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Transferring money from the UK to the US

Transferring money from the UK to the US

Old Jun 29th 2012, 3:08 pm
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Default Transferring money from the UK to the US

I've been through the threads on FX, and spoken to half a dozen FX companies (MoneyCorp, OANDA, Currencies Direct etc), none of them are accepting new accounts from US residents (I'm 2 years in).

The licensing changes in the US which are reportedly causing this seem to apply to brokers, which I am not.

I need to transfer a reasonable sum (in the 10's of thousands) as a one off. Does anyone have any other suggestions?

Thanks
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Old Jun 29th 2012, 3:13 pm
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Default Re: Transferring money from the UK to the US

Originally Posted by lndn2nbca View Post
I've been through the threads on FX, and spoken to half a dozen FX companies (MoneyCorp, OANDA, Currencies Direct etc), none of them are accepting new accounts from US residents (I'm 2 years in).

The licensing changes in the US which are reportedly causing this seem to apply to brokers, which I am not.

I need to transfer a reasonable sum (in the 10's of thousands) as a one off. Does anyone have any other suggestions?

Thanks
We only do bank to bank transfers...we do not use a 3rd party to transfer money.
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Old Jun 29th 2012, 4:10 pm
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Default Re: Transferring money from the UK to the US

That's a shame. The rate that HiFX are advertising would be about $1000 better than a bank-to-bank transfer from Lloyds TSB for the amount we want to transfer. Our house sale completed today and I was just about to start looking for the same questions and answers.
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Old Jun 29th 2012, 4:19 pm
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Default Re: Transferring money from the UK to the US

Actually I did have an idea. If you trust somebody enough in the UK then maybe they can register and do the transfer. I owe my mum some money anyway so I'm going to look into this.
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Old Jun 29th 2012, 4:57 pm
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Default Re: Transferring money from the UK to the US

Hi,

We recently transferred over a large sum of money from uk to us - it was the proceeds from our house sale in the UK. We used a UK based company to do this - TorFX. They were excellent, offered a great exchange rate and the transfer from UK bank to TorFX to US bank was seemless and very quick - 2 to 3 days. Check out their website - i would highly recomend - we received an excellent service.

Adele.
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Old Jun 29th 2012, 4:59 pm
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Default Re: Transferring money from the UK to the US

Try Xe.com

http://www.xe.com/xetrade/
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Old Jun 29th 2012, 5:01 pm
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Default Re: Transferring money from the UK to the US

Originally Posted by GeoffM View Post
Actually I did have an idea. If you trust somebody enough in the UK then maybe they can register and do the transfer. I owe my mum some money anyway so I'm going to look into this.
The problem with that is that lenders in the US require statements from the source account to demonstrate it was your money to begin with. If you transfer your own money via a family member it's starting to get messy with evidence.
In my case, I already have to provide my bank statements from the UK showing where the money came from, receipts for the transfer etc.

If it goes via a 3rd party, you might have to get in to evidence it isn't a gift etc, and to be fair, transferring money through multiple accounts before landing in the US could easily look like laundering (which is apparently what all this is designed to prevent).
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Old Jun 29th 2012, 5:03 pm
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Default Re: Transferring money from the UK to the US

Originally Posted by Ahhhfreakout View Post
Hi,

We recently transferred over a large sum of money from uk to us - it was the proceeds from our house sale in the UK. We used a UK based company to do this - TorFX. They were excellent, offered a great exchange rate and the transfer from UK bank to TorFX to US bank was seemless and very quick - 2 to 3 days. Check out their website - i would highly recomend - we received an excellent service.

Adele.
When you created the account, did you state you were resident in the US or in the UK?
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Old Jun 29th 2012, 7:19 pm
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Default Re: Transferring money from the UK to the US

there are lots of posts on the FX thread,
Oanda looks like still accepting new accounts, and several folks mentioned UK forex. They will all want some documentation, passport and bank account statements showing your name.

PS if you trust using a 3rd party, I know this bloke in Nigeria, who claims he'll pay YOU for transferring HIS money!

Last edited by davidtheprof; Jun 29th 2012 at 7:45 pm.
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Old Jun 29th 2012, 10:27 pm
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Default Re: Transferring money from the UK to the US

Originally Posted by lndn2nbca View Post
When you created the account, did you state you were resident in the US or in the UK?
We initially registered when we were in the uk. However I don't think this would be an issue. We spoke often with our contact at TorFX and they were well aware that we were now US based.

Give them a call to discus your requirements. I am sure you will have no issue being US based.

Good luck,

Adele.
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Old Jun 30th 2012, 12:55 am
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Default Re: Transferring money from the UK to the US

xe do seem to be recommended a lot and I thought UKForex accepted new US accounts.
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Old Jun 30th 2012, 7:39 pm
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Default Re: Transferring money from the UK to the US

Originally Posted by cranston View Post
Seconded.
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Old Jul 1st 2012, 8:59 am
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Default Re: Transferring money from the UK to the US

I thought there was a Forex company that gives BE members favorable status? What's the guy's name - he pops up on here every now and again with the tag line "BE Currency Exchange Vendor"? Is it Jeremy? I think he has permission to advertise in threads because whenever I ask about it, nothing is done.

Is it HiFX?

[Later edit: Found it - Moneycorp. The name of the guy who's allowed to post adverts in threads is Jordan Tilley]

Last edited by dunroving; Jul 1st 2012 at 9:07 am.
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Old Jul 2nd 2012, 12:53 pm
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Default Re: Transferring money from the UK to the US

Originally Posted by dunroving View Post
[Later edit: Found it - Moneycorp. The name of the guy who's allowed to post adverts in threads is Jordan Tilley]
Not any longer, there's another company sponsoring now.
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