Transfering money between US/UK

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Apr 11th 2016, 3:17 am

#16

Bermudashorts

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Joined: Feb 2009

Location: UK

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Re: Transfering money between US/UK

Quote:

Originally Posted by MidAtlantic

Easiest? Somewhere like Transferwise is just as easy and, in many instances, easier than a bank.

Safest? I do not know any reason why a bank should be considered safer than one of the fx exchanges.

Easiest because the relationship with bank already exists and there is always a process to go through when setting up a new account with a financial services provider. I don't particularly think the bank is safer than the broker either. I was merely using the same expression as the person asking the question.

However you did only quote half my reply there. If you read my reply in its full context, I thought it was pretty clear that I was making the point that "safest and easiest" are not the criteria most people are using. Indeed because it is pretty safe and easy with most of the service providers.

Apr 11th 2016, 6:08 am

#17

mrken30

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Joined: Jul 2008

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Re: Transfering money between US/UK

Quote:

Originally Posted by southerners

Just to add my experience transferring between UK-USA. Transfer wise is really wonderful and I recommend it wholeheartedly. I find that the exchange rate always matches the Google rate, and the fee is really minimal. It costs a few £'s in losses, whereas HSBC always offered me a horrible rate and a high fee. Between UK-USA Transferwise usually takes 24hrs, in my past experiences.

This is good to know, what is the longest Transferwise has taken? The quickest I have found it through my bank which takes seconds to transfer from US to UK and vice versa. Some of my other transfers have taken best part of 3-4 business days.