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  • FIRST POST
    • AirForceOne
    • By AirForceOne 18th Mar 17, 9:03 AM
    • 1Posts
    • 0Thanks
    AirForceOne
    Transfering Money
    • #1
    • 18th Mar 17, 9:03 AM
    Transfering Money 18th Mar 17 at 9:03 AM
    Hi


    Not sure if this is the correct thread for this...


    I have money sitting in a US bank account from the sale of a property and I want to transfer it back to my UK Bank account. I bought the property 10 years ago but with the US market crashing I couldn't sell as I would have lost a lot of Money. Now, with the exchange rate in my favour I've sold up and just want to get my cash back home. I haven't made any money just about broke even really. So any advice on my issue would be greatly appreciated. I would be using someone like HiFX to transfer the money.
Page 1
    • eskbanker
    • By eskbanker 18th Mar 17, 12:48 PM
    • 5,005 Posts
    • 4,752 Thanks
    eskbanker
    • #2
    • 18th Mar 17, 12:48 PM
    • #2
    • 18th Mar 17, 12:48 PM
    So any advice on my issue would be greatly appreciated. I would be using someone like HiFX to transfer the money.
    Originally posted by AirForceOne
    I think you're answering your own question - the advice on here will typically be to use a currency broker to transfer the money! If you haven't already done so, then read through http://www.moneysavingexpert.com/banking/foreign-currency-exchange for MSE's assessment of the options.
    • colsten
    • By colsten 18th Mar 17, 12:56 PM
    • 8,593 Posts
    • 7,217 Thanks
    colsten
    • #3
    • 18th Mar 17, 12:56 PM
    • #3
    • 18th Mar 17, 12:56 PM
    HIFX might not offer the best rates. Use a comparison site such as https://www.fxcompared.com/

    I have used Transferwise myself several times and am very happy with them.

    You don't say how much money is involved but it sounds as if it could be a larger sum. In which case it might be prudent to split the transfers into smaller packets as I don't think any of the transfer firms are part of any protection scheme. Also worth advising your receiving UK bank that a larger amount(s) is about to land so they don't block your account for money laundering investigations. Hopefully you do have money in a second current account anyway.
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