Jerseygirl

Exactly.

Southy_SWFC

So you're saying I should spend all the money ASAP? Excellent, i'll tell the wife

rew1000

I had to choose between Lloyds and XE for a large amount. I got quotes from both and Lloyds was worse by 0.7%. I did hesitate about adding an uninsured middleman, but for a large sum 0.7% would buy a few beers.
The process with XE was completely painless - had to contact customer service to temporarily increase the trade limit.

Southy_SWFC

XE.com made me close my account and asked me to sign up to a new one as my original one has me as a resident of the UK, not the US. I've closed the account but I'm not sure whether I'll sign up to a new one just yet

JustinButler

In the US just make sure your wire transmitter is registered with FinCEN and regulated by the IRS.

<<<snip>>>

Passport/ID and proof of address (or employment contract that shows you will be moving to the US) is required.

Southy_SWFC

So I've jumped through the hoops and had my US XE.com account activated, set up the trade, then gone online to transfer money from my HSBC account to the Barclays one that XE uses and HSBC only allows 10,000GBP a day. How have other people got around this?

Owen778

Barclays allowed a maximum of 20k per day. When I spoke to USForex, they told me they would fix the exchange rate and let me transfer the sterling in 20k increments until I'd transferred the full amount. Once complete, they transferred the dollars.

If that would mean several weeks of daily transfers, you may want to talk to HSBC about upping the limit or transferring another way.

petitefrancaise

We just transferred a v large sum with worldfirst to buy a house here. No problems and got a good rate.

Jerseygirl

20K...I've transferred 6 figure amounts from the Nat West.

Owen778

I think it's because I did it using online banking. If I'd gone into a branch with ID, I think it would have been unlimited.

Funstuie

Sorry to bump an old thread.

Some of you seem to be transferring a lot of money. I will have a very modest £20k to transfer over. Whats the best option for me?

I was thinking of myself and my wife just taping £10k each to our body but other than that?

Presumably I would need a US bank account but how long do I have to wait before transferring the money?

The alternative is just using our UK checking/credit accounts with our cards in the US. But I want to be able to pay for gas/petrol at the pump!!

MMcD

I like your idea. Armpits are handy.
Where did you have in mind?
Then there's always bitcoins..or there was

if all else fails - how 'bout?....


someone serious and sane will come along soon, I sure, but in the meantime...well - at least you've had a reply

RICH

Just shop for the best deal.

XE works for many.

$10k+ is not illegal, that is just a point where extra scrutiny will be applied and delays may occur.

Sally Redux

You will need a US bank account to transfer it into, yes. Once that's set up I don't think you have to wait.

We have registered with XE but are going the other way and waiting to see the dollar/pound will get a slightly more favourable rate.