Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Transferring money from the UK

Transferring money from the UK

Old Jul 5th 2012, 6:01 pm
  #1  
Just Joined
Thread Starter
 
Joined: Jan 2011
Location: California
Posts: 21
Karjam is an unknown quantity at this point
Default Transferring money from the UK

I've had an account now with Moneycorp for over a year and have been successfully transferring large amounts of money during this time from the UK and the US. I have now moved to the US and will continue to receive income from the UK.

I have today rang Moneycorp to buy $$ and I have been told that US legislation has recently been changed and they can no longer trade with people in the US, unless they are resident in Florida?

I spoke with two people and neither were very clear on whether this new rule referred to US residents, or residents of the US etc, neither were they sure if it extended to corporate transfers. I am waiting for someone else to call me back who has more information but they did say its because they are a UK company not licensed to trade - the reason Florida is ok is because they have an office there.

Has anyone else experienced this kind of problem? I have two accounts, my personal one and a corporate one, since I have a UK company which has created a US corporation and this new rule would suggest that the UK cannot trade with its own "multinational" subsidiary?

Any help is much appreciated, I am running out of dollars!!

Does anyone know of a money transfer company that is not subject to these new regulations.
Karjam is offline  
Old Jul 5th 2012, 6:10 pm
  #2  
Just Joined
 
Joined: Nov 2010
Location: Katy, TX
Posts: 10
Ahhhfreakout is an unknown quantity at this point
Default Re: Transferring money from the UK

Try TorFX, they are UK based. I recently used them to exchange and transfer over a large amount of money.

Adele.
Ahhhfreakout is offline  
Old Jul 5th 2012, 7:23 pm
  #3  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,962
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Transferring money from the UK

Originally Posted by Karjam
Does anyone know of a money transfer company that is not subject to these new regulations.
Providing the money is coming out of a personal account in the UK in your name, and going into a personal account in your name in the US, World First are still transferring money. I use them three or four times a year.

They are all subject to the regulations, some have decided it is easier not to do business than have to comply with them.
lansbury is offline  
Old Jul 5th 2012, 9:30 pm
  #4  
Bob
BE Site Lead
 
Bob's Avatar
 
Joined: Aug 2004
Location: MA, USA
Posts: 92,167
Bob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond repute
Default Re: Transferring money from the UK

MoneyCorp situation is explained in a few of their posts, so should be easy enough to find out.

Them, like many others aren't taking on new clients, but will do transfers for established clients. It's a problem of state licensing and not being licensed in each state for MC.

Tried xe?
Bob is offline  
Old Jul 5th 2012, 10:50 pm
  #5  
Sue
BE Co-Founder
 
Sue's Avatar
 
Joined: Feb 2000
Location: Florida
Posts: 25,928
Sue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond repute
Default Re: Transferring money from the UK

Originally Posted by Bob
MoneyCorp situation is explained in a few of their posts, so should be easy enough to find out.
Indeed, as Bob mentions, you can find one such post here: http://britishexpats.com/forum/showp...9&postcount=11
Sue is offline  
Old Jul 6th 2012, 4:08 am
  #6  
Just Joined
Thread Starter
 
Joined: Jan 2011
Location: California
Posts: 21
Karjam is an unknown quantity at this point
Default Re: Transferring money from the UK

Thanks everyone, I think I will try and open a new account with XE or one of the others and check they are licensed in California.
Karjam is offline  
Old Jul 6th 2012, 4:34 am
  #7  
BE Irregular
 
RICH's Avatar
 
Joined: Jan 2004
Location: Tampa Bay Florida
Posts: 4,849
RICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond reputeRICH has a reputation beyond repute
Default Re: Transferring money from the UK

I live in Florida. Send me the money. I will make suitable disbursements at a reasonable rate.
RICH is offline  
Old Jul 6th 2012, 2:42 pm
  #8  
BE Enthusiast
 
Joined: Apr 2012
Location: Inverness soon LaCrosse, WI
Posts: 343
MrsWaring is just really niceMrsWaring is just really niceMrsWaring is just really niceMrsWaring is just really niceMrsWaring is just really niceMrsWaring is just really niceMrsWaring is just really niceMrsWaring is just really niceMrsWaring is just really niceMrsWaring is just really niceMrsWaring is just really nice
Default Re: Transferring money from the UK

