at0001

Hi,

I'm moving to San Diego in about 10days from the UK on an H1-B visa. I need to move about £25K to the US so I can buy a car for me and the wife etc on wondered if anyone had any good advice on how to do this and also how to get a reasonable exchange rate.

My bank (Lloyds TSB) say I can't set up a wire transaction over the phone and have to do it in person at the branch, but I won't know the destination account number until I get to the US and get a account sorted out there. So thats a non-starter.

I could move the money to my parents account in th UK and get them to wire me the money once I have a US account, but the exchange rate offered by TSB is only the tourist rate(approx $1.54).

Any suggestions, I guess I should have got a Citibank sterling and US dollar accounts a while back, I guess its too late now with less than a fortnight to go.

Any advice appreciated as I think I am about to lose a ton of money in commision at this rate.

Andy

kazzuk

If you have time to open an account with the co-op bank, they have a good international department. You simply call them at the time that you wish to do the transfer, tell them the details and confirm by fax. I check constantly on www.oanda.com for the current exchange rates. The Co-op give me 0.006 below the actual rate, so today the rate is $1.596, I would get $1.59. You will need to give them all of your banking details in the US including a routing number (make sure you get this from your US bank).

They charge £35.00 for the transfer and £4.00 agents fee. The US bank charge me $15.00 for the incoming transfer.

Unfortunately the rate has dropped lately. I don't know what conditions dictate the rate - if anyone else does, please enlighten me.

Pulaski

For as much as you have to transfer you need to ask them specifically for the "wholesale" or "market" rate - which means they have to phone up one of their in-house currency dealers. High-street banks are bad about telling their customers about this for larger transfers! .... In fact it is such a relative rarity (that people need to convert substantial sums into other currencies) that if the counter clerk you speak to can't help (doesn't know what you are asking for), ask to speak to the manager.

The wholesale rate should get you within 1-2 cents of the headline "mid rate" usually quoted in the financial news.

BrigieDarling

A lot of credit cards and finance companies are offering 0% at the moment... Maybe you could finance the car here and pay it from your brit account. (or some kind of international master card etc...)

It would give you fantastic credit score to begin your new life over here with too!

JerseyBoy

Citibank do an international account where you can pay in in sterling and take out in dollars, no transaction charges. I've used it since I've been here. They give you a visa card which says debit, but actually works as a credit card over here (that confused me at first), and you also get a cheque (check) book.

You can also get a sterling account alongside it, so you can transfer money on days when the conversion rate is favorable.

Hope this helps.

cathy22w

If you had a Paypal account with your British bank a/c, then could you open a new Paypal account with your US bank a/c and transfer the money to yourself that way?


Just wondering!!

Jo Brayne

I was going to suggest this! We use paypal all the time and can transfer an unlimited amount of money. You can't transfer "Quasi cash" internationally, so just choose 'services' and if anyone says anything, just say you're transferring it to pay a family member LOL.

lairdside

Yup I was going to suggest this. They also do free Global Transfer for sums of up to £10,000.

When I opened my Citibank over the internet it was verified and open within 48 hours

http://www.citibank.co.uk/uk/custome...ferfunds.jsp#1

rach7h

I used Abbey National last month and they only charged me a flat £25 fee and gave a really good rate. Since then I have spoken to someone at HSBC and they have branches in the US, maybe worth a try. The paypal idea sounds like a good one too.

www.floridacoastalestates.com

BritGuyTN

i'm all about investigating new options but as yet i haven't come across anything as good as xe.com - right now the rate is 1.77 to buy USD with no fees of any kind (not even from the us bank when you use EFT)

with xe i just use my UK online banking to send money to their bank of america account in london and it appears in my us accouns a couple of days later

i looked at the citybank option but you need to maintain something like 1000 quid in the uk account

if you're worried about trusting large sums then split the transfer up

Yosser

Nice pad!, grass needs a cut though. I'll do it for $30 front back, 10 bucks for trimming.

I can do dat like!