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Transferring money from the UK

Transferring money from the UK

Old Jul 5th 2012, 6:01 pm
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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.
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Old Jul 5th 2012, 6:10 pm
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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.
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Old Jul 5th 2012, 7:23 pm
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Default Re: Transferring money from the UK

Originally Posted by Karjam View Post
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.
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Old Jul 5th 2012, 9:30 pm
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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?
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Old Jul 5th 2012, 10:50 pm
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Default Re: Transferring money from the UK

Originally Posted by Bob View Post
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
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Old Jul 6th 2012, 4:08 am
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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.
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Old Jul 6th 2012, 4:34 am
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Default Re: Transferring money from the UK

I live in Florida. Send me the money. I will make suitable disbursements at a reasonable rate.
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Old Jul 6th 2012, 2:42 pm
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Default Re: Transferring money from the UK

Originally Posted by RICH View Post
I live in Florida. Send me the money. I will make suitable disbursements at a reasonable rate.
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Old Jul 6th 2012, 3:24 pm
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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
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Old Jul 9th 2012, 10:41 pm
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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?
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Old Jul 9th 2012, 10:45 pm
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Default Re: Transferring money from the UK

Originally Posted by Chem View Post
(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.
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Old Jul 9th 2012, 11:22 pm
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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.
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Old Jul 10th 2012, 7:54 am
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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....
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Old Jul 10th 2012, 11:52 am
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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.
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Old Jul 10th 2012, 12:41 pm
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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.
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