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Transferring Money from USA to UK

Transferring Money from USA to UK

Old Jan 6th 2016, 5:54 pm
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Default Transferring Money from USA to UK

Hey all,

Apologies if this has been covered in a previous thread but just wanted to know if anyone could recommend the best way to transfer money from a US bank account (Bank of America) to a UK bank account?

I know that you can do it through the bank itself but from what I understand the fees are very high and have seen adverts for companies that transfer money cross border at a much cheaper rate - wondering if anyone had used these or could recommend any?

Thanks in advance!
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Old Jan 6th 2016, 6:03 pm
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Default Re: Transferring Money from USA to UK

Originally Posted by jfb012 View Post
Hey all, Apologies if this has been covered in a previous thread but just wanted to know if anyone could recommend the best way to transfer money from a US bank account (Bank of America) to a UK bank account? I know that you can do it through the bank itself but from what I understand the fees are very high and have seen adverts for companies that transfer money cross border at a much cheaper rate - wondering if anyone had used these or could recommend any? Thanks in advance!
It's asked and answered on here all the time. Just do a search.
Money transfer specialists are the way to go.
xe.com is often mentioned, although not so popular over recent months.
Transferwise has become more popular.
This link might also be helpful: Foreign Exchange Companies to get Best Currency Exchange Rates
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Old Jan 6th 2016, 6:58 pm
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Default Re: Transferring Money from USA to UK

I use xoom.com for small amounts - flat $5 fee per transfer.
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Old Jan 6th 2016, 7:25 pm
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Default Re: Transferring Money from USA to UK

I used paypal to transfer my money from UK to USA, it was quick and easy and the fees were minimal.
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Old Jan 6th 2016, 7:49 pm
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Default Re: Transferring Money from USA to UK

Originally Posted by abinational View Post
I used paypal to transfer my money from UK to USA, it was quick and easy and the fees were minimal.
and what about the exchange rate?
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Old Jan 6th 2016, 7:51 pm
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Default Re: Transferring Money from USA to UK

PayPal is fine for small amounts (under a few hundred dollars/pounds) but both American and UK banks are for the most part, clueless when it comes to money abroad in "foreign" currencies, and charge a fortune for this "unusual" or "specialised" service.

Like others have said, if the amount is more that a few hundred, best to use a currency tranferrer.
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Old Jan 6th 2016, 7:54 pm
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Default Re: Transferring Money from USA to UK

I think the rate changes day by day. I transferred £846.73, the fee was £8.47 and it worked out at $1243.28 (1.47 rate). In August I transferred a larger amount and the rate was at 1.54.
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Old Jan 6th 2016, 7:57 pm
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Default Re: Transferring Money from USA to UK

I just completed a transfer with Transferwise today. (Checked my UK bank and the money had arrived).

I initiated the transfer on Jan 4th and the estimated arrival date into the UK bank was given as Jan 7th but it arrived a day early. I sent $5,000 which converted to £3,363.37 into my bank. (the fee was $49.50 and exchange rate was $1=0.6794).

I had been using xe.com but have now found Transferwise to be just as easy to use, but with somewhat better rates and fees.
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Old Jan 6th 2016, 9:18 pm
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Default Re: Transferring Money from USA to UK

Originally Posted by abinational View Post
I think the rate changes day by day. I transferred £846.73, the fee was £8.47 and it worked out at $1243.28 (1.47 rate). In August I transferred a larger amount and the rate was at 1.54.
Yes but did you compare their rate to what others were offering at the same time. PayPal doesn't usually offer that good of an exchange rate.
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Old Jan 6th 2016, 9:20 pm
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Default Re: Transferring Money from USA to UK

Originally Posted by lansbury View Post
Yes but did you compare their rate to what others were offering at the same time. PayPal doesn't usually offer that good of an exchange rate.
To be honest, I was just looking for the simplest and quickest way. At the time I checked, paypal had very similar rates to other places so I went with them.
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Old Jan 7th 2016, 5:48 pm
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Default Re: Transferring Money from USA to UK

Originally Posted by abinational View Post
To be honest, I was just looking for the simplest and quickest way. At the time I checked, paypal had very similar rates to other places so I went with them.
Pay Pal generally doesn't offer competitive rates. Sure it is quick and easy, and the numbers look close, apparently close enough for you, but a difference of just one or two cents/pound soon starts to mount up - a one cent difference on $1,000 is a difference of £4.50, on $10,000 it is £45. For this reason I would not recommend Pay Pal for moving more than a couple of hundred dollars.
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Old Jan 7th 2016, 6:15 pm
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Default Re: Transferring Money from USA to UK

Xoom is brilliant can transfer up to $3500 for $5! I used my bank at first but I was getting charges all over the place.. in the usa end and the uk end!
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Old Jan 7th 2016, 6:19 pm
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Default Re: Transferring Money from USA to UK

Originally Posted by nick.simpson19 View Post
Xoom is brilliant can transfer up to $3500 for $5! ....
Again, whether it is "brilliant" depends on how competitive the exchange rate is. Xoom isn't only making the $5 on your transaction.
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Old Jan 7th 2016, 6:19 pm
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Default Re: Transferring Money from USA to UK

Originally Posted by nick.simpson19 View Post
Xoom is brilliant can transfer up to $3500 for $5! I used my bank at first but I was getting charges all over the place.. in the usa end and the uk end!
Xoom is great, but for $3500, but their exchange rate isn't the best even though the flat fee is cheaper. For larger amounts, I would say it's worth looking at your bank or a currency broker. Even if they charge a larger fee the chances are their exchange rate is probably a little better so you will be better off.
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Old Jan 7th 2016, 6:24 pm
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Default Re: Transferring Money from USA to UK

Originally Posted by NatashaB View Post
Xoom is great, but for $3500, but their exchange rate isn't the best even though the flat fee is cheaper. For larger amounts, I would say it's worth looking at your bank or a currency broker. Even if they charge a larger fee the chances are their exchange rate is probably a little better so you will be better off.
You're likely have to be talking about $50k+, or even $100k, before a bank rate is competitive. It is only when you get to such large transactions that you will get a "dealing desk rate".
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