Best way to change USD to GBP

blinko

Hi Guys,

In need of some advice a friend has money in America in USD and he would like to bring some to the UK as he plans to stay over here for 3 - 6 months while working.

Now my question is what is the best way to do this,

Should he wait till the the USD moves favourably

Will it be cheaper to convert the USD into GBP in America or in the UK

You thoughts are much appreciated, thanks

SliAbhaile

http://currencyfair.com

There are many specialist FX brokers. You should do a search here - the subject comes up regularly.

I used Currency Fair twice this year to move EUR to GBP and I got within a gnat's whisker of the inter-bank rate on both occasions. I was very pleased with how simple it was to open an account with them and the transaction was as easy as it can be.

I have no connection with them.

Nicholas-bloody-Parsons

Beware of smaller FX brokers and ones with "too good too be true" rates. Didnt one recently go bust and all the punters money was lost?:mad:

ccbrowning

I use XE (xe.com) to move money back and forth between the US and UK. Any forex service is probably similar...XE has been around a long time, too. I am only a satisfied customer, no other relation.

blinko

savingguru wrote: »

He could send the money to you , using your bic account number (swift code) they be a fee but that would be cheaper then coverting them?

thanks so you reckon I should open a USD account here and hold it for him, nice idea, this i will have to look into aswell

Although it might be easier if he opens an account, I will need to ask him what the exchange rates are in the US for USD to GBP and compare it to here.