transferring savings from UK to USA
#16
BE Forum Addict
Joined: Sep 2006
Posts: 1,966
Re: transferring savings from UK to USA
I've found Transferwise cheaper than xetrade lately
#18
Conditional Resident
Joined: Apr 2016
Location: IL
Posts: 184
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.
#19
Re: transferring savings from UK to USA
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.
#20
Conditional Resident
Joined: Apr 2016
Location: IL
Posts: 184
Re: transferring savings from UK to USA
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
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
#21
Re: transferring savings from UK to USA
Everyone kept recommending transferwise, i started to read through their help pages and found this.
https://transferwise.com/help/articl...ansfers#/toUSA ....
https://transferwise.com/help/articl...ansfers#/toUSA ....
#22
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,099
Re: transferring savings from UK to USA
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.
#23
Banned
Joined: Jul 2012
Posts: 18
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.
The exchange rate is atrocious at the moment, so think things through.
#24
Re: transferring savings from UK to USA
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.
#26
Re: transferring savings from UK to USA
Perhaps it's a service you're offered after you have obtained a "temporary tax code"?
#27
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,099
Re: transferring savings from UK to USA
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.
#28
Re: transferring savings from UK to USA
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.
#30
Re: transferring savings from UK to USA
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.