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Transferring Money from the UK to USA

Transferring Money from the UK to USA

Old Jul 17th 2019, 11:25 pm
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Default 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,

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Old Jul 18th 2019, 1:03 am
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Default Re: Transferring Money from the UK to USA

Transferwise has always been my preferred option.
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Old Jul 18th 2019, 12:13 pm
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Default Re: Transferring Money from the UK to USA

Originally Posted by Olly_ View Post
Transferwise has always been my preferred option.
+1 for Transferwise
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Old Jul 18th 2019, 3:28 pm
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Default 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?
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Old Jul 18th 2019, 3:33 pm
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Default 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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Old Jul 19th 2019, 4:58 am
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Default Re: Transferring Money from the UK to USA

Originally Posted by petitefrancaise View Post
+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.
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Old Jul 19th 2019, 7:57 am
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Default Re: Transferring Money from the UK to USA

Another plus one for Transferwise.
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Old Jul 19th 2019, 5:27 pm
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Default Re: Transferring Money from the UK to USA

My son is in the USAF stationed overseas and they recommend Transferwise for their new deployees
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Old Aug 7th 2019, 2:44 pm
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Default 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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Old Aug 8th 2019, 8:01 pm
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Default 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.

Last edited by expatrobe; Aug 8th 2019 at 8:10 pm.
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Old Aug 9th 2019, 4:21 pm
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Default Re: Transferring Money from the UK to USA

Originally Posted by expatrobe View Post

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.
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Old Aug 9th 2019, 4:47 pm
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Default 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.
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Old Aug 9th 2019, 11:14 pm
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Default 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?

Last edited by expatrobe; Aug 9th 2019 at 11:32 pm. Reason: system auto-populated my previous post
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Old Aug 10th 2019, 1:24 am
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Default Re: Transferring Money from the UK to USA

Originally Posted by expatrobe View Post
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.
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Old Aug 10th 2019, 7:46 am
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Default Re: Transferring Money from the UK to USA

Originally Posted by expatrobe View Post
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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