Southy_SWFC

I'm 100% certain that this' a topic that's been covered 1000 times but I've been looking for threads using the search or looking manually and I can't find them.
I'm looking to send a large amount of money from the UK to the US. Previously I've used xe.com but they have a cap of $10,000 so I need to look elsewhere.

Any suggestions or recommendations?


Thanks

technolog

This site gives a handy comparison...

http://www.moneytransfer.org.uk/converter

Pulaski

Phone xe.com - I used them to transfer substantially more than $10,000 after I sold my house in the UK.

Southy_SWFC

I did email them about extending the limit but they amount of questions they asked and proof of everything is/was ridiculous. I'll try calling them later on

cranston

That's the result of Govt Compliance regulations forced upon them....

Sally Redux

I am just about to embark on this too, will need to transfer more than $10,000. Is it just a question of documentation?

Owen778

The number of documents they require is actually at the lower end compared to some. I was simply unable to comply with the number of documents required by a few of the companies. XE and HIFX weren't so bad.

And Sally, I think you should be fine. In the US, I think they just need your SSN, or at least I think that's all I supplied to USforex.

Pulaski

Yes, and it is likely that your bank will ask a shed load of questions too, unless they feel that they "know" you well enough. The question is whether you can hold your temper and answer their questions to save on the fees and get a likely better FX rate, or just want to get irritated and go with your bank.
And fines extracted from them, or other remitters and banks in the international wire business.

Southy_SWFC

Am I right in thinking if I use somewhere like TorFX, Halo or currency solutions, i'll avoid having to pay the 2.75% that HSBC add to all international transactions?

notshipman

Specialist currency transfer companies like you mention also give you a better rate which when transferring large sums can make a significant difference!

MidAtlantic

I have used TorFx many times and never had any issues about sums over $10,000.

Pulaski

Yes. The currency transfer companies do not charge such add-on rates. That said, for amts over $50,000 you can get a "dealer rate", .... but I am reasonably certain that you'll still get a cheaper and better deal from a currency broker than a bank.

Sally Redux

The bank? US or UK?

Southy_SWFC

I've just sent off for a quote with TorFX so we'll see what happens

Pulaski

Most likely sending end, possibly receiving end. In fact I would recommend that you contact the receiving bank no matter how you transfer the money (whether bank or on-line remitter), and tell them that you will be transferring $x/£x from the sale of a house/ liquidation of investments, and offer supporting documentation, otherwise there is a chance that your "unexplained credit" will be reported as suspicious.

That said, DO NOT under any circumstances tell the bank that you are concerned that your money may be reported as suspicious because expressing such a concern is one of the red flags that the banks look for to determine if they are going to report the money as suspicious. FWIW the only consequence of your transaction being reported is that the federal/ national law enforcement agencies are alerted, but unless you actually have acquired the funds from unlawful activity, there is zero chance that your money is at risk.