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Transferring large amounts of pounds to US Bank

Transferring large amounts of pounds to US Bank

Old Jan 23rd 2006, 4:55 am
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Default Transferring large amounts of pounds to US Bank

I have just sold my house in the UK and bought one in Texas. As soon as the sale goes through, what is the quickest and most economical way to transfer a couple of hundred thousand pounds from the UK to a US title transfer company.

I have both pound and dollar Citibank accounts but the last time I transfered money this way it was slow and gave me a crap exchange rate.

Anyone got any ideas?
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Old Jan 23rd 2006, 5:06 am
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Default Re: Transferring large amounts of pounds to US Bank

Originally Posted by g1ant
I have just sold my house in the UK and bought one in Texas. As soon as the sale goes through, what is the quickest and most economical way to transfer a couple of hundred thousand pounds from the UK to a US title transfer company.

I have both pound and dollar Citibank accounts but the last time I transfered money this way it was slow and gave me a crap exchange rate.

Anyone got any ideas?

I changed all my house sale cash into dollar travellers cheques ($1.83 to the pound) and secreted them about my person as I smuggled them in through passed US customs at JFK.
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Old Jan 23rd 2006, 10:44 am
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Default Re: Transferring large amounts of pounds to US Bank

Originally Posted by g1ant
I have just sold my house in the UK and bought one in Texas. As soon as the sale goes through, what is the quickest and most economical way to transfer a couple of hundred thousand pounds from the UK to a US title transfer company.

I have both pound and dollar Citibank accounts but the last time I transfered money this way it was slow and gave me a crap exchange rate.

Anyone got any ideas?
Sign up for an account with www.xe.com. I was in the same position as you after selling my flat.
It can take a few days to set up - these guys are serious about your security, (they even ring you for an "interview" to make sure you are who you say you are!), but once you've got the account, it was a doddle. All done online, you can specify the rate you want to "hold out" for if you want, and once settled, the funds were in my US account within 3 days. And I made £2k more than I would have done using the bank (on nowhere near the amount you're thinking of transferring). I've seen other references to XE.com on this board and I can also recommend them.
Good luck!
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Old Jan 23rd 2006, 6:03 pm
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Default Re: Transferring large amounts of pounds to US Bank

I can also recommend xe.com but it does take a few days to set up - the hardest part I found was dealing with my bank in the UK and getting them to release funds without me presenting myself at a branch (that's what you get for banking at a small local branch).

One other thing I recall is that xe.com have a maximum transaction limit which was around 150grand UK so you may have to do two transactions to move all your cash. One transaction has to clear before you can do the next. I'm sure they'll be happy to explain if you contact them.
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Old Jan 23rd 2006, 7:35 pm
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Default Re: Transferring large amounts of pounds to US Bank

Originally Posted by g1ant
I have just sold my house in the UK and bought one in Texas. As soon as the sale goes through, what is the quickest and most economical way to transfer a couple of hundred thousand pounds from the UK to a US title transfer company.

I have both pound and dollar Citibank accounts but the last time I transfered money this way it was slow and gave me a crap exchange rate.

Anyone got any ideas?
Wire to : Mr W Ire Monee, Account Number 727 989 212 - Sort code - 12 $$$ 34

As soon as I get it, I'll convert it to $$ and wire it back.

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Old Jan 23rd 2006, 7:36 pm
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Default Re: Transferring large amounts of pounds to US Bank

Originally Posted by g1ant
I have just sold my house in the UK and bought one in Texas. As soon as the sale goes through, what is the quickest and most economical way to transfer a couple of hundred thousand pounds from the UK to a US title transfer company.

I have both pound and dollar Citibank accounts but the last time I transfered money this way it was slow and gave me a crap exchange rate.

Anyone got any ideas?
Send it c/o CarlM
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