Moving to USA

Tedlooney

Hi, my son is moving permanently to the USA this summer. He has about 10k in savings at the moment. I'm guessing that if he opened a US bank account and transferred his savings via the banks he would get ripped off. Can any advise on the best way to transfer or if it would be best to leave his money in the UK bank until the exchange rate improves?

eDicky

Instead of bank transfer he can use a transfer agent (currency broker). There are many, here's a couple of comparison tools:

http://www.mycurrencytransfer.com/

https://www.fxcompared.com/

Results will vary according to the amount to be sent, because of the different ways they charge. Some give the straight interbank rate and charge a percentage fee, other may have no fee but put a margin on the exchange rate, some do both.

Banks usually make a fixed charge per transfer, which may be less than that of brokers when the amount is large, but they always give a terrible exchange rate.

TransferWise and CurrencyFair are popular and reliable agents, and often give the best deals.

Fur lesser amounts, Revolut can be used, interbank rates (weekdays) and no fees.

Nobody can realistically advise which way exchange rates will go. It's probably best to send some at first and some later, as a way of hedging on rates.

Tedlooney

Thanks for info

blindman

How about he uses a UK credit\Debit card to fund his life style and pay off the balance from the UK account?

He would get the best exchange rate and no fees :cool:

Assuming he will be working he wouldn't have to send the whole 10K anyway?

Tedlooney

Actually, that good be a good way to do it, he has the Halifax Clarity card (or an additional card on my account to be exact).

pollypenny

We used Torfx when we gave DS a sizeable contribution to his deposit. That was after comparing rates and on the experience of another poster here who had moved to the USA, selling his British house.

On the day of the transfer, we were kept in touch at every stage. Just as well, I was so nervous. Worth the the risk, though .. HSBC would have taken a big slice.

Tedlooney

Thanks, I think he's going to transfer some of his savings so he can check out which money transfer service suits him, the rest he'll use the credit card.