Transfering Money

AirForceOne

Hi


Not sure if this is the correct thread for this...


I have money sitting in a US bank account from the sale of a property and I want to transfer it back to my UK Bank account. I bought the property 10 years ago but with the US market crashing I couldn't sell as I would have lost a lot of Money. Now, with the exchange rate in my favour I've sold up and just want to get my cash back home. I haven't made any money just about broke even really. So any advice on my issue would be greatly appreciated. I would be using someone like HiFX to transfer the money.

eskbanker

AirForceOne wrote: »

So any advice on my issue would be greatly appreciated. I would be using someone like HiFX to transfer the money.

I think you're answering your own question - the advice on here will typically be to use a currency broker to transfer the money! If you haven't already done so, then read through http://www.moneysavingexpert.com/banking/foreign-currency-exchange for MSE's assessment of the options.

colsten

HIFX might not offer the best rates. Use a comparison site such as https://www.fxcompared.com/

I have used Transferwise myself several times and am very happy with them.

You don't say how much money is involved but it sounds as if it could be a larger sum. In which case it might be prudent to split the transfers into smaller packets as I don't think any of the transfer firms are part of any protection scheme. Also worth advising your receiving UK bank that a larger amount(s) is about to land so they don't block your account for money laundering investigations. Hopefully you do have money in a second current account anyway.