Transferring large sum in UK account with currency exchange

UHF

Hello I work abroad and am paid in US Dollars. If I wanted to transfer $150,000 to my UK Barclays sterling account at some point this year, is there any advice? I would prefer to avoid using some third-party currency exchange company. At the moment, I can transfer smaller amounts into a 'special' account my foreign bank has given me, that automatically transfers at a 'better' rate.
Many thanks.

eDicky

Fineco Bank UK may be of interest to you, also the TransferWise Borderless account.

colsten

UHF wrote: »

I would prefer to avoid using some third-party currency exchange company.

Specialist currency exchange services, such as Transferwise, offer the best exchange rates and the lowest fees.

UHF wrote: »

At the moment, I can transfer smaller amounts into a 'special' account my foreign bank has given me, that automatically transfers at a 'better' rate.

If your rate + fees is truly 'better' (than what?), you might as well stick with it.

Transferring in smaller amounts might be the best approach as AFAIK, no bank or currency exchange company offers FSCS or similar protection.

PRAISETHESUN

As above, you WILL want to use a third party specialist currency transfer service, particularly for a transfer of such a large amount, otherwise you will get ripped off with the exchange rate and/or transfer fees. Transferwise is my go to for international transfers, otherwise see here: https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

There should also be specialist services in the US that you could tap into - although as this is a UK forum, I'm not sure how much folks here will know about them.

UHF

Thanks for the replies. Do I need to make arrangements with Barclays to avoid looking like an international criminal if large sums are moved?

colsten

Think about it. If all that was needed to avoid AML procedures is to 'make arrangements' with a bank, what do you reckon serious money launderers would be doing? Although it can't do any harm if you advise them of a large sum about to come in. It might enable them to start any checks they might want to do before the money actually lands.

UHF

Well presumably you're expected to contact your bank to discuss large transactions rather than just do it and get your accounts frozen, pending investigation.

PRAISETHESUN

UHF wrote: »

Thanks for the replies. Do I need to make arrangements with Barclays to avoid looking like an international criminal if large sums are moved?

I personally would advise Barclays that you are expecting a large payment to be made into your account. I would also get some documentation of the source of the funds in case they ask for it. This should help limit/speed up any account action Barclays may take.

Flobberchops

UHF wrote: »

Well presumably you're expected to contact your bank to discuss large transactions rather than just do it and get your accounts frozen, pending investigation.

Not really. Bank staff have no ability to whitelist future transactions. It's a good idea to have keep proof of source of funds just in case one of your payments is queried, but a lot of AML/fraud checks are reactive and automated.

Marchitiello

This looks like an ideal scenario for the Fineco bank UK multi currency account. You swift transfer the US dollar amount into Fineco US dollar account. Then convert it within the same sub accounts to the GBP account and transfer it as you wish to a UK bank account, albeit you need to look into which bank do not treat it as a foreign incoming payment... I use Nationwide to receive GBP from Fineco and they do not apply charges. In my experience this is cheaper then Transferwise as there are no fees at all for the conversion... just need to make sure you do not pay fees for transfers in and out of Fineco with other banks.

brianposter

colsten wrote: »

Specialist currency exchange services, such as Transferwise, offer the best exchange rates and the lowest fees.

If your rate + fees is truly 'better' (than what?), you might as well stick with it.

Incorrect. Specialist currency exchange services, such as Transferwise, do offer better exchange rates and lower fees.
However foreign exchange brokers offer the best exchange rates and no fees. You simply need to learn a little before you use them.