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Transferring Money from the UK to USA

Transferring Money from the UK to USA

Old Sep 25th 2019, 9:45 pm
  #16  
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Default 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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Old Sep 26th 2019, 11:47 am
  #17  
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Default Re: Transferring Money from the UK to USA

Originally Posted by albertodb View Post
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
Having never heard of them I checked out their website.

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?
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Old Sep 26th 2019, 9:36 pm
  #18  
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Default 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.
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Old Sep 27th 2019, 6:13 am
  #19  
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Default Re: Transferring Money from the UK to USA

+1 to TW
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Old Sep 27th 2019, 1:18 pm
  #20  
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Default Re: Transferring Money from the UK to USA

Originally Posted by albertodb View Post
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.
I checked both: dualitybanx Ltd and DUALITY BANX LIMITED (which is on Companies House in the UK, and as of the last accounts from 2018 was dormant and had only GBP 100 of share capital) and neither firm is listed as FCA regulated.

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.



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Old Sep 30th 2019, 2:37 pm
  #21  
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Default 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.
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Old Sep 30th 2019, 3:16 pm
  #22  
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Default 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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Old Oct 8th 2019, 7:39 pm
  #23  
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Default 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.
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Old Oct 9th 2019, 2:47 pm
  #24  
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Default Re: Transferring Money from the UK to USA

Originally Posted by BristolUK View Post
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.
Problem solved.
The bank transfer option is now there alongside the new open transfer.

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Old Oct 9th 2019, 7:39 pm
  #25  
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Default 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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