Transferring US$ in my Barclays account

Cribbean_Colin

I hve recently sold a property in Barbados and the solicitor will send the proceeds by SWIF transfer to my Barclays current account in the UK.
The money will be sent as US$.

How long will it take before the transfer arrives and me being able to draw in it?

grumbler

I think it's 2-4 business days normally, but I remember receiving money on the next day from Australian bookmaker (withdrawal by a bank transfer). AFAIK, the currency doesn't matter.

jonesMUFCforever

I would suggest 3-5 working days?
Is it for a large amount (ie over £50k equivalent?) - if so I would speak to Barclays International department to see if you can fix an exchange rate through a forward exchange contract.

catokelly

I also agree with JonesMUFC if you are sending a large amount of USD, you should inform your bank that you plan to do this, also ask them what kind of rate they will apply (make sure you get a decent rate).

To get the very best possible rate you would be best off using an international money transfer specialist (most will hold a client usd account, and the usd can be transferred directly to their usd account and they will convert the funds into sterling for you at better rates than banks). If you are converting a large amount, even the smallest difference in rate can make a large difference to what you receive!

jonesMUFCforever

catokelly wrote: »

I also agree with JonesMUFC if you are sending a large amount of USD, you should inform your bank that you plan to do this, also ask them what kind of rate they will apply (make sure you get a decent rate).

To get the very best possible rate you would be best off using an international money transfer specialist (most will hold a client usd account, and the usd can be transferred directly to their usd account and they will convert the funds into sterling for you at better rates than banks). If you are converting a large amount, even the smallest difference in rate can make a large difference to what you receive!

OP is RECEIVING money - you can still enter into a forward contract so that you know exactly what the sterling amount will be.

catokelly

Sorry there was a slight mistype in my first paragraph but I was talking about receiving USD (as the 2nd paragraph says...)