cheapest way of transferring money from the UK to the USA

kjfmuttie

Hi and thank you in advance for reading this.

I need to transfer a small amount of money (about £100) to a friend in California to pay a phone charge I incurred while staying with him.

Has anyone used Azimo, HiFx, Transferwise? I am finding it difficult to ascertain what precise banking information I need to get from him. Also I've learned that using something called SWIFT is costlier than other means. It seems quite intrusive to have to ask for bank account numbers, etc. To use my bank would be very costly with their charges.

Can anyone give me any advice please??

grumbler

Check mycurrencytransfer.com and fxcompared.com for other possibilities.

A primitive bank transfer is always not the cheapest option.

I think a IBAN and a bank name will suffice, but just in case you can also ask your friend for a SWIFT code as well.

mgdavid

kjfmuttie wrote: »

......... It seems quite intrusive to have to ask for bank account numbers, etc. .......

eh? odd thing to say.. No different from online payment or standing order or DD - you have to know 'who' you are paying! I cannot think of another way unless you fly there and give them cash.
Have a look at CurrencyFair.com (other FX brokers are available).

grumbler

mgdavid wrote: »

I cannot think of another way unless you fly there and give them cash.

E-wallets like Paypal, Skrill (Moneybookers), Neteller?

kjfmuttie

These sites are so difficult to compare. With Paypal, for example, the exchange rate is extremely poor - 1.14 to the pound but charges are included. I expect there would be charges to my recipient at the other end also. Thanks anyhow.

reclusive46

I generally use Transferwise.

mgdavid

grumbler wrote: »

E-wallets like Paypal, Skrill (Moneybookers), Neteller?

very good point, I'd overlooked paypal etc. And is a Paypal 'gift' transaction still free / inclusive of charges?

dazza.mk

grumbler wrote: »

Check mycurrencytransfer.com and fxcompare.com for other possibilities.

A primitive bank transfer is always not the cheapest option.

I think a IBAN and a bank name will suffice, but just in case you can also ask your friend for a SWIFT code as well.

America hasn't signed up to use IBAN so would need local banking details along with the SWIFT code.
https://www.bankofamerica.com/deposits/manage/faq-wire-transfers.go

COIAHLGW

Transferwise has been friendly to me, and also credits on the same day if going to a Bank of America account (they must use them as the intermediary bank for the transfer).

It's not instant, but usually shows up before the end of the working day. Other banks may be subject to the 2-3 days they quote so bear this in mind.

dzug1

Cash in the mail??