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-   -   Transferring Money from the UK to USA (https://britishexpats.com/forum/usa-57/transferring-money-uk-usa-926509/)

cazzababes Jul 18th 2019 12:25 am

Transferring Money from the UK to USA
 
Hi,

I have been using Revolut which has been doing a great job in transferring funds, at what I believe good rates and low fee's.

Does anyone have any better alternatives ?

Thanks,


Olly_ Jul 18th 2019 2:03 am

Re: Transferring Money from the UK to USA
 
Transferwise has always been my preferred option.

MidAtlantic Jul 18th 2019 1:13 pm

Re: Transferring Money from the UK to USA
 

Originally Posted by Olly_ (Post 12711755)
Transferwise has always been my preferred option.

+1 for Transferwise

petitefrancaise Jul 18th 2019 4:28 pm

Re: Transferring Money from the UK to USA
 
+1 Transferwise
also Worldfirst which I used for 10+ years, now transferwise is a better deal
Is Revolut licensed to transfer to Texas?

durham_lad Jul 18th 2019 4:33 pm

Re: Transferring Money from the UK to USA
 
Another vote for Transferwise. On Monday I transferred $5k from the US to my UK bank account and received £3,967 within a few hours.

lansbury Jul 19th 2019 5:58 am

Re: Transferring Money from the UK to USA
 

Originally Posted by petitefrancaise (Post 12711997)
+1 Transferwise
also Worldfirst which I used for 10+ years, now transferwise is a better deal
Is Revolut licensed to transfer to Texas?

World First have discontinued their US operations.

Mempete Jul 19th 2019 8:57 am

Re: Transferring Money from the UK to USA
 
Another plus one for Transferwise.

cranston Jul 19th 2019 6:27 pm

Re: Transferring Money from the UK to USA
 
My son is in the USAF stationed overseas and they recommend Transferwise for their new deployees

MidAtlantic Aug 7th 2019 3:44 pm

Re: Transferring Money from the UK to USA
 
Those considering or using Revolut may be interested in this: https://www.slashgear.com/delete-rev...-guy-06586346/

expatrobe Aug 8th 2019 9:01 pm

Re: Transferring Money from the UK to USA
 
Thanks too all of you who posted recommendations and observations, since I'm a former happy WorldFirst user [recommended by posters on this site and forum years ago]. They worked out well for me. If I recall, one of the fine posters of yesteryear that pointed me in that direction was lansbury who has also advised us they are no longer providing this service in the USA.

Then, just out of interest [not important since there seems to be at least one good alternative] and if anyone actually knows, why did FirstWorld's board decide to discontinue operations Stateside [but curiously not Canada, according to their online announcement]?

Anyway, nice to be back here for the very occasional post. Twice people here helped me out with great advice [the other was a tax one] so big thanks to those who did, and to the BritishExpats site for existing.

durham_lad Aug 9th 2019 5:21 pm

Re: Transferring Money from the UK to USA
 

Originally Posted by expatrobe (Post 12720598)

Then, just out of interest [not important since there seems to be at least one good alternative] and if anyone actually knows, why did FirstWorld's board decide to discontinue operations Stateside [but curiously not Canada, according to their online announcement]?

I would guess that it had to do with FATCA and they didn't want to go through the expense of being in compliance while having USCs as customers. It is easier and cheaper to come into compliance simply by changing their policy to having no USCs. I used to be a customer with HiFx for my UK/US money exchanges until they sent me an email one day saying they no longer supported US residents.

MidAtlantic Aug 9th 2019 5:47 pm

Re: Transferring Money from the UK to USA
 
It was to do with the planned takeover of a Chinese Financial Services Group: https://www.reuters.com/article/us-w...-idUSKCN1PQ3NL

The concern was that American regulators would block the deal over "security concerns". I assume that by ditching the American branch of WorldFirst US regulators would have no say.

expatrobe Aug 10th 2019 12:14 am

Re: Transferring Money from the UK to USA
 
Oh thanks MidAtlantic and durham_lad, very interesting re WorldFirst. It seems like well run companies in this business could make decent money so why exit unless there's a very strong reason, and the reuters article bears that out.

Hey, yesterday I came across OFX as an alternative to WorldFirst. According to Nerdwallet it's less middleman cost than most of the others, but it's rated just behind TransferWise overall, it seems mainly because OFX is less easy to navigate and more jargony than TW. But for larger amounts, one would think it makes more sense to use.

Any thoughts, and has anyone had experience with OFX?

spouse of scouse Aug 10th 2019 2:24 am

Re: Transferring Money from the UK to USA
 

Originally Posted by expatrobe (Post 12721138)
Oh thanks MidAtlantic and durham_lad, very interesting re WorldFirst. It seems like well run companies in this business could make decent money so why exit unless there's a very strong reason, and the reuters article bears that out.

Hey, yesterday I came across OFX as an alternative to WorldFirst. According to Nerdwallet it's less middleman cost than most of the others, but it's rated just behind TransferWise overall, it seems mainly because OFX is less easy to navigate and more jargony than TW. But for larger amounts, one would think it makes more sense to use.

Any thoughts, and has anyone had experience with OFX?

I've been using OFX to transfer funds between the UK and Oz for years, have never had a problem and the fx rates have been excellent. Account set-up was online, followed by a phone call from OFX to confirm. Not sure why some think it's difficult to navigate, it's not. Also, for large sums you can call the broker desk and negotiate a better exchange rate.

durham_lad Aug 10th 2019 8:46 am

Re: Transferring Money from the UK to USA
 

Originally Posted by expatrobe (Post 12721138)
Oh thanks MidAtlantic and durham_lad, very interesting re WorldFirst. It seems like well run companies in this business could make decent money so why exit unless there's a very strong reason, and the reuters article bears that out.

Hey, yesterday I came across OFX as an alternative to WorldFirst. According to Nerdwallet it's less middleman cost than most of the others, but it's rated just behind TransferWise overall, it seems mainly because OFX is less easy to navigate and more jargony than TW. But for larger amounts, one would think it makes more sense to use.

Any thoughts, and has anyone had experience with OFX?

There is very little to choose between them. The comparison below concludes that as far as costs are concerned TransferWise is cheaper but OFX is cheaper for larger sums. Both are really good I think.

https://transumo.com/transferwise-vs-ofx/



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