narnu

Hi,

I'm not sure if this is the correct place to post this. If not please let me know and I'll ask it there.
However i'm sure this is a commonly asked question but wondered if anyone could offer their help and advice.

I am in the process an application for a visa into the US from the UK by marriage.
Things are going ahead smoothly but there's one thing i'm looking at. Money.

What is the best way (is there such a way) of transfering UK money from a UK bank account into a USA one?


I am looking to help out to pay on wedding costs and such before I can move over and I know there is likely to be charges and payments and what not.
I guess I am just looking to get the best from my money and am interested to know what peoples good/bad experiences are for this and what ways to avoid like the plague.

I was thinking about the "top up card" that has replaced travellers cheques. That way I can put money on there and when she next comes to visit me this year she can just take that with her but I know even that way will come at a cost.

Any help and advice would be appreciated.

captainsensible

Someone I know recommended this to me:

http://transferwise.com/

Looks to be much cheaper than your average bank.

rallybug

The UK Post Office international payments (they use HiFX) are free and arrive in my Wells Fargo account on the next working day (I think that, if I got up early enough to catch the websites opening time, it may even leave the UK the same day).

GeoffM

Depends how much you're transferring. If it's in the tens of thousands and you're in no rush then you might want to start watching the exchange rates - some online transfers like FX do email alerts.

markwm

http://www.xe.com/

narnu

Massive thanks for the feedback. I will be sure to have a read through those links.

At the moment I am just thinking of a couple of thousand pounds. I am under no illusion more will be needed... but I am sure we will have time to plan, prepare and pay for when I get over there but I just wanted to pay my way early on.

Thanks again

BritishGuy36

I always use UKForex, money gets to where it's going in 1-2 days (but I do bank with Barclays, as do they). I've never seen better rates than with UKForex.

UKForex do not charge a fee, but the receiving bank might, if they are so inclined.

Pulaski

xe.com uses ACH's in both the US & UK, so no bank charges a fee at either end.

markwm

HSBC charges a fee at this end.

rumatumtum

http://www.currenciesdirect.com/

They are a British company. No fees, no minimum amount and great rates.

BritishGuy36

It's got nothing to do with who XE uses. It has to do with whether the receiving bank levies a charge or not. Some do, and it doesn't matter who you use to transfer the money, you still get stung for $15-20.

Pulaski

An "ACH" is an Automated Clearing House transaction that is low cost, high volume, and is typically free for the recipient, so I am surprised that HSBC is even aware that it is a "wire". To the receiving bank it would look like any other automate (typically) domestic credit. So unless other credits to your a/c are subject to a fee I don't know why an ACH from xe.com would lead to a fee.

MMcD

As suggested above by "rallybug"......Wells Fargo do NOT charge for receiving incoming EFTs (electronic fund transfers....which I believe is synonymous with ACH transactions - also referred to in this thread):
I receive such transfers monthly and am NEVER charged! Never!
You can set it up for direct deposit into either a chequing or savings account. It's one of the few free services still provided by Wells Fargo.
Be careful however: I believe they WOULD probably charge if the funds were received in pounds sterling rather than dollars; be sure the conversion is done first, before sending, by whatever entity you choose to transfer the money.

GeoffM

I have used XE to do ACH payments to a Wells Fargo personal account and regularly to an HSBC business account, both without fees imposed by the receiving bank.

BritishGuy36

I don't know either. But on the bank statement the fee is described as "inbound wire transfer" .... so they must have a way to figure it out. I'm with 5/3, must just be peculiar to some banks but not others. The credit union I used to have an account with did not charge a wire fee when being accepted from the same forex agent.