£50k - most efficient way to convert to dollars?

netfrau

I need to convert around £50k to dollars for deposit in a USD account in £10k tranches. My bank's (Citibank) rates seem pretty uncompetitive, for example at the current 1.33119 (XE.COM Mid-market rates: 2016-07-14 14:14 UTC) their rate is 1.2930 for £10k

So my question is whether there's some service out there which can convert nearer to wholesale money market rates. Also, in a few months I'm hoping to sell my house here (in the UK) (around £600k) and buy one in the US so would appreciate advice from anyone who's already done that about the best way foward on that front too.
Thanks, Martine.

dickydonkin

With the sort of money you are talking about, wouldn't an independent financial adviser be a better option for advice as opposed to an internet forum?

jpsartre

Do you have a US bank account already? If so, you could use a company like Transferwise.

PeacefulWaters

dickydonkin wrote: »

With the sort of money you are talking about, wouldn't an independent financial adviser be a better option for advice as opposed to an internet forum?

Do you know many IFAs who are currency dealers?

dickydonkin

PeacefulWaters wrote: »

Do you know many IFAs who are currency dealers?

Do you know many on here who are currency dealers?

My point was that if I was in the same position as the OP, I certainly wouldn't take the risk of heeding the advice from many of those who post on here...

But you already knew that.

bigadaj

dickydonkin wrote: »

Do you know many on here who are currency dealers?

My point was that if I was in the same position as the OP, I certainly wouldn't take the risk of heeding the advice from many of those who post on here...

But you already knew that.

Fair enough, but an ifa wouldn't be able to help.

There are specialist forex brokers, transfer wise is one example.

Teahfc

U.K. Forex are a great business to deal with, very competitive and efficient.
They do private and commercial with same rates.
Check their web site.
Not connected to them but have done plenty of £150k deals with them

Ask for James.

Icequeen99

When we bought our house in the US we used a company called Moneycorp. I found them pretty good to deal with and the rate was as competitive as I could find.

Have you already got the US bank account - we found it a difficult process to open one, but it probably depends on the State.

IQ

pogofish

50k - that will make for one hell of a holiday!

If you have anything else planned, maybe a more appropriate forum or proper professional advice is in order.

PeacefulWaters

dickydonkin wrote: »

Do you know many on here who are currency dealers?

My point was that if I was in the same position as the OP, I certainly wouldn't take the risk of heeding the advice from many of those who post on here...

But you already knew that.

I'd be quite happy to take recommendations from here, investigate further and make an informed decision.

If I'd investigated your IFA suggestion I'd be wasting my time though.

jonesMUFCforever

Consider a forward contract - a bank can discuss this with you, don't know if a fx broker could.