Transfering Money from UK to US
#1
Forum Regular
Thread Starter
Joined: Mar 2012
Posts: 78
Transfering Money from UK to US
Discussed this before but just checking with those more knowledgeable on the best methods to achieve this.
UK/US dollar rate a lot better than 1.22-1.25 the last time I was discussing this. Anyway have a substantial amount to transfer from UK to US. I bank with HSBC in the UK that only allow 50K per day. Have Transferwise set up and ready to go and might be able to get a rate of 0.3% with them if I use their service and have mentioned that I could move 50K every week or every 3 days for a few months or so. Their normal fees are 0.5% and I know a few of you here have used them and found it went well.
On the other hand I could transfer a larger sum over to HSBC in the US(they only have a few branches here and as long as I keep a minimum amount in the account, transfers between UK and US are free, but unsure if they would give me as good a rate as Transferwise and ultimately lose out. Any thoughts appreciated.
UK/US dollar rate a lot better than 1.22-1.25 the last time I was discussing this. Anyway have a substantial amount to transfer from UK to US. I bank with HSBC in the UK that only allow 50K per day. Have Transferwise set up and ready to go and might be able to get a rate of 0.3% with them if I use their service and have mentioned that I could move 50K every week or every 3 days for a few months or so. Their normal fees are 0.5% and I know a few of you here have used them and found it went well.
On the other hand I could transfer a larger sum over to HSBC in the US(they only have a few branches here and as long as I keep a minimum amount in the account, transfers between UK and US are free, but unsure if they would give me as good a rate as Transferwise and ultimately lose out. Any thoughts appreciated.
#2
Re: Transfering Money from UK to US
The rate is not as good, but you can transfer in seconds or minutes. There were some examples of rates in a recent post. Citibank gives slightly better rates I think, but still not as good as transferwise or xendpay
Last edited by mrken30; Sep 28th 2017 at 11:26 pm.
#3
Forum Regular
Thread Starter
Joined: Mar 2012
Posts: 78
Re: Transfering Money from UK to US
Thx..saw this from a previous post............
This morning Transferwise was 1.341 taking a couple of days and HSBC bank to bank was 1.298 taking around two minutes.
This morning Transferwise was 1.341 taking a couple of days and HSBC bank to bank was 1.298 taking around two minutes.
#4
Forum Regular
Thread Starter
Joined: Mar 2012
Posts: 78
Re: Transfering Money from UK to US
Does one by using Transferwise do all that is required from their website or log on to your own bank and transfer it from there to Transferwise's account?
T-wise asked me today for DL and copy of utility bill and emailed me back that identity confirmed. Is this standard?
T-wise asked me today for DL and copy of utility bill and emailed me back that identity confirmed. Is this standard?
#6
Re: Transfering Money from UK to US
#7
BE Enthusiast
Joined: Jan 2017
Posts: 670
Re: Transfering Money from UK to US
I use it, once you set up the amount to transfer, you can pay it using a Visa card or bank x-fer.
Once paid it starts the transfer, tends to take 1 or 2 days.
Thumbs-up to the decent rates and low transaction fees 🙂
Once paid it starts the transfer, tends to take 1 or 2 days.
Thumbs-up to the decent rates and low transaction fees 🙂
#8
Re: Transfering Money from UK to US
This. There is a limit on the amount via debit card. I want to say maybe ÂŁ2k.
#9
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,132
Re: Transfering Money from UK to US
For a large sum I would talk to TorFx. They are able to be flexible. I used them when I transferred my UK house sale proceeds.
#10
Forum Regular
Joined: Mar 2016
Posts: 80
Re: Transfering Money from UK to US
I don’t mean to piggy back anyone’s thread, but I have a question along the same lines.
Will I be taxed on any savings I transfer to the U.S. when I move here permanently from the U.K in a few weeks?
We were given a load of forms etc when we opened the account one of which talks about a W8BEN form, that got my attention but I assume that’s only for money earned in the U.S.
Will I be taxed on any savings I transfer to the U.S. when I move here permanently from the U.K in a few weeks?
We were given a load of forms etc when we opened the account one of which talks about a W8BEN form, that got my attention but I assume that’s only for money earned in the U.S.
#11
Re: Transfering Money from UK to US
I don’t mean to piggy back anyone’s thread, but I have a question along the same lines.
Will I be taxed on any savings I transfer to the U.S. when I move here permanently from the U.K in a few weeks?
We were given a load of forms etc when we opened the account one of which talks about a W8BEN form, that got my attention but I assume that’s only for money earned in the U.S.
Will I be taxed on any savings I transfer to the U.S. when I move here permanently from the U.K in a few weeks?
We were given a load of forms etc when we opened the account one of which talks about a W8BEN form, that got my attention but I assume that’s only for money earned in the U.S.