brixham

I am looking to move to USA how do I arrange getting money from
my brutish bank account transferred to the USA. Are there certain conditions, opening a bank account in the US?
Does my Barclays account let me transfer money via Bank of America.

Any advice

YouWantFriesWithThat

Hi,

I can't speak about the conditions of opening a bank account in the USA (a little more info about your personal situation will assist others in helping you here).

Re sending money from a British bank account to USA - my advice is to you is never ever use a 'highstreet' bank to transfer money overseas. Unless Barclays are unlike any other bank I've come across then they will not offer you the best rate that you could get.

The difference in exchange rate offered is usually small but nevertheless very significant - the significance obviously gets bigger the larger the amount of money. They will tell you "Oh, we don't charge any fees" - beware; their fee is in the poorer rate that they gave you!!

Here's an example:

Let's assume the main stream rate is 1.6 US$ to the £.

A high street bank might offer say 1.52 US$ to the £. A reputable currency converter like HIFX (I have nothing to do with them, btw) might offer you 1.58 US$ to the £. Not much of a difference you might think - except when you do this sum:

£10,000 @ 1.52 = $15,200
£10,000 @ 1.58 = $15,800

So that's $600 right there and that's with only a 6 cent difference. The difference will usually be much greater than this.

Tip: whenever getting quotes for exchanging currency, always ask "how many (x amount) US$ will (x amount) £ buy me, including any fees?" If you don't ask that way you'll get told what a great exchange rate you're getting and the fact that there's no fees. No fees mean diddly squat if you're getting a poor rate. In the above example the bank is making the difference between the overall rate of exchange and the one they offer you.

A recent example from someone I know was this:

£50,000 @ 1.50 Bank = $75,000 (non fees)
£50,000 @ 1.57 online currency converter = $78,500 (no fees)

Obviously some people might like the 'peace of mind' that dealing with a high street bank may bring. However, there are a lot of very reputable organisations out there who will give you a far better rate and save you a lot of money. Take your time and do a some research into the rates you can get, you might be surprised!! (Obviously when doing your comparisons do it all on the same day so that the overall rate doesn't change, otherwise you won't be comparing like with like.)

brixham

I am looking to move to USA how do I arrange getting money from
my brutish bank account transferred to the USA

Can I cash a british cheque in a US bank?

I want to transfer money electronically to the USA
I haven't got a bank account yet there?

Is barclays linked to Bank of America ?
Can I transfer money from Barclays to a Bank of America account?

I know I can withdraw money with my British debit card?

any advice?

ian-mstm

Yes - read the suggestion already given... and perhaps find a better forum to post in. This one deals with marriage-based immigration, and your question is not immigration related.

Ian

Noorah101

Moved to USA forum.

Rene
Moderator

chartreuse

Hey, I know we're all down on bankers, but don't you think that's going a little far?

Poppy girl

So you have a visa right?

Jerseygirl

I was wondering when someone would ask the $64,000 question.

Poppy girl

Its gotta be done matey, no use keeping the thread going if its a pipe dream

Next stop Florida lol

Elvira

OP is a man of few words.

And the words are all the same...

Jerseygirl

I know...should we take odds on the reply.

Poppy girl

Be nice to be proved wrong hey!

chartreuse

Nice, but, I suspect, unlikely...

candy wy.

you are all so mean

Poppy girl

This is the same Candy I know making that statement right