Transferring money
 

Hi all,

I was just wondering if anyone had any insight in the best way to transfer money between the US and the UK? Has anyone had any great experiences or any really bad ones? Bank versus third-party companies, it all seems complicated so thought I'd post a quick post on here.

Actually looking at transferring a little bit from US to UK, to finish up some bills before moving to the US - so probably the opposite way to most people

Would appreciate any pointers !

Take care

Re: Transferring money
 

It's actually not that complicated.

Just depends on the amt of money you're trying to transfer and how much money you're will to pay in order to do it.

You can wire transfer the money very easily. The fee wld depend on what your bank(s) charges and/or, what kind of account you have.

Re: Transferring money
 

Wiring funds usually costs quite a bit, most people here use a third party transfer company. I use xe.com, I've heard good things about xoom too.

Re: Transferring money
 

Ah, wonderful. Thank you!

Re: Transferring money
 

Just search above for "Money Transfer" in the header in the USA forum and you will get plenty of information.

Stay away from the banks. The following money transfer specialists are all commonly mentioned: xe.com, xoom.com, transferwise, worldfirst.

Re: Transferring money
 

This. They have bad FX rates and excessive fees.

Re: Transferring money
 

thanks so much for all the advice :)

Re: Transferring money
 

As I have mentioned before I have had great service with Transferwise. I also have a promo code which you can use to get your first transfer for free. Private message me here if you are interested!

Re: Transferring money
 

Another vote for Xoom

I've used it regularly to send money back to the UK from the States, $5 flat fee and an exchange rate in line with any bank transfer I had made through Chase / Wells Fargo.

Re: Transferring money
 

That's not exactly a glowing endorsement! :rolleyes:

Re: Transferring money
 

Take it or leave it, no biggy to me lol.

Re: Transferring money
 

If you really think an exchange rate comparable to Wells Fargo etc is good, then perhaps you should refrain from giving out advice on this subject.

Re: Transferring money
 

Awesome welcome to the forum, thank you both.

Xoom rates today are 0.656:1.00 compared to the market rates of 0.67:1.00

So you'd be losing about 5 GBP on a $500 transaction compared to market rates, but saving $40-50 in fees. That is good enough for me particularly bearing in mind the ease and that money can be in the UK account in a few hours.

For small amounts it isn't a bad deal, if you are moving hundreds of thousands you may want to speak to someone else and likely not asking for advise from a forum.

If you have other recommendations I'd be pleased to hear them, rather that than than listen to your sarcasm which is about as much use as a chocolate teapot.

Re: Transferring money
 

So that's exactly the point of Lansbury and me, ..... if those rates are correct (I am assuming they are) then the rates at any bank are likely to be much worse, so reality is not at all "in line with any bank transfer".

Re: Transferring money
 

Which is not what you said.

Wells Fargo rate today is 0.639. If you had bothered to look at any of the other threads on this topic you will see I have posted many times that unless you are transferring large sums, and some people do, it makes little difference which forx broker you use. As anyone who transfers money regularly knows there is, when you factor in fees and a lower rate, quite a difference between big banks and forx brokers. Hence our scorn at zoom being considered good because it is equal to Wells Fargo. In fact it is better than Wells Fargo.

I wasn't being sarcastic. My comment about refraining from posting on the subject judging on the standards you apply for what good was a serious one.