Getting money to Mum from U.S.

FarFromHome_3 · 12 August 2012 at 4:36PM

I live in the United States, and would like to send my Mum, who lives in England, some money to help with her recurring expenses. I'm open to either setting up a regular monthly payment or paying an annual lump sum. I'm going to be in the U.K. in November. I have a U.S. checking account and U.S. credit cards (Visa, Amex). I don't have any accounts/funds in England. I'm looking for the most cost-effective way of getting money to my Mum, avoiding costly wire or currency conversion fees if possible. I'm open to sending the money from here, or withdrawing cash when I'm in England in Nov. All suggestions welcome. Thank you!!

agrinnall · 12 August 2012 at 6:58PM

Nothing will be cheaper than wiring the money, you just need to investigate the options available to do it cheaply, efficiently and safely. One that is often recommended on here is fx.com, but I've never used them so I have no personal view.

Annual may be best as you'll only pay fees once, although if you happen to choose a time when exchange rates are bad you could lose out. Maybe two or three times a year would give you a better chance of balancing costs and exchange rates.

baby_frogmella · 12 August 2012 at 8:55PM

Xetrade offer competitive exchange rates WITHOUT any transfer fees. I use them now and again and never had a problem. Also keep an eye on transferwise as they easily blow the competition away (~0.45% in fees with inter-bank x-rates), however as of yet they don't deal in USD...but i understand that's in the pipeline.

originator · 18 August 2012 at 12:13AM

bump cos I'm interested

platterfish · 18 August 2012 at 12:28AM

Send the money via paypal from your american paypal to her UK paypal then she can transfer it to her bank account in pounds. If you send it as a gift, and do an e-check from your bank account the fees are less, then they exchange the dollars to pounds and take some commission, however it works out quite a cheap way around it!