We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Help with receiving money from USA

Lei1809
Posts: 1 Newbie
Hey all! I’m sorry if I’ve posted this in the wrong section, I wasn’t sure where to put it.
I recently won a cash prize of $10,000 and I’ve been told I can receive it either via direct deposit or via PayPal. From what I’ve heard, both will charge hefty fees. I’m currently with TSB and finding out how much they will charge when converting is proving difficult. Does anyone have any ideas? Or advice on how I should choose to receive it?
Thanks in advance for any help! It’s much appreciated!
I recently won a cash prize of $10,000 and I’ve been told I can receive it either via direct deposit or via PayPal. From what I’ve heard, both will charge hefty fees. I’m currently with TSB and finding out how much they will charge when converting is proving difficult. Does anyone have any ideas? Or advice on how I should choose to receive it?
Thanks in advance for any help! It’s much appreciated!
0
Comments
-
A Transferwise Borderless account will allow you to receive it via ACH (which is probably what they mean by "direct deposit" and will be fee-free). You could then convert it to GBP at the market exchange rate minus a ~0.4% fee, and transfer to your TSB account.
That's probably cheapest overall, but bear in mind no FSCS protection while your money is in Transferwise.0 -
Hmmmm. A cash prize. From who?
Unlikely a reputable lottery will be using paypal.
Have them transfer the funds directly to your TSB account so that the origin of the funds will be clearly identified. Be prepared to produce the necessary documentation regarding origin of funds.
Forget savinbg small amounts of charges which would normally be paid by the sender anyway and concentrate on getting the money in your account with the minimum possibility of anything going wrong or accounts beiong blocked for suspected money launderi8ng.0 -
Congratulations if this is a real prize, but please be very careful if they do something like 'accidentally' transfer too much into your account and then ask you to send back the excess, or suddenly they start to talk about needing fees to get the money across to you.
Come back here to get further advice if anything like the above happens before sending any money anywhere.0 -
Congratulations if this is a real prize, but please be very careful if they do something like 'accidentally' transfer too much into your account and then ask you to send back the excess, or suddenly they start to talk about needing fees to get the money across to you.
Come back here to get further advice if anything like the above happens before sending any money anywhere.
I would second this advice.
Also, if you have no recolection of participating in whatever you have won, then it is a scam.
If for example you went on holiday to the US, purchased a lottery ticket and have now won a prize, great. But if you have been contacted out of the blue and told you have won whatever then it is 100% a scam.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.2K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.8K Work, Benefits & Business
- 617K Mortgages, Homes & Bills
- 175.6K Life & Family
- 254K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards