Savings: USD-> GBP now ?

Jonbvn

robledouk wrote: »

apologies for the ignorance but do most banks have pretty much similar interbank exchange rates? Or is a particular bank that you know of more favourable in terms of rate than another bank from your experiences/knowledge?

As it`s Lloyds USD that my late father had, it would be easier and quicker (2 days I was told) to transfer to the Lloyds UK account.......but not sure if Lloyds` rate is not good/to avoid......

As it`s a large amount of USD that I`m looking to exchange I don`t want to be making any rash decisions! thanks again

Phone up LTSB (offshore) to get a better rate than internet banking. However, an FX trader should give you the best rate. MSE has good article about this.

robledouk

Jonbvn wrote: »

Phone up LTSB (offshore) to get a better rate than internet banking. However, an FX trader should give you the best rate. MSE has good article about this.

Thanks for that. Would you happen to know the link to the MSE article by any chance? much appeciated

nzseries1

robledouk wrote: »

Thanks for that. Would you happen to know the link to the MSE article by any chance? much appeciated

It used to be here...
http://www.moneysavingexpert.com/banking/overseas-money-transfers
but it's gone offline :-(

Jonbvn

robledouk wrote: »

Thanks for that. Would you happen to know the link to the MSE article by any chance? much appeciated

These two brokers are well known. There are lots of others.

http://www.hifx.co.uk/personal/money_transfers/overview.aspx
http://www.travelex.co.uk/uk/personal/DFX/default.aspx

robledouk

Jonbvn wrote: »

These two brokers are well known. There are lots of others.

http://www.hifx.co.uk/personal/money_transfers/overview.aspx
http://www.travelex.co.uk/uk/personal/DFX/default.aspx

Thanks for that.

I have not done this sort of thing before. Can anyone explain the process? :confused

I have a USD bank account and I`m looking to change the USD to sterling into my UK account.

How much better can the rate be by a broker? Currently the market rate is 1.60 so how much better could a broker do for me would you say? I have in the region of 80k dollars.

Don`t want to sell myself short should I speak to a broker

Jonbvn

It is quite simple.

1. You 1st have to open an account with the FX broker.
2. Contact broker to agree rate USD to GBP.
3. Transfer USD to broker.
4. Broker transfers GBP to your UK account.

Watch out for bank transfer fees.