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, |
Re: Transferring Money from the UK to USA
Transferwise has always been my preferred option.
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Re: Transferring Money from the UK to USA
Originally Posted by Olly_
(Post 12711755)
Transferwise has always been my preferred option.
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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? |
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.
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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? |
Re: Transferring Money from the UK to USA
Another plus one for Transferwise.
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Re: Transferring Money from the UK to USA
My son is in the USAF stationed overseas and they recommend Transferwise for their new deployees |
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/
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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. |
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]? |
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. |
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? |
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? |
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? https://transumo.com/transferwise-vs-ofx/ |
Re: Transferring Money from the UK to USA
Hi, also have a look at dualitybanx.com, the fees are fixed so could be worth checking it out for transfers over €5k etc. They are fully regulated in all US states
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Re: Transferring Money from the UK to USA
Originally Posted by albertodb
(Post 12740215)
Hi, also have a look at dualitybanx.com, the fees are fixed so could be worth checking it out for transfers over €5k etc. They are fully regulated in all US states
They do not appear to be a straightforward money transfer outfit. Their warning, "It is important to understand that with Dual Currency Placements capital is at risk" certainly puts me off. Also I could not find anything on their website saying they are licensed in every US state. Maybe I missed it. The fact that you have posted exactly the same thing in three places makes me wonder do you have some connection with them? |
Re: Transferring Money from the UK to USA
HI, for full disclosure, I am the Co-founder, we are pretty new.
I cannot put a link in here but if you go to the website and click the button 'Send money abroad now' you will be presented with a short form to complete. This will then take through to our partner site. Scroll to the bottom and click the 'Regulation' link and you will see the full list of regulatory licenses ( Europe, USA, Canada, Australia, New Zealand, Jersey, Switzerland, Hong Kong and Singapore) . The warning about Dual Currency Placements you refer to, concerns a different product line which is not yet available but will be coming soon and not the Money Transfer side of the firm. Apologies for any confusion, none intended, happy to answers any further questions. |
Re: Transferring Money from the UK to USA
+1 to TW
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Re: Transferring Money from the UK to USA
Originally Posted by albertodb
(Post 12740744)
HI, for full disclosure, I am the Co-founder, we are pretty new.
I cannot put a link in here but if you go to the website and click the button 'Send money abroad now' you will be presented with a short form to complete. This will then take through to our partner site. Scroll to the bottom and click the 'Regulation' link and you will see the full list of regulatory licenses ( Europe, USA, Canada, Australia, New Zealand, Jersey, Switzerland, Hong Kong and Singapore) . The warning about Dual Currency Placements you refer to, concerns a different product line which is not yet available but will be coming soon and not the Money Transfer side of the firm. Apologies for any confusion, none intended, happy to answers any further questions. https://register.fca.org.uk/ I also searched with your name from the website: Alberto Mariconda and you are listed on the FCA register, but you have not been registered since December 2015. The link at the bottom of the page goes to Silicon Rhino page which looks like you had a 3rd party build the site: "We are a London-based development team who specialise in developing minimum viable products and complex systems." Clicking on the "Send Money Abroad Now" link takes you to a page where you fill in some personal details and then it takes you to another page. That says International payments are Powered by TransferMate, googling that name takes you to a similar site, but with TransferMate as the main name / url. The regulation link you mention is there, and that then has the t/a name of InterPay Ltd which does show as Regulated by the Irish Central Bank: Financial Service Provider Profile Looking at that site there is a partnerships link: https://www.transfermate.com/en/partners.html So basically your site is a reseller/referral link to another service provider. |
Re: Transferring Money from the UK to USA
Another vote for transferwise, started using them when they were a startup and to my mind have just gone from strength to strength. I find their multicurrency 'borderless banking' very handy, and also the convenience of the app. Certainly for transfers from the UK, the transfer of funds from a UK bank account into transferwise is now instantaneous too. I do find it takes longer to transfer to the US than other countries however - hold up obviously I'm the US banking side. Couple of working days to the US usually, whereas some other countries in Europe or SE Asia, it's nearly as instant as it is to/from the UK.
Another one I've still got an account for is currencyfair which at one point in time had some advantages over transferwise but not so much nowadays. |
Re: Transferring Money from the UK to USA
I have been using Revolut for a while and the card works well both for spending in US in $ and sending $ from my uk £ bank. I did a comparison today and Revolut offered $1.2335 and Transferwise was $1.2287 so $5 per £1K exchanged in Revolut's favour.
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Re: Transferring Money from the UK to USA
I'm a TransferWise user too.
Here's a potential problem but it may only be transfers to Canada. I did my latest monthly transfer and noticed a change yesterday. The bank transfer option - where it gives you an account number and sort code, which you input on your UK bank site (using a card reader as a one time thing) - is now coming up as Open Transfer and my UK bank is not listed. Is was not listed previously either, but I could select 'other' and it worked fine. But now it says only those listed. I had to revert to my previous method - inputting debit card details. But my UK bank has recently announced a further security step to be introduced when using debit card and it requires contact via a UK mobile phone which I don't have. If the UK bank doesn't have an easy workaround, I may have to open a TW account and have my UK pension paid in or find another transfer service. |
Re: Transferring Money from the UK to USA
Originally Posted by BristolUK
(Post 12745648)
The bank transfer option - where it gives you an account number and sort code, which you input on your UK bank site (using a card reader as a one time thing) - is now coming up as Open Transfer and my UK bank is not listed.
The bank transfer option is now there alongside the new open transfer. |
Re: Transferring Money from the UK to USA
I would recommend HiFX (an FX broker) that I’ve used lots of times for larger sums of money. I believe it has now been taken over be xe.com |
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