livinginnyc

Hi everyone

I've been thinking about finally ending FBAR commitments and transferring my UK based accounts to the USA.

Looking through the forums, online.etc it looks like XE.com and transferwise have been recommended in the past, do folks still rate these or are there better services out there? I'm less concerned about speed of transfers.etc moreso on admin fees and transfer rates.

TY!

Glasgow Girl

I've used both but in the past but now only use Transferwise. I’ve been very happy with their service although it does take a few days.

The spot exchange rate is still not good (nothing to do with Transferwise), but currently is as good as it has been in the recent past.

MidAtlantic

Another vote for Transferwise, although it is not my experience that it takes several days. If I log the transaction during the morning EST I normally get the money in my US account the same day, or certainly the next. Much depends on how quickly the transfer of GBP to Transferwise takes place. I always use FPS.

lansbury

I use Transferwise. Just received my monthly transfer in under 12 hours.

SpoogleDrummer

I switched from XE to Transferwise last year as the rates seem better and for some reason XE have stopped me making transfers, no idea why but frankly it's not worth the hassle to fix.

Southernboy123

Another vote for TransferWise here......been sending back and forth for nearly 3 years and no problems at all.

tom169

Transferwise is good. Used it for years back and forth.

livinginnyc

Thanks guys! Think i'll be setting up an account with them shortly!

cautiousjon

Have you got any UK pensions? If so, you'll likely still need to fill in FBAR every year...

livinginnyc

No I dont have pensions in the UK, but I do have multiple bank accounts - all reported via FBAR

penguinsix

I would recommend keeping at least one account, even if there is just £500 or something in it (i.e. below the FBAR limits). Opening an account once you have left can be a real pain, and it's probably worth keeping at least one active.

Beraider

+1

durham_lad

+2

tht

HSBC just added a new service similar to the XE and TransferWise... compared the rate to TransferWise on a USD to GBP. Was about 1p lower (worse), will be interested to compare during “market hours” no fee, it says it is real time, but limits you to sending to other HSBC so may not be of much use beyond transferring to myself for small things like Class 2 NI.

“Here's a reminder of all the benefits you'll enjoy with your HSBC Global Money Account.

Great Foreign Exchange (FX) rates1 and instant conversion
You now have 24x7 access to instant FX rates, so you can change money whenever you want. The HSBC Mobile Banking app2 makes it super easy. Switch from USD to EUR, or GBP to HKD with a couple of taps.

Exchange now and use it later
Convert your money to a particular currency when the rate is in your favor and save it until you need it. Your Global Money Account can hold USD, CAD, EUR, GBP, AUD, NZD, SGD and HKD.

Instant, no-fee international transfers3
Once you've converted your money, you can send it to any eligible HSBC account in the world instantly. There are no fees for you, and for your family or friends to receive money instantly.”

vespucci

Beware "no-fee" transfers. I had a UK and a US HSBC account some years ago and did a "no-fee" transfer between the two and found that I was ripped off. I closed my account and have long been using Transferwise.