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transferring savings from UK to USA

transferring savings from UK to USA

Old Jun 22nd 2016, 12:46 am
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Default Re: transferring savings from UK to USA

I've found Transferwise cheaper than xetrade lately
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Old Jun 22nd 2016, 1:43 am
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Default Re: transferring savings from UK to USA

Originally Posted by augigi
I've found Transferwise cheaper than xetrade lately
So has everybody. Xe went south when they were bought by Western Union a few years ago.
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Old Jul 3rd 2016, 2:17 pm
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Default Re: transferring savings from UK to USA

Does anyone know if hsbc uk and hsbc usa will apply charges to the swift transfer that transferwise uses? i want to move £50,000.00 from the UK > USA when I'm ready and just debating if i should do it in 1 lump sum or multiples to keep it under the swift limit.
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Old Jul 3rd 2016, 2:38 pm
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Default Re: transferring savings from UK to USA

Originally Posted by Mangaboy84
Does anyone know if hsbc uk and hsbc usa will apply charges to the swift transfer that transferwise uses? i want to move £50,000.00 from the UK > USA when I'm ready and just debating if i should do it in 1 lump sum or multiples to keep it under the swift limit.
What is "the SWIFT limit"?

Moving multiple amounts under £50k will likely cost you a little on a poorer exchange rate, and might concern the receiving bank if done over just a few days - remember HSBC was recently fined a HUGE amount for not keeping proper tabs on what their customers were up to, among other things, and breaking a lump sum up into smaller amounts looks like you're trying to hide something.

That said, moving part of the money once a month or so for 3-4 months would average out any volatility in the exchange rates.

Last edited by Pulaski; Jul 3rd 2016 at 2:46 pm.
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Old Jul 3rd 2016, 2:52 pm
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Default Re: transferring savings from UK to USA

Originally Posted by Pulaski
What is "the SWIFT limit"?
Everyone kept recommending transferwise, i started to read through their help pages and found this.

https://transferwise.com/help/articl...ansfers#/toUSA

but i was unsure if this just applied to the USA only dealings or if when i transfer from GBP to USD accounts i would get charged. so was hopping if anyone had done it recently would know otherwise i'll contact them direct and find out

Last edited by Mangaboy84; Jul 3rd 2016 at 2:55 pm. Reason: extra
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Old Jul 3rd 2016, 3:00 pm
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Default Re: transferring savings from UK to USA

Originally Posted by Mangaboy84
Everyone kept recommending transferwise, i started to read through their help pages and found this.

https://transferwise.com/help/articl...ansfers#/toUSA ....
That's nothing to do with SWIFT, that is just what Transferwise is setting for limits, probably to avoid both businesses and "high risk" customers looking to move millions.
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Old Jul 3rd 2016, 3:02 pm
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Default Re: transferring savings from UK to USA

Originally Posted by Mangaboy84
Does anyone know if hsbc uk and hsbc usa will apply charges to the swift transfer that transferwise uses? i want to move £50,000.00 from the UK > USA when I'm ready and just debating if i should do it in 1 lump sum or multiples to keep it under the swift limit.
If you have HSBC accounts in both the UK and US have you had a quote from them on doing a "Global Transfer" for £50k? I believe the fees are zero for HSBC to HSBC, so if you can get the same foreign transaction rate (1%) as Transferwise that may be an option.
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Old Jul 7th 2016, 6:13 pm
  #23  
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Default Re: transferring savings from UK to USA

As things stand l'd try to have an open line of money movement with Transferwise (you'll need a UK account & a USA account) & only transfer what you need until the GBP strengthens.
The exchange rate is atrocious at the moment, so think things through.
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Old Jul 7th 2016, 6:44 pm
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Default Re: transferring savings from UK to USA

Originally Posted by durham_lad
If you have HSBC accounts in both the UK and US have you had a quote from them on doing a "Global Transfer" for £50k? I believe the fees are zero for HSBC to HSBC, so if you can get the same foreign transaction rate (1%) as Transferwise that may be an option.
Most of the reports on BE are that retail funds transfers between GBP and USD within HSBC are at a very poor exchange rate compared to the popular on-line FX broker-remitters.
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Old Jul 7th 2016, 6:49 pm
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Default Re: transferring savings from UK to USA

Originally Posted by britmick
have an open line of money movement with Transferwise
What is an "open line of money movement"?
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Old Jul 7th 2016, 6:56 pm
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Default Re: transferring savings from UK to USA

Originally Posted by lansbury
What is an "open line of money movement"?
Perhaps it's a service you're offered after you have obtained a "temporary tax code"?
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Old Jul 7th 2016, 8:58 pm
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Default Re: transferring savings from UK to USA

Originally Posted by Pulaski
Most of the reports on BE are that retail funds transfers between GBP and USD within HSBC are at a very poor exchange rate compared to the popular on-line FX broker-remitters.
Good to know. I just thought that since the OP has an account in both countries and wants to move a lot of money (all his savings) he could ask what rate he could get. No harm in asking.
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Old Jul 7th 2016, 9:01 pm
  #28  
 
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Default Re: transferring savings from UK to USA

Originally Posted by durham_lad
Good to know. I just thought that since the OP has an account in both countries and wants to move a lot of money (all his savings) he could ask what rate he could get. No harm in asking.
You make a fair point, and for larger amounts (think USD-six figures) bank "dealing desk rates" can be competitive with the on-line FX brokers.
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Old Jul 7th 2016, 9:25 pm
  #29  
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Default Re: transferring savings from UK to USA

Originally Posted by lansbury
What is an "open line of money movement"?
In laymans' terms it means to open an account.

< snipped >

Last edited by BEVS; Jul 7th 2016 at 10:00 pm. Reason: This is not OK
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Old Jul 7th 2016, 9:33 pm
  #30  
 
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Default Re: transferring savings from UK to USA

Originally Posted by britmick
In laymans' terms it means to open an account. ....
You can't open "an account" with Transferwise, or any other FX broker-remitter, because they are only licenced to remit funds, not hold them. If they opened accounts and held customer money they would have to be registered and licenced as a bank or similar depositary institution.
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