tht

I have been with HSBC for nearly 20 years... I don’t think they have ever charged me an explicit fee for anything. The student account I opened actually paid me Pints/GBP100 to switch to them. Regular account was fee free and last 10+ years as premier everything is free, including sending and receiving international wires. While I have a “local” bank in the US as well (never smart to have all your eggs in 1 basket). I have kept HSBC as my primary bank (despite them now closing all branches in CT). The fact that I can have a UK account with my US address is one key factor (rather than having to hide being a USC from them). I understand that you may pay a “fee” in terms of a worse exchange rate, but I always checked that.. back when I had a need to move bigger sums OANDA was one of the ones I used... a rate closer to the market rate but a fixed fee $25 I think... so back then sending a GBP100’s was instant on HSBC and the net cost was lower, sending maybe GBP5,000 was cheaper (and slower, maybe 2-3 day) via a third party like OANDA. I actually used them for work and sent 7 figure sums through them, which really was a saving, although they did call me to say they would need a heads up for transfers that size because they needed to get inventory... obviously I told them that was not possible because it would risk them “adjusting” my rate...

vespucci

Of course if an account works well for you it's worth having but I don't think this is a factor. I had 4 bank accounts in the UK when I moved to the US (it's now down to 2); I haven't needed to hide being a USC from any of them. They send my statements/debit cards to my US address.

angelman

I was an avid xe user until Transferwise exchange rates were too good to miss. XE does allow you to set limit orders which can be useful. I set an order to trade at 1.33 a while back for quite a bit of cash when rates were way down. Almost a year later I finally got the rate somewhat to my surprise and was able to take advantage of a pretty great rate which only lasted a short time. Other than that though Transferwise for sure.

T3G

I recently used TorFX to move mine to the US. Their rates for smaller amounts aren't great - from the research I did, the peer to peer services (such as transferwise) for smaller amounts are better. However, for £25K and above, they have much better rates. The rates for the larger amounts aren't available online, you have to call/email your account manager for the daily rate and they'll tell you what they are. You can also place a limit order and they'll automatically secure the currency for you when it hits that rate. TorFx's service was great, wouldn't hesitate to use them again and recommend them wholeheartedly.

MidAtlantic

I used TorFx routinely for GBP to USD when I first moved here (and before Transferwise even existed). I always found their service excellent and the ability to talk to an account manager was really useful. The only disadvantage I found was that all their transfers are wired and I got hit with significant charges at the US end. I now use Transferwise and appreciate their transfers being by ACH (because they are actually internal to the US) with no added charges.

T3G

I think the charges on the US end depend largely who you bank with and the type of account you have - so yes, worthwhile checking that too when deciding who to go with for the currency exchange. I didn't have to pay any fees on incoming transfers so TorFx worked out great for me.

durham_lad

Exactly. I used to choose the ACH method when transferring my $s to Transferwise until my US bank stopped charging for wire transfers. Now I choose to wire the money because I get more £s. Transferwise always gives the option to do either and shows how cheaper it is for you to send money to them rather than have them pull the money through ACH

BennyBall

Yet another vote for TransferWise. I finally signed up for an account having previously been a WorldsFirst user. The whole setup process was ridiculously easy and straightforward. The conversion rate was good and the processing charge was minimal. The money was in my US bank account when I awoke the next day. The only thing that I failed to do prior to set up was have a copy, back and front of my Virginia driving license that was required as an upload to verify my identity. I quickly snapped the two photos onto my PC and that was that.
The disappearance of WorldsFirst for US customers forced my arm towards TransferWise and I’m delighted with the outcome.

scot47

Just be careful, The seas are full of sharks and scammers !
Heads Up Scam Using Fake Transferwise Site - British Expats

tonrob

Yet another vote for Transferwise. Been using them regularly for years and very easy to use. Just transferred $2000 from my US bank account to my Singaporean one and the funds had arrived and were available to spend in the time it took the confirmation web page to load.

Miles Ramsell

100% recommmed TransferWise!! I’ve used it for the last 5 years and the App is very easy to use, also their customer service are great at quickly resolving any issues.

lansbury

The XE phone app now gives the send rate without doing a transaction. Comparing XE and Transferwise in real time
(11:38am 1/6/21) the XE rate is $1.3337 and TW is $1.3609 less the 0.4% fee.

mt8271

Agreed on Transferwise. They now also have a multi-currency "bank" account that comes with a debit card. That basically gives you the same exchange rate as for transfers, but for small point-of-sale transactions. I've found that extremely useful when travelling or moving to a new country.