Dougster75

This isn't rocket science but just a quick share as I've been using XE.com for several years to send relatively small amounts (less than $1k) monthly back to UK for misc. bills and hadn't really looked around:

• XE.com were charging $22 per transfer (which takes several days).
• Xoom.com charge $4.99 per transfer (took about 30 minutes).

I got quotes on both this week to compare. The exchange rate was a tiny bit better for XE but for a small transfer, the $22 fee made the difference. For my transaction:

• Xoom was better up until $2,100 was being exchanged into GBP.
• XE was better thereafter as the better exchange rate caught up with the transaction fee.

It doesn't save much but it'll pay for a few pints and it's much quicker with Xoom. Large transactions still good for XE.

Bob

Looks like you're doing it wrong.

As long as it's not done as a wire, there isn't a fee.

Dougster75

Crap - you're right. I'll get my coat...

Pulaski

Agreed. I never understood why xe.com offers a wire option when ACH is available? I am sure a lot of people get it wrong.

Bob

Because most people probably haven't heard of ACH, but every one has heard of doing a wire, would be my guess....so it's easy money for them.

Pulaski

Except they're likely giving most, if not all, of the $22 to their bank to send the wire.

Westham

Transfer of money fro UK to USA: ??? Whats the Cheapest way to go?
I recently transferred GB pound from bank accounts in the UK online (not a wire transfer)
I had two transfers, both set up for online payments from Mine and the other from my wife's bank accounts: the money was converted in US $'s at Lloyds and transferred online to our BofA accounts here in California

The fees came down to this my transfer 10 GB pounds from Lloyds for my transfer (under 5k GBP) and 17.50 GBP for my wife's transfer (over 5k GBP)
When the money which took 2 days arrived my BoA account charge $16 and the same for my wife, the BoA statement said incomming wire transfer fee? on top of that we received statements from BoA that $35 was deducted from my total and $40 from my wife's. After speaking with an manger of the BoA exchange dept. she said the amount was taken out before it arrived, must be by a 3rd party bank, I argued that there was no 3rd party bank involved and as she could not name the 3rd party bank and this was not a transfer the fee was incorrect, Lloyds bank also confirmed there were no 3rd party bank involved.
Has anyone else come across this problem??
I just thinking that this may happen again and again when I transfer my UK pension when I start receiving it later this year. If I have it paid into my BofA account here what will the charges be then I wonder??
Does anyone else have a better solution?

Bob

Didn't you read the first couple of posts?

lansbury

Yes.

I log into my account with World First and book a currency exchange selling pounds and buying dollars.

I then log into my Natwest account and transfer the required amount in pounds to World First's account at Barclays.

When World First receive my payment they send the dollars to my account at a Credit Union on the day I asked them to send the money. World First do not offer ACH payment, at least I can't find the option, and send it as a wire transfer.

Total cost to me for the whole transfer is $8 charged by my credit union for an incoming wire transfer. World First offer a much better exchange rate then Natwest. Their exchange rate improves for amounts over £10k. I use World First to bring over my UK pensions becasue they are licensed to trade in Oregon. There are other currency brokers you just need to find one that you like who can trade to your State.

AZ_Alba

I have used TorFX to do a couple of wire transfers and though they say there is no fee on their end in the two transfer I did using different receiving banks there was a $20 fee that neither TorFX or the receiving banks could explain. They both pointed to the other party in the wire transfer.

Westham

Yes, I got the same run around, both Lloyds and BofA both denied it was them, both pointed to each other saying they had no knowledge of who the third bank was and who got the fee, my deep down gut feeling is that it is BofA but then I could be wrong.

Westham

Thanks, I will look into this, you mention that World First are licensed in Oregon do you know if they are also licensed in California? Could you explain what ACH is?

Also does anyone have their British pension sent in US$'s to their bank in the USA? If so what charges are involved?

Any information appreciated.

cranston

http://en.wikipedia.org/wiki/Automated_Clearing_House

Pulaski

It is likely an intermediary bank that takes a fee. It is quite possible that Lloyds and BoA do not have correspondent accounts with each other, so the wire would have to pass through an intermediary, perhaps JPMorgan, Citi, Wells Fargo, or Bank of New York (being the largest US$ correspondent banks), and they would take a fee out of the wire.
See above, same explanation.

Bink

I have a Lloyds account and frequently transfer money both to/from the UK using xe.com.

UK to US is WAY quicker than US to UK. Transfers from the UK are frequently in my US account the next day. This is mainly due to the fact that wires from my Lloyds account are free and free to the xe.com account (which is also in the UK). I pay no wire fees and get the exchange rate I lock in when I place the transaction. Just don't choose the wire option for the US end.