Best Way To Do a Same Currency Money Transfer.

Jordy_mc

Im going to american and need to exchange some money. My sister lives in american and has plenty of dollars that she could send me. In return i'll just put some money in her British account and we can cut out the exchange rate malarky.

What is the best way to transfer money so it stays the same currency?
From america to the uk.

Thanks

callum9999

Jordy_mc wrote: »

Im going to american and need to exchange some money. My sister lives in american and has plenty of dollars that she could send me. In return i'll just put some money in her British account and we can cut out the exchange rate malarky.

What is the best way to transfer money so it stays the same currency?
From america to the uk.

Thanks

Why do you need it in the UK? The best option I can think of, assuming you aren't going to see your sister at any point, is for her to send the money to wherever you're going - for it to be securely sent through the post I'd guess it will need to be in the form of a prepaid card/travellers cheques etc.

Whether that's worth the hassle for a 2% saving I don't know. It seems easier if you could open a 0% fee account - though I don't know if your credit history stops that (even if you can't get a credit card I don't think a N&P or Metro Bank current account should be that hard to get).

I'd imagine any of the normal money sending services like Moneygram or Western Union would convert the amount into Pounds if she sent dollars here electronically (and their fees would most likely make it a waste of time anyway).

Jordy_mc

Yes i won't be seeing my sister. Well i just didn't want to leave it till the point i go to american and something then go wrong.
I was just hoping there's a way a could get a prepaid card and she could put dollars onto it.
For what id transfer it would save about £60.
Im not after it coming in the post, is there an online way of doing it?

Thanks

eDicky

Jordy_mc wrote: »

What is the best way to transfer money so it stays the same currency?

Revolut users can transfer dollars (or pounds / euros) to each other instantly, regardless of their geographic location and without fees, using the smartphone app:

https://revolut.com/

But unless your sister actually needs some funds put in her UK account, you can avoid the 'exchange rate malarkey' by using Revolut to convert your own pounds at the perfect interbank rate (slightly off on weekends). No fees, but note their 'fair usage policy'.

callum9999

eDicky wrote: »

Revolut users can transfer dollars (or pounds / euros) to each other instantly, regardless of their geographic location and without fees, using the smartphone app:

https://revolut.com/

But unless your sister actually needs some funds put in her UK account, you can avoid the 'exchange rate malarkey' by using Revolut to convert your own pounds at the perfect interbank rate (slightly off on weekends). No fees, but note their 'fair usage policy'.

Are there not fees for topping up from the US though? I know US debit cards charge 3% (making it pointless) but I don't know about bank accounts? The website seems to suggest you'd be sending it as a foreign transfer which could be pricey.

This whole idea doesn't seem very feasible to me and if they can't get a card I suggested, your suggestion that they get this card and fund it themselves seems best.

eDicky

callum9999 wrote: »

Are there not fees for topping up from the US though? I know US debit cards charge 3% (making it pointless) but I don't know about bank accounts? The website seems to suggest you'd be sending it as a foreign transfer which could be pricey.

Yes, the sister would be charged something by her US bank to send the dollars to Revolut's USD Barclays account to load her dollar balance, but that's probably cheaper than the 3% fee to load by USD debit card. That's why I pointed to the 'fair usage policy'.

Anyhow, the OP doesn't need his sister involved if he just uses Revolut to get his dollars.

callum9999

eDicky wrote: »

Yes, the sister would be charged something by her US bank to send the dollars to Revolut's USD Barclays account to load her dollar balance, but that's probably cheaper than the 3% fee to load by USD debit card. That's why I pointed to the 'fair usage policy'.

Anyhow, the OP doesn't need his sister involved if he just uses Revolut to get his dollars.

The fair usage policy doesn't state how much it costs to load the card from a US bank account does it? Either way it would most likely be more expensive than the likes of Western Union.

I know he doesn't, that's why I said the exact same thing - why you cut it out of my quote I have no idea!

eDicky

callum9999 wrote: »

The fair usage policy doesn't state how much it costs to load the card from a US bank account does it? Either way it would most likely be more expensive than the likes of Western Union.

I know he doesn't, that's why I said the exact same thing - why you cut it out of my quote I have no idea!

The Revolut fair usage policy only mentions the two instances of charges and the variations from interbank rates. Everything else is totally free, including topping up by bank transfer.

Sorry, I tend to remove from quotes the parts that I am not addressing. I didn't quite get your meaning.

callum9999

eDicky wrote: »

The Revolut fair usage policy only mentions the two instances of charges and the variations from interbank rates. Everything else is totally free, including topping up by bank transfer.

Sorry, I tend to remove from quotes the parts that I am not addressing. I didn't quite get your meaning.

Ah I see what you mean - though US banks will charge for the transfer. Given we both agree it's a bad plan I guess I was being a bit semantic!

No worries - it was basically just agreeing with you anyway (which is why I thought it was odd you cut it out!).