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Selling UK pile and buying US house

Selling UK pile and buying US house

Old Sep 16th 2004, 6:00 am
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Default Selling UK pile and buying US house

Hello,

Newbie here. We're in the process of selling our home in the UK and buying a US home instead. Our big concern at the moment is how to move the proceeds of the sale from the UK to the US without losing large chunks in bank transfer fees or dodgy currency exchange rates.

Does anyone have any experience or advice about the best way to do this?

Thanks

Tigger
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Old Sep 16th 2004, 6:18 am
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Default Re: Selling UK pile and buying US house

May be some help here
http://www.international-money-trans...er-guide.info/
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Old Sep 16th 2004, 7:08 am
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Default Re: Selling UK pile and buying US house

[QUOTE=Tigger212]Hello,

Does anyone have any experience or advice about the best way to do this?

I sold my house and put it in a Nationwide US dollar account. This money will be then transferred to our US bank account when we arrive and open it. It will take about 4 days to transfer it and will cost $30.I dont think that is much money to lose. With the current exchange rate this helps to make the most of our money and is in the currency we want it to be in. We chose this from reputation and have been very happy so far.
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Old Sep 17th 2004, 12:37 pm
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Exclamation Re: Selling UK pile and buying US house

Originally Posted by Tigger212
Hello,

Newbie here. We're in the process of selling our home in the UK and buying a US home instead. Our big concern at the moment is how to move the proceeds of the sale from the UK to the US without losing large chunks in bank transfer fees or dodgy currency exchange rates.

Does anyone have any experience or advice about the best way to do this?

Thanks

Tigger
i found the easiest/cheapest way of transfering money was to go to your bank and get them to convert your £'s into a international money order cheque in dollars, it only cost me £10 (Llyodstsb) and best of all, as its normaly a sizable amount they give you the business rate not the tourist rate which is normaly about 10 cents per pound better - doesnt sound like much but it soon adds up

Ant
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Old Sep 18th 2004, 1:33 pm
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Default Re: Selling UK pile and buying US house

Originally Posted by antjen
i found the easiest/cheapest way of transfering money was to go to your bank and get them to convert your £'s into a international money order cheque in dollars, it only cost me £10 (Llyodstsb) and best of all, as its normaly a sizable amount they give you the business rate not the tourist rate which is normaly about 10 cents per pound better - doesnt sound like much but it soon adds up

Ant
I agree, except that I'd wire it directly, the fees are only about £20 at the remitting end and about $20 to receive directly into your US bank account, which is small beer when it comes to the proceeds of selling a house.

You should remit in dollars (convert then send, as opposed to send then convert) so be sure to ask the bank clerk for the "wholesale" or "market" exchange rate. If the they don't understand ask for the supervisor/ manager as otherwise you are likely to be given the tourist excahnge rate and be 5% or more worse off.
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Old Sep 18th 2004, 3:55 pm
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Default Re: Selling UK pile and buying US house

There are many specialists:

www.xe.com

www.hifx.com

Having said that I used Nat West as the House we were buying completed sooner than I had anticipated and needed to do make sure I had it in time.

Probably lost 500, but needs must.

Nat West did not charge and transferred the money in 36 hours, my US BAnk charged for receiving it!

With this sum of money I would concentrate more on the rate than the charges, that is where they make the money.

I would be looking for 1.78, or as near as I could.
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