Transferring money from USA to UK Bank Account

Khrisjun

Hi All,

Apologies if this isn't really the best place for this but i'm sure someone can provide some insight,

I have a friend in the USA doing a tour with the Marines Band, he is being given an allowance in dollars each day which he has built up a surplus of that he wants to send home but he has this in cash. Can anyone advise the best/cheapest way of getting Cash in Dollars in the USA to a UK Bank account in his or his wife's name?

He's out there for another 2 months and wants to get the cash to his wife so saving it and waiting until he's home isn't really an option.

Any help is appreciated!

Wilkco123

Usually these are called Overseas transfers. Western Union can usually do this, not sure about charges, but I also believe a number of banks can do it as well but again not sure about charges.

All you will need is the beneficiaries IBAN (International Bank Account Number) you can usually find this on your Bank statements and will usually consist of letters and numbers.

Khrisjun

Hi Wilkco,

Thanks for the info, i had read through Western Union transfers but hoped there was something cheaper. Regarding the banks, if he can find a branch that he is a member of then it will be ok but was unsure if any others would be able to help,

eDicky

Using Western Union or banks will cost him dearly in bank charges and unfavorable exchange rate. A substantial percentage will be lost.

There is a cheap or free solution if both he and his wife use smartphones, but a little complicated.

Otherwise, I would just mail the cash. Either in big US bills that his wife will have to exchange in UK, or ideally find someone with cash pounds who needs cash dollars, exchange at the mid rate, then mail home the pounds (£50 notes if possible).

Sam_J12

There are lots of companies tha texchange money between currencies for low fees. Article here about some of them: http://www.moneysavingexpert.com/banking/foreign-currency-exchange

I am going to be transferring a few thousand in Euros to GBP soon so am also investigating this...

agrinnall

The problem in this case is that the money is in USD cash, which rules out most of the usual recommended methods which are fully electronic. I'd agree with eDicky that mailing the cash is probably the easiest option, although a bit nerve wracking until the post actually arrives.

Khrisjun

Thanks all,

Yes agrinnall the problem is the moneys in cash.. Ive said to see if any of the lads in his band want some extra dollars and they can transfer gbp out of their bank to his wifes. If it wasnt for the fact my partner has already lent him some money i would tell him to keep it untill he comes home and ill transfer the equivalent.

Will mention about posting it but i know he doesnt want to do it. Will try and get some time with him when hes back in March to suggest a few things he can do generally for his finances - Dont think ill ever convert him onto here though!

Cheers all

Khrisjun

Just as an update, he ended up using Moneygram, sent $250 and cost $14 to send. Hopefully that can tide them over untill salary comes through with overseas pay and he wont have to transfer anymore.

Thanks for suggestions/comments all.