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Transferring money from UK to US

Transferring money from UK to US

Old Jun 9th 2013, 12:01 am
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Default Transferring money from UK to US

Anyone give me some ideas? XE are being ridiculous. I've already paid for a notary to fill out the required form that xe sent me, but because the notary hasn't put her address or phone number down, which xe wanted, they aren't accepting the form. I think, as I saved the 12k over the year before I moved out through overtime, they want a year of bank statements. This is flipping ridiculous. So are there any easier ways to transfer money over, or am I gonna have to spend the next 6 months drawing 500 dollars a day from the cash points.
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Old Jun 9th 2013, 1:16 am
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Default Re: Transferring money from UK to US

Originally Posted by markonline1 View Post
Anyone give me some ideas? XE are being ridiculous. I've already paid for a notary to fill out the required form that xe sent me, but because the notary hasn't put her address or phone number down, which xe wanted, they aren't accepting the form. I think, as I saved the 12k over the year before I moved out through overtime, they want a year of bank statements. This is flipping ridiculous. So are there any easier ways to transfer money over, or am I gonna have to spend the next 6 months drawing 500 dollars a day from the cash points.
It's not "flipping ridiculous", HSBC was recently fined $1.9bn (billion) by the US banking regulators for, among other related things, accepting money from unknown sources and failing to document their customer's financial circumstances and resources. I recommend you complete the documentation process for XE, because if you don't get used to how banks in the US are required to prevent criminals from using the banking system, you are going to find life very aggravating, and only cause problems for yourself.
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Old Jun 9th 2013, 1:36 am
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Default Re: Transferring money from UK to US

The penalties in the US are very severe for money laundering. HSBC got nailed, and so did Standard and Chartered. Regulators are now moving to enforce criminal penalties against bank executives individually so don't be surprised if you have to fill out quite a few forms.

If you have the cash, you could consider an HSBC Premier account in the US and the UK. You can then move money between the accounts electronically, though the rate might not be as good as xe.com or another forex broker.
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Old Jun 9th 2013, 2:03 am
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Default Re: Transferring money from UK to US

Originally Posted by penguinsix View Post
The penalties in the US are very severe for money laundering. HSBC got nailed, and so did Standard and Chartered. Regulators are now moving to enforce criminal penalties against bank executives individually so don't be surprised if you have to fill out quite a few forms.

If you have the cash, you could consider an HSBC Premier account in the US and the UK. You can then move money between the accounts electronically, though the rate might not be as good as xe.com or another forex broker.
From everything I understand, HSBC turned a bind eye to funneling money thorough offshore unregulated banking systems and didn't even attempt to report suspicious money laundering. If you had $100 billion in assets, they might risk it again but for a few thousand dollars, everything is going to be by the book.
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Old Jun 9th 2013, 2:55 am
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Default Re: Transferring money from UK to US

I've been dealing with Worldfirst the past few weeks and have been more than happy with their service. Spoke with them directly in the US, easy online set up just had to provide passport details and SSN.
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Old Jun 9th 2013, 3:09 am
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Default Re: Transferring money from UK to US

I can transfer money via Barclays my bank in the UK but the rate is pants. It works out to $600 more using them than XE. I would imagine HSBC would be about the same, although thanks for the info. I will look into worldfirst though, cheers.
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Old Jun 9th 2013, 12:52 pm
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Default Re: Transferring money from UK to US

If you have a bank account in UK and one in the US. Try www.hifx.co.uk, better exchange rates and very fast.

I have transferred a good amount in the past year and will use them again.
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Old Jun 9th 2013, 4:47 pm
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Default Re: Transferring money from UK to US

Originally Posted by notonuksoil View Post
I've been dealing with Worldfirst the past few weeks and have been more than happy with their service. Spoke with them directly in the US, easy online set up just had to provide passport details and SSN.
I'll second Worldfirst. I've been using them for a few years and had excellant service and same or next day receipt of the monry into my US bank.
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Old Jun 10th 2013, 6:57 pm
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Default Re: Transferring money from UK to US

Well, after a couple of recommendations here, I've opened an account with worldfirst. XE wanted to know the ins and outs of a cows posterior, world first far simpler. Thanks again to everyone that replied for their help.
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Old Jun 17th 2013, 11:40 am
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Smile Re: Transferring money from UK to US

I'd shop around / evaluate a couple of foreign exchange specialists that are authorised by the FCA (formely FSA). They'll be able to save you up to 4% on the exchange rate compared to the bank. Worth seeing which one offers the best services and rates for your currency requirements.
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Old Jun 24th 2013, 8:02 pm
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Default Re: Transferring money from UK to US

I recently did 3 transfers for tens of thousands of Dollars via UKForex. My current account in the UK is with Barclays and they quoted circa $1.43 to the pound, UK Forex quoted $1.55. It was easy to open an account with UK Forex, once opened you can get an immediate live quote, commit to it and then do an online transfer via internet banking. Once they have the GBP they will immediately send to a nominated US Bank Account. In my case I have a Wells Fargo account and it arrived the same day.
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Old Jun 25th 2013, 10:15 am
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Default Re: Transferring money from UK to US

Convert your dollars into bullion gold
Smuggle it through customs (dodgy - they might confiscate if they find it or just charge you the tax)
or
wear it as jewelry (avoid import tax).
Convert gold to pounds.
Go down the pub.
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Old Jun 27th 2013, 2:49 am
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Default Re: Transferring money from UK to US

Originally Posted by markonline1 View Post
Anyone give me some ideas? XE are being ridiculous. I've already paid for a notary to fill out the required form that xe sent me, but because the notary hasn't put her address or phone number down, which xe wanted, they aren't accepting the form. I think, as I saved the 12k over the year before I moved out through overtime, they want a year of bank statements. This is flipping ridiculous. So are there any easier ways to transfer money over, or am I gonna have to spend the next 6 months drawing 500 dollars a day from the cash points.
I had no problem to open an XE account from the US a year ago. If you plan to make regular transfers - I would recommend to use these guys.
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Old Jun 27th 2013, 3:56 am
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Default Re: Transferring money from UK to US

I've got a world first account that I'm now using. Cheers
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Old Jun 28th 2013, 4:48 pm
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Default Re: Transferring money from UK to US

Had good experiences with CurrencyFair.com
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