Englishmum

We're going to need to send money across to the UK on a regular basis as our eldest is about to start university there, (perhaps monthly) as opposed to just occasionally wiring money across.

I know that Citibank has a service with a flat fee of $10 with no transaction fees (http://www.c2it.com) but I've been comparing today's rates with another website, http://xe.com to wire money across:

With Citibank the US$1 = 0.608 British pence

With Xe.com the US$1 = 0.6237 British pence (I haven't found out their wire fees but transaction fees are free).

That's a big difference when one is sending a large sum overseas so Citibank's rates seem poor - in our case we could 'lose' about 200 pounds if we use Citibank!!!.

Has anyone ever used xe.com and were they safe and efficient?

Our bank charges a flat fee of $25 regardless of the sum - but I've been trying to get hold of them via the phone and just keep pressing digit after digit and put on hold all the damn time...and I only want to ask them their exchange rate for today....grrrrr!!!

tony_2003

Here's a currency converter http://www.xe.com/ucc/

Your bank will probably be your best option. Another option is to open up an account in the U.S and send him a checkbook. When my American wife was in the UK she could even access her money via the cashline machine and was only ever charged for the conversion rate, no other fees. Ask your bank about it.

Vicky88

Why not just give him an ATM card linked to an account here in the US. YOu will get charged ATM fees either end, but not sure how much you intend to let him have every month. He might be able to make 1 withdrawal a month and that way your fees will be less.

Webbie

What ? You want to send a simian by telegraph ?!



(Decided that this forum needs to be a bit more Pythonesque, so ignore anything posted by me that looks a bit silly.)


"Blessed are the cheesmakers."

Englishmum

Eeek! I eventually managed to get through to Chase bank and the British pound is very strong right now; 1 GBP = $1.72 at today's exchange rate!!! (Wasn't it about the $1.40s not so long ago?)

No way would we give our daughter a bank card linked to our bank, she would soon have us in debt! (Even she says she doesn't want a credit card as she knows she's useless at budgeting - for example there might be a concert on so she would go ahead and buy tickets for herself and friends, regardless of whether she could afford it or not).

She's already got her own UK current account, but as she's off to uni it's going to take a couple of months at least until her student loan comes through so we're paying for the deposit and rent for her college accommodation in Halls.

Pimpbot

I think $1.72 is the bank rate and not the same as the tourist rate which I believe is around $1.54 right now.

Vicky88

All you have to do is set up a separate account and keep limited funds in there. She could take the money out once a month and deposit it into her UK account. YOu would be able to avoid the $20+ transfer fee that way. It's just an ATM card, not credit available.

alford

I have recently used XETrade (I assume
that is what you mean?) to transfer lots
of money, and they were safe, efficient,
and MUCH better value than any bank.