Urgent - Foreign Exchange Conversion
#1
Just Joined
Thread Starter
Joined: Sep 2008
Posts: 10
Urgent - Foreign Exchange Conversion
Hi Everyone...
Can anyone recommend the best way to convert a sum of £ into $. I am moving to Westchester county and need to put a deposit down (2 months rent) for a house. I suspect my bank in the UK will rip me off for the transaction - any suggestions and hints gratefully received!
Can anyone recommend the best way to convert a sum of £ into $. I am moving to Westchester county and need to put a deposit down (2 months rent) for a house. I suspect my bank in the UK will rip me off for the transaction - any suggestions and hints gratefully received!
#2
BE Forum Addict
Joined: Feb 2008
Posts: 3,259
Re: Urgent - Foreign Exchange Conversion
The bank will rip you off....but for amounts that small you may have no option.
UKForex and XEtrade are two commonly used entities on here, but you are usually subject to a minimum transation amount.
UKForex and XEtrade are two commonly used entities on here, but you are usually subject to a minimum transation amount.
#3
BE Forum Addict
Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Re: Urgent - Foreign Exchange Conversion
2 months rent in westchester could be a sizeable amount - $12k easily in some places
#4
BE Enthusiast
Joined: Feb 2006
Location: Maryland
Posts: 667
Re: Urgent - Foreign Exchange Conversion
There is no minimum transaction on XE that I know of - if there is, it is small.
#5
Re: Urgent - Foreign Exchange Conversion
I found that by opening an account in USA and UK for HSBC I can transfer money between the accounts without a fee, I simply have the conversion rate. I am not sure how much time you have, however.
#6
Re: Urgent - Foreign Exchange Conversion
...and have you noticed how they screw you on the conversion rate? You are aware that you're paying for the "no fee" convenience through them taking a significant cut on the exchange, right?
#7
BE Forum Addict
Joined: Sep 2008
Location: Bouncing between Canada and US
Posts: 2,512
Re: Urgent - Foreign Exchange Conversion
I'm just careful when about the moment when I choose to transfer money.
#8
Just Joined
Thread Starter
Joined: Sep 2008
Posts: 10
Re: Urgent - Foreign Exchange Conversion
OK - thx. I have set up an account with ukforex.co.uk as my bank gave me an awful rate of exchange and were going to charge me £25 per transfer on top of that. ukforex had slightly better rates and no one off charges - money in the a/c the following business day. Thx everyone...
#11
Re: Urgent - Foreign Exchange Conversion
My only problem with UKForex/OZForex is that they never reply to e-mails, I've never tried a transaction with them yet because I normally use XE
#12
Re: Urgent - Foreign Exchange Conversion
The banks don't to anything for free. They take their fee from the rate spread.
#13
BE Forum Addict
Joined: Sep 2008
Location: Bouncing between Canada and US
Posts: 2,512
Re: Urgent - Foreign Exchange Conversion
I can't see anything wrong so far.