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Transferring Large Sums

Transferring Large Sums

Old Sep 27th 2018, 7:07 pm
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Default Transferring Large Sums

I'm about to transfer the proceeds from the sale of my house in the UK to the USA. I usually use Transferwise to move money, but the amount exceeds their limit. Has anyone else used another company that they can recommend? I don't really want to just do a bank to bank transfer.
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Old Sep 27th 2018, 7:26 pm
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Default Re: Transferring Large Sums

Originally Posted by RainyDays View Post
I'm about to transfer the proceeds from the sale of my house in the UK to the USA. I usually use Transferwise to move money, but the amount exceeds their limit. Has anyone else used another company that they can recommend? I don't really want to just do a bank to bank transfer.
I used TorFx to transfer my house sale proceeds. That was several years ago now but, from that experience I would recommend them.
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Old Sep 28th 2018, 1:08 am
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Default Re: Transferring Large Sums

We did the same thing with Worldfirst. No probs and continue to use them.
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Old Sep 28th 2018, 1:30 am
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Default Re: Transferring Large Sums

I also used TORFX several years ago. The only issue I had was that I was stung with wire transfer fees. However I was a naive immigrant back then.
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Old Sep 28th 2018, 12:56 pm
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Default Re: Transferring Large Sums

If you will owe any US tax on the gain on the sale or the currency gain on repaying the mortgage, the IRS accept credit cards so you could pay some of the money directly to the IRS.
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Old Sep 28th 2018, 4:29 pm
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Default Re: Transferring Large Sums

Thank you all. Because we are also buying in the US and time was of the essence, we had to go ahead and let our solicitors transfer directly from the UK into our escrow account .I know the bank rate won't be as good as the other options, but we decided to take the hit rather than potentially lose the house.

Remember the good old days when you get get $2 to the pound? These days I get excited if the pound passes $1.30. I guess now it'll be the other way round and I'll visit home thinking how cheap everything is!
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Old Sep 28th 2018, 5:20 pm
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Default Re: Transferring Large Sums

Originally Posted by RainyDays View Post
Thank you all. Because we are also buying in the US and time was of the essence, we had to go ahead and let our solicitors transfer directly from the UK into our escrow account .I know the bank rate won't be as good as the other options, but we decided to take the hit rather than potentially lose the house.

Remember the good old days when you get get $2 to the pound? These days I get excited if the pound passes $1.30. I guess now it'll be the other way round and I'll visit home thinking how cheap everything is!
Those were the days! I was fortunate enough to be transferring a substantial sum and actually received $2 to the £ after fees.
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Old Sep 29th 2018, 1:07 pm
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Default Re: Transferring Large Sums

Originally Posted by RainyDays View Post

Remember the good old days when you get get $2 to the pound? These days I get excited if the pound passes $1.30. I guess now it'll be the other way round and I'll visit home thinking how cheap everything is!
Since my pensions and retirement savings are in the USA I hope those good old days don’t return soon. I liked those high rates when we sold our house in 1993 and transferred over the money at $1.6 to the pound.
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