mayhemuk

I am considering setting up XE or similar to make this more straight forward.

Can anyone tell me though how transactions appear on your statements?
How does it identify itself on the UK bank Statement and the US Statement.

Reason is I had some money moved by 'wire' earlier this year (via a friend) and now the mortgage company is quibbling about source of funds.
I'm wondering if XE would have left me in any better position?

Cheers

Ray

AUTOMATED CREDIT CUSTOM HOUSE LTD FOREX

on the US account

Longy

You would probably still have the same issue if we are talking about a lot of money. I believe it is something the mortgage companies have to do to make sure the funds are not from illegal activity.

When I sold my house in the UK and bought here, I just got a statement from the solicitor, printed out my UK statement with the funds being deposited by the solicitor and then the transfered out and then showed the US statement with the funds being deposited a few days later.

lapin_windstar

It sounds like this might have been your problem. Anti-fraud/ML guidelines mean that it looks funny when a company deals with one person but then gets paid by another. If you pay them (and not your friend), I would doubt they would ask.

mayhemuk

The mortgage underwriter did have an issue with this but we had paper trail and it was quite clear what had happened.
I didn't have XE or similar and current UK banking regs mean you have to be present to sign an international wire. Hence transfer of money to a friend and forwarding. Nothing complicated.
They relented in the end once they listened to what I was telling them. They showed a startling lack of knowledge of basic banking transactions which was a big issue. And some of the suggestions to overcome this particular hurdle to their satisfaction were frankly bizzare if not downright stupid (IE. pull your money from escrow and have M in law gift it to you!!!)

Anyway we're progressing now and hope to close properly on Friday :-)

jon06

We use Hi Fx for transfers; lenders asked for no source of funds proof at all.

bromleygirl

I just took a quick look and compared xe.com, forex and hi fx and hi fx had the best rate GBP - USD. I'm looking to transfer my funds before the rate dips anymore - it's looking as though the USD is gaining in strength at the same time the GBP is taking a hit due to the housing market and it appears that the the rate will continue to drop quite substantially.

Can anyone tell me what their experience has been of Hi Fx or any of the others before I make my transfer tomorrow or is it better just to go through my bank for peace of mind but then receive a lower rate??

Any advice would be great and much appreciated.

Bob

XE is popular and generally gets good value for money, plenty here use it.

HiFx tends to be better on large sums as they don't do small sums for free at least.

forex, not many here use them I don't think.

There's also xoom https://www.xoom.com

I've not used them, but seen them advertising a lot in the local area and seem popular here, but there's a large Brazilian population.

bromleygirl

Thanks Bob,

Your advice has really helped. Hopefully I can go ahead and make the transfer today before the rate dips anymore

Foamy

I don't have an answer, but I have a related question that maybe some one here can answer.
I have worked in the USA for 20years and am a US citizen, I am taking early retirement at the end of 2008.
In the UK I have mutual fund / pensions with SUNLIFE insurance from old UK company pensions that I transferred into these mutual fund pensions.
Starting Jan 1 2009 they will be issuing me monthly pension payments in GB pounds, does anyone know how I can get these GB pound payments into my US dollar bank account. I should point out I live in a rural town and the local bank has no idea how to handle this..
To complicate things further I also will have a company pension from Holland which will be paid monthly in Euros.
I have researched this thing for months and am getting nowhere unless I am prepared to pay 20 - 30 pounds "Fees" for each transaction to the greedy, money grabbing UK banks...

dbj1000

As opposed to the lovely, generous, ever-so-professional and intelligent, not-in-the-least-bit-money-grabbing US banks?

You could start by telling the f**kwits in your rural bank that they have no place in banking if they can't work out an international transfer.

Dan725

If in doubt, get them to pay it locally (I assume you have amintained local banks accounts in the countries concerned?) and take care of it yourself via XE or similar.

cranston

100% agree with Dan (above).

XE are first class! Highly recommended.

Foamy

Yes I agree the simplest way is to have it paid locally into my UK LlyodsTSB account and then use XE type agent to move in US Dollars to my account in the USA.
BUT, if I understand the XE type of system correctly, Lloyds still change 20 Pounds for each transfer activity. That's OK once in a while, but every month on my meager pension - that's a significant amount of money.

Ray

Then just do a transfer quarterly ....