Selling US Shares, changing $ to £.

SavvySaver999

I have some US shares that are held in a US based nominee account, I wish to sell these shares and convert the $ to £. Historically I have sold some US shares, taken the proceeds as a $ cheque and then deposited the $ cheque into my sterling UK bank account. However this takes several weeks (typically 8 weeks) to change from $ to £'s and costs about £75.

Does anyone know of a quicker, and cheaper method?

Many thanks.

bigadaj

You could look into currency brokers like hifx and similar companies with fx in their name.

I've no experience but they off better rates than banks and have positive reviews though no Fscs guarantee in most cases I believe.

SavvySaver999

Thanks Bigadaj, I have tried them but there is a problem that you do not have a named account with them and my US broker will not transfer money to a third party (money laundering regulations).