Originally Posted by RICH
I live in Florida. Send me the money. I will make suitable disbursements at a reasonable rate.
MrsWaring is offline  
Old Jul 6th 2012, 3:24 pm
  #9  
Forum Regular
 
Joined: Jun 2012
Location: Boston
Posts: 62
davidtheprof is a name known to alldavidtheprof is a name known to alldavidtheprof is a name known to alldavidtheprof is a name known to alldavidtheprof is a name known to alldavidtheprof is a name known to alldavidtheprof is a name known to alldavidtheprof is a name known to alldavidtheprof is a name known to alldavidtheprof is a name known to alldavidtheprof is a name known to all
Default Re: Transferring money from the UK

Oanda also will continue to do personal transfers, best FX rates out there. They are discontinuing their FXGlobalTransfer service in the US, but I was told that personal transfers will still be available. 3rd party payments seem to be the problem
davidtheprof is offline  
Old Jul 9th 2012, 10:41 pm
  #10  
Just Joined
 
Joined: Jan 2012
Posts: 8
Chem is an unknown quantity at this point
Default Re: Transferring money from the UK

(Being extremely new to all this)I was wondering about using paypal to transfer money from my UK bank account to my new US account. Has anyone looked into this?
Chem is offline  
Old Jul 9th 2012, 10:45 pm
  #11  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,962
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Transferring money from the UK

Originally Posted by Chem
(Being extremely new to all this)I was wondering about using paypal to transfer money from my UK bank account to my new US account. Has anyone looked into this?
People have used PayPay to do that. Also your UK bank can transfer it to your US bank. Whoever you decide to use check what the charges and exchange rate will be, and use the method that puts the most money into your US bank.

Have you tried World First or XE.com, both as far as I am aware are still transferring money. I use World First.
lansbury is offline  
Old Jul 9th 2012, 11:22 pm
  #12  
BE Forum Addict
 
Joined: Feb 2010
Location: Temecula, CA
Posts: 4,759
GeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond reputeGeoffM has a reputation beyond repute
Default Re: Transferring money from the UK

Just this minute stuck a load of money in XE's account... am hoping I receive it at the other end as I've never done it before!

PayPal rates are not great: 1.50347 just now, compared to 1.5335 on XE. Lloyds were around 1.5 but that was a few weeks ago. It's not much of a difference for a small transfer but for the house sale I just transferred, an extra 500 quid in my pocket is better than in the banks' pockets! But yes, I have transferred small amounts from the UK to the US via PayPal easily.
GeoffM is offline  
Old Jul 10th 2012, 7:54 am
  #13  
Often not so civil...
 
civilservant's Avatar
 
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
civilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond repute
Default Re: Transferring money from the UK

Let us know Geoff, I've considered XE but always stuck with Paypal, but after sending $1200 and it costing me nearly £100 in fees im beginning to reconsider....
civilservant is offline  
Old Jul 10th 2012, 11:52 am
  #14  
Just Joined
 
milfred's Avatar
 
Joined: Jul 2012
Posts: 3
milfred is an unknown quantity at this point
Default Re: Transferring money from the UK

I've been using XE for several months now, it works just fine. And just like Geoff said, XE has far more better rates than XE.
milfred is offline  
Old Jul 10th 2012, 12:41 pm
  #15  
Rootbeeraholic
 
Joined: Aug 2009
Location: Houston, Tx
Posts: 2,280
Bink has a reputation beyond reputeBink has a reputation beyond reputeBink has a reputation beyond reputeBink has a reputation beyond reputeBink has a reputation beyond reputeBink has a reputation beyond reputeBink has a reputation beyond reputeBink has a reputation beyond reputeBink has a reputation beyond reputeBink has a reputation beyond reputeBink has a reputation beyond repute
Default Re: Transferring money from the UK

I've used xe.com for 3 years and have had no issues with them. You have an initial limit of $10,000 or so but my understanding is that you can get them to raise this easily. My transfers have always been just below that level as I'm transferring for convenience rather than necessity.

If you're transferring large amounts (>$10,000 or multiple smaller amounts in total greater than $10,000) ensure you file an FBAR next year to disclose this money. You should file one anyway if you have more than $10k in accounts outside the US and are considered a US resident for tax purposes, but be doubly sure to disclose it if you have larger sums as it will raise flags as all transfers from outside the US into the US greater than $10k are disclosed by the bank or transferring party. How much follow up of this is truly done, I don't know but it's an easy enough thing to file an FBAR and then not have to worry about it.
Bink is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.