Moving Money from UK to US
Jun 13th 2010, 11:03 pm
#1
Just Joined
Thread Starter
Joined: Apr 2008
Posts: 7
Moving Money from UK to US
I looked into this several years ago, but wonder whether given the increase in Internet banking and more global nature of banking, whether the answer is the same.
I wish to move money from an account in England to the US. The options I see are:
1) Work through my bank in the UK, which now has branches in the US. This may mean opening an account in the US and transferring from my UK account to the US acount.
2) Transfer directly from the UK bank to my US bank (Different banks)
3) Work through XE Trade or Forex
Are their other options?
Can someone summarize what the best approach is? What is the cheapest way in terms of bank fees etc? Any pros or cons of the different approaches?
Paul
I wish to move money from an account in England to the US. The options I see are:
1) Work through my bank in the UK, which now has branches in the US. This may mean opening an account in the US and transferring from my UK account to the US acount.
2) Transfer directly from the UK bank to my US bank (Different banks)
3) Work through XE Trade or Forex
Are their other options?
Can someone summarize what the best approach is? What is the cheapest way in terms of bank fees etc? Any pros or cons of the different approaches?
Paul
Jun 14th 2010, 4:30 pm
#2
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: Moving Money from UK to US
yeah, there are other options, but XE.com and ukforex are your best bets.
Jun 16th 2010, 12:23 am
#3
Just Joined
Joined: Jun 2010
Location: Chicago
Posts: 16
Re: Moving Money from UK to US
You can open a jersey or Isle of Man bank account. You can then convert your funds I believe free of charge into US dollars. You could then apply for a visa credit card or a visa debit card in the UK which you can use in the USA anywhere with no problems at all and when you get your monthly bill you pay it from your jersey or Isle of Man bank account.
That way you will only bring money into USA as and when you need it
The money residing in your jersey or Isle of Man bank account would not be liable for British taxes but if you become an American resident the interest earned in an account may well be liable for American taxes.
That way you will only bring money into USA as and when you need it
The money residing in your jersey or Isle of Man bank account would not be liable for British taxes but if you become an American resident the interest earned in an account may well be liable for American taxes.
Jun 20th 2010, 8:09 am
#5
Forum Regular
Joined: Mar 2010
Location: 94591, CA
Posts: 31
Re: Moving Money from UK to US
XE.com is the option I went for....
Reason being is I can move any amount providing it doesn't exceed the cap given to my XE account and they charge a flat fee of £12.50 per transaction regardless of amount. Actually bought a transaction today at $1.46 - £1.
Another option is you can use your UK Visa Debit card in the US bank and ask the teller to charge your UK card to your US chequing account, but the rates from (at least from Wells Fargo) the banks are really low.
Reason being is I can move any amount providing it doesn't exceed the cap given to my XE account and they charge a flat fee of £12.50 per transaction regardless of amount. Actually bought a transaction today at $1.46 - £1.
Another option is you can use your UK Visa Debit card in the US bank and ask the teller to charge your UK card to your US chequing account, but the rates from (at least from Wells Fargo) the banks are really low.
Jun 20th 2010, 10:43 am
#6
Septic Sprout
Joined: Aug 2004
Location: Shanghai
Posts: 7,993
Re: Moving Money from UK to US
You can open a jersey or Isle of Man bank account. You can then convert your funds I believe free of charge into US dollars. You could then apply for a visa credit card or a visa debit card in the UK which you can use in the USA anywhere with no problems at all and when you get your monthly bill you pay it from your jersey or Isle of Man bank account.
That way you will only bring money into USA as and when you need it
The money residing in your jersey or Isle of Man bank account would not be liable for British taxes but if you become an American resident the interest earned in an account may well be liable for American taxes.
That way you will only bring money into USA as and when you need it
The money residing in your jersey or Isle of Man bank account would not be liable for British taxes but if you become an American resident the interest earned in an account may well be liable for American taxes.
OP - My vote is with XE too - I've used them loads and got good deals.
Jun 23rd 2010, 12:45 pm
#7
Just Joined
Joined: Jun 2010
Location: Medway MA
Posts: 6
Re: Moving Money from UK to US
I use HIFX.com or now currencyonline.com to move funds. Straightforward.
Recently I've used Xoom.com to move funds from US to UK. That's really quick and cheap. They usually take an extra cent on USD to GBP transfers though.
Recently I've used Xoom.com to move funds from US to UK. That's really quick and cheap. They usually take an extra cent on USD to GBP transfers though.
Jun 23rd 2010, 8:06 pm
#8
Forum Regular
Joined: Aug 2009
Posts: 123
Re: Moving Money from UK to US
I am a long-term HSBC client and their service was excellent; US accounts opened in the UK, no charges and I can view all accounts on one screen and move funds between them.
