Originally Posted by Jerseygirl

I don't use XE but from what others have said they charge a flat rate of $10...my bank charge $20...also XE are supposed to give a better exchange rate. If I transfer money from the US to the UK or Canada it usually takes 24/48 hours....I believe XE takes about 5 days...so factor in 2/3 days loss of interest.

Originally Posted by cats_pawn

Hello
I'm curious.
I have checked several forums regarding funds being transferred from overseas to US, and it seems like most posters DO NOT use their banks, but use a service like XE.
I'm not clear on why?
I called Wachovia Bank, as an example, and was told for someone to transfer fund from overseas into my US bank account costs $15.00, no matter what the amount of the transfer. (and currency converson fees , I was told, were included in that $15 fee) I was very clear and asked them several times, what other fees could I be charged, and that was all they said.
I have yet to hear from Washington Mutual regarding their fees, but it's probably low as well.
These services who specialize in transferring funds, seem, to be much more expensive.

I understand if money is transferred to your bank account, you are then going to have to explain to IRS,pay taxes on,etc. but I imagine wire transfers using other methods also inform the US also, yes? no ?
I'm not putting down the other service, simply trying to understand.

I also want to know, what things should I be aware of when giving information for the wire transfer from overseas to make sure no additional fees are charged to me. ( banks did not give me any information here , simply said it's a possibility)
I just wanted to know what things to inform the other party who is sending funds so I can be sure to tell them what to do so as to not incurr fees on my end.
Any and all help appreciated.

Originally Posted by cats_pawn

it seems like most posters DO NOT use their banks, but use a service like XE.
I'm not clear on why?
I called Wachovia Bank, as an example, and was told for someone to transfer fund from overseas into my US bank account costs $15.00, no matter what the amount of the transfer. (and currency converson fees , I was told, were included in that $15 fee)

Originally Posted by chicagojlo

Actual exchange rate of who because there isn't just one!

Originally Posted by cats_pawn

Hello
I'm curious.
I have checked several forums regarding funds being transferred from overseas to US, and it seems like most posters DO NOT use their banks, but use a service like XE.
I'm not clear on why?

Originally Posted by cats_pawn

(and currency converson fees , I was told, were included in that $15 fee)

Originally Posted by pejpm1

OK, my company have told me that it looks like I'll be able to move to NYC in late feb, early march. They have said that my annual bonus will be paid in £'s though, so I will then have to transfer it across to my as yet to be created US bank account. I will also want to bring across some savings with me. By the time I've paid UK income tax and paid off a rather large credit card bill, I think I should be moving across roughly £10k over to the USA. What is the best way of doing this. I've heard about people usign XE, but I read that they were unreliable. I've also heard that it might be a good idea to get a bank acocunt with someone like Citi who have a presence in both the US and UK and who may let me maintain accounts in both countries and make it easier to transfer money.....anyone done this? Can anyone offer advice?

Thanks!

Originally Posted by pejpm1

time I've paid UK income tax and paid off a rather large credit card bill, I think I should be moving across roughly £10k over to the USA. What is the best way of doing this. I've heard about people usign XE, but I read that they were unreliable. I've also heard that it might be a good idea to get a bank acocunt with someone like Citi who have a presence in both the US and UK and who may let me maintain accounts in both countries and make it easier to transfer money.....anyone done this? Can anyone offer advice?

Thanks!