MancLondonLA

Hi,

Can anyone give any tips / advice on moving money over to the US and what the best method is?

My UK bank will charge quite an expensive fee for an online international transfer, and I don't think it's sensible to take the £000's cash out and convert it to dollars to take on the plane and deposit in my new account when I arrive in America... There's got to be an app for that surely?!

Also, any particular banks best to open a current account with in California/Santa Monica? Is it true that you can only withdraw from your own bank's cash machines in the US?

Thanks!

BunnyGirl

Search this forum, there are so many threads about this!

yukichon

I have used Halo Financial for over 6 years now and they are fantastic

Hotscot

Is there a problem taking the cash with you? Just wondering if that would be the least expensive thing to do.
Wells Fargo is a good bank in Ca
Don't know about accessing uk cash though

robin1234

No, not true. Maybe that was more prevalent decades ago, but my experience (I bank at a small town S&L that has just four branches) is that I can withdraw money free of charge from any ATM in compatible networks, and for a small fee from all other ATMs. This would include any ATM in the UK or Europe, in my experience.

MancLondonLA

Thanks all, I have seen Halo, Xoom and TorFX all recommended but I don't really intend to do lots of transfers more of a one off to send all my savings to my US account.

I don't know the rules on carrying cash on a flight I don't want any unnecessary stops in customs!

Bob

If it's a chunk of cash, it's worth using one of those currency services. If it's a smaller amount, then xoom.

Cash, there's no problem with doing that, except the hassle of customs and doing the anti money laundering guff that banks automatically do for you with sums over $10K...plus if you get mugged or lose it you're boned if you do cash.

Then you'll have the issue of getting a crap exchange rate at the bank when you go to cash it in.

MidAtlantic

You can still use these for a one-off payment. I exchanged GBP for USD with TorFX on Monday and the cash was in my US account on Wednesday. I also got an excellent exchange rate.

lansbury

If the rules haven't changed since I worked at Heathrow. Leaving the UK with £5,000 or more, you need to declare it to Customs at the departure airport. They well may question you about the source of the money and if tax has been paid on it.

Entering the US $10,000 or more has to be declared to US Customs.

Much better to use a currency broker and have the money sent to your US bank. Better exchange rate for one thing.

januarymix

For small sums, cash is not a problem. For larger ones, the rate impact makes the forex houses worth the effort.