Selling US dollars....

Victorthe2nd

Hi, apologies if this question is on the wrong forum....My son has returned from the USA to take a job in the UK. He has emptied his US bank account, and has $10,700 in cash to change to sterling. I wondered if anyone has used one of the many forex bureaux that seem to offer much better rates than the Banks, but mean I have to post the cash to them.....I'm a bit scared of doing that for such a large amount. I don't live anywhere near London, so physically visiting the bureau is not an option.

Just wondered if anyone had a view here? Is it safe to use these bureaux by post, or would you settle for the lower rate / less risk?

For what its worth, NatWest website today advised 1.7704 and a bureau rate seems to be around 1.64, so a difference of around £500!!!!

baby_frogmella

Posted foreign cash to ace fx in London loads of times from the Scottish islands and never had a problem, obviously use special delivery or courier. They might give you better than their advertised rates if you call them and tell them you wish to exchange ~$10k.
https://www.ace-fx.com

grumbler

http://travelmoney.moneysavingexpert.com/buy-back/

I know, this doesn't answer your question about the safety.

mgdavid

Victorthe2nd wrote: »

.......My son......... He has emptied his US bank account, and has $10,700 in cash ........ means I have to post the cash ............

Why is your son not doing this himself?
Be wary of money laundering rules and regs - he should do it himself and be prepared to produce supporting docs to evidence its legality.

benjus

baby_frogmella wrote: »

Posted foreign cash to ace fx in London loads of times from the Scottish islands and never had a problem, obviously use special delivery or courier. They might give you better than their advertised rates if you call them and tell them you wish to exchange ~$10k.
https://www.ace-fx.com

I don't often use Bureaux de Change but if I do, it's usually this one as they have a counter near my work in Canary Wharf (not via post though, obviously). Posting should be fine, but remember that the Special Delivery guarantee only covers up to a certain amount, so you will have to send in batches to get full protection.

brendon

Why can you not open a USD account here, then do the transfer electronically (perhaps by TransferWise).

grumbler

It's worth noting that an electronic transfer from a UK USD account will be charged as and international transfer.