.
However, I can't understand why the exchange rate on the various internet sites is so different from the rate that American express are offering me.
I have £3000 to take to America and was thinking about transferring it into US$ travellers cheques and then paying into an American bank account.
However, I can't understand why the exchange rate on the various internet sites is so different from the rate that American express are offering me.
Sep 20th 2003, 4:33 pm
#8
Forum Regular
Joined: Jun 2003
Location: was London, now Los Angeles
Posts: 100
On taking money, it really depends when you are going and how soon you need the money.
We have relocated to LA, so we opened the Citibank account about 3-4 weeks before we arrived. We put our money into the sterling account and then have used the internet to transfer it to our dollar account whenever we need it. Also used the Citibank ATMs to take out cash (at least 500 dollars a day).
I don't know if you are relocating here or coming over for a few months. If you change it all into US dollar traveller's cheques, you could just keep them all like that and cash them/write them out as and when you need them - most stores and services like them as they are backed by american express.
Hope that helps.
We have relocated to LA, so we opened the Citibank account about 3-4 weeks before we arrived. We put our money into the sterling account and then have used the internet to transfer it to our dollar account whenever we need it. Also used the Citibank ATMs to take out cash (at least 500 dollars a day).
I don't know if you are relocating here or coming over for a few months. If you change it all into US dollar traveller's cheques, you could just keep them all like that and cash them/write them out as and when you need them - most stores and services like them as they are backed by american express.
Hope that helps.
