Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Urgent - Foreign Exchange Conversion

Urgent - Foreign Exchange Conversion

Old Oct 13th 2008, 9:20 pm
  #1  
Just Joined
Thread Starter
 
Joined: Sep 2008
Posts: 10
Delzchateau is an unknown quantity at this point
Default 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!
Delzchateau is offline  
Old Oct 13th 2008, 9:32 pm
  #2  
BE Forum Addict
 
Joined: Feb 2008
Posts: 3,259
BritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond repute
Default 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.
BritishGuy36 is offline  
Old Oct 13th 2008, 11:57 pm
  #3  
BE Forum Addict
 
Joined: Oct 2004
Location: The Big Apple
Posts: 1,834
Big D has a reputation beyond reputeBig D has a reputation beyond reputeBig D has a reputation beyond reputeBig D has a reputation beyond reputeBig D has a reputation beyond reputeBig D has a reputation beyond reputeBig D has a reputation beyond reputeBig D has a reputation beyond reputeBig D has a reputation beyond reputeBig D has a reputation beyond reputeBig D has a reputation beyond repute
Default Re: Urgent - Foreign Exchange Conversion

Originally Posted by BritishGuy36
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.
2 months rent in westchester could be a sizeable amount - $12k easily in some places
Big D is offline  
Old Oct 14th 2008, 2:40 am
  #4  
BE Enthusiast
 
Joined: Feb 2006
Location: Maryland
Posts: 667
Longy is a splendid one to beholdLongy is a splendid one to beholdLongy is a splendid one to beholdLongy is a splendid one to beholdLongy is a splendid one to beholdLongy is a splendid one to beholdLongy is a splendid one to beholdLongy is a splendid one to beholdLongy is a splendid one to beholdLongy is a splendid one to beholdLongy is a splendid one to behold
Default Re: Urgent - Foreign Exchange Conversion

Originally Posted by BritishGuy36
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.
There is no minimum transaction on XE that I know of - if there is, it is small.
Longy is offline  
Old Oct 14th 2008, 2:56 am
  #5  
Just Joined
 
CelticLC's Avatar
 
Joined: Oct 2008
Location: Los Angeles
Posts: 6
CelticLC is an unknown quantity at this point
Default 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.
CelticLC is offline  
Old Oct 14th 2008, 3:33 am
  #6  
Arrogant ****
 
dbj1000's Avatar
 
Joined: Jan 2004
Location: Plano, TX
Posts: 4,323
dbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond repute
Default Re: Urgent - Foreign Exchange Conversion

Originally Posted by CelticLC
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.
...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?
dbj1000 is offline  
Old Oct 14th 2008, 1:17 pm
  #7  
BE Forum Addict
 
Joined: Sep 2008
Location: Bouncing between Canada and US
Posts: 2,512
DeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond repute
Default Re: Urgent - Foreign Exchange Conversion

Originally Posted by dbj1000
...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?
I have a US Citibank account and UK Abbey. I haven't noticed anything screwy about the exchange.

I'm just careful when about the moment when I choose to transfer money.
DeanUK2US is offline  
Old Oct 14th 2008, 1:21 pm
  #8  
Just Joined
Thread Starter
 
Joined: Sep 2008
Posts: 10
Delzchateau is an unknown quantity at this point
Default 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...
Delzchateau is offline  
Old Oct 14th 2008, 1:53 pm
  #9  
Concierge
 
Rete's Avatar
 
Joined: Apr 2001
Posts: 46,358
Rete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond reputeRete has a reputation beyond repute
Default Re: Urgent - Foreign Exchange Conversion

Originally Posted by Big D
2 months rent in westchester could be a sizeable amount - $12k easily in some places

Thank you. Was just about to write that the rental on a house in Westchester could be as low as $3,500 a month to $10,000 a month depending on size of house and location.
Rete is offline  
Old Oct 14th 2008, 8:41 pm
  #10  
BE Forum Addict
 
Joined: Feb 2008
Posts: 3,259
BritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond reputeBritishGuy36 has a reputation beyond repute
Default Re: Urgent - Foreign Exchange Conversion

Originally Posted by Delzchateau
I have set up an account with ukforex.co.uk
Easy to set up as well wasn't it?

I don't know why XE are so popular, their exchange rates aren't as good as UKForex and XE is a ballache to get set up.
BritishGuy36 is offline  
Old Oct 15th 2008, 4:12 am
  #11  
sas
Forum Regular
 
sas's Avatar
 
Joined: Mar 2004
Location: Scotland
Posts: 106
sas is just really nicesas is just really nicesas is just really nicesas is just really nicesas is just really nicesas is just really nicesas is just really nicesas is just really nicesas is just really nice
Default Re: Urgent - Foreign Exchange Conversion

Originally Posted by BritishGuy36
Easy to set up as well wasn't it?

I don't know why XE are so popular, their exchange rates aren't as good as UKForex and XE is a ballache to get set up.

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
sas is offline  
Old Oct 15th 2008, 1:06 pm
  #12  
Arrogant ****
 
dbj1000's Avatar
 
Joined: Jan 2004
Location: Plano, TX
Posts: 4,323
dbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond reputedbj1000 has a reputation beyond repute
Default Re: Urgent - Foreign Exchange Conversion

Originally Posted by DeanUK2US
I have a US Citibank account and UK Abbey. I haven't noticed anything screwy about the exchange.

I'm just careful when about the moment when I choose to transfer money.
Really? Have you compared the rate on a given transaction with the rate offered by UKForex or XE.com on that same day?

The banks don't to anything for free. They take their fee from the rate spread.
dbj1000 is offline  
Old Oct 15th 2008, 1:29 pm
  #13  
BE Forum Addict
 
Joined: Sep 2008
Location: Bouncing between Canada and US
Posts: 2,512
DeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond reputeDeanUK2US has a reputation beyond repute
Default Re: Urgent - Foreign Exchange Conversion

Originally Posted by dbj1000
Really? Have you compared the rate on a given transaction with the rate offered by UKForex or XE.com on that same day?

The banks don't to anything for free. They take their fee from the rate spread.
Well, I recorded the exchange rate at the time that I requested the transfer - all good when I calculated the exchange for the money received into my US account. Secondly, I can transfer any amount I want without charge - in that there is no minimum amount like £1000 to transfer funds. I've done as little as £20 without problems.

I can't see anything wrong so far.
DeanUK2US is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.