International Bank Transfers help request

Abbeyc9999

Please could anyone advise on the best way to transfer a substantial amount of money from a USA bank account to Uk bank account? I used to live/work in the USA and it seem that the bank want to charge for transfers and had a low limit, any third party charges too and bank to bank exchange rates are terrible.

Any advice would be much appreciated.
Thanks in advance.

Manxman_in_exile

I think you'd be better posting on the "Budgeting and Bank Accounts" board.


(Or you could report your own post and ask a member of the site team to move it there).

Cornucopia

Thread moved to Budgeting and Bank Accounts.

PRAISETHESUN

From my own experience, I usually recommend Transferwise or Revolut for international transfers. Otherwise there are good options here: https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

There might also be good options on the USA side of things, but you may have to look around on US forums for those.

colsten

The usual - use a specialist currency transfer service but make sure it's a reputable one, and be aware that none of them offers any FSCS protection. Mind you, you probably don't get this sort of thing in the US anyway.

Use https://www.monito.com to find the best service.

colsten

Also check Quidco / similar cashback sites for any cashback offers and free-of-charge transfers from Worldremit and from Azimo. Whilst they may not have the best exchange rates, the offers might still give you the best deal.

Preedyboi

Try Thomas Exchange, their cash buyback rates are usually at the top of Travelmoneymax, and they can also repatriate USD bank funds to the UK, see the blurb on top of their buyback page https://www.tefx.co.uk/buyback.asp

Ben8282

Preedyboi wrote: »

Try Thomas Exchange, their cash buyback rates are usually at the top of Travelmoneymax, and they can also repatriate USD bank funds to the UK, see the blurb on top of their buyback page https://www.tefx.co.uk/buyback.asp

Buyback would only apply to foreign currency originally obtained through them.

Ben8282

This 'substantial' amount of money is currently sitting in a US bank account.
It's all very well recommending various products, but how does the OP get the money from this US bank account to the recommended product?
One of the reasons stated for not simply doing a bank account to bank account transfer is that the banks have 'low limits' on such transfers. Was not aware that any limits actually existed but if this is a consideration then just how much is this 'substantial' amount of money that they want to transfer?

colsten

Ben8282 wrote: »

It's all very well recommending various products, but how does the OP get the money from this US bank account to the recommended product?

If you have ever used any of the products mentioned to send money to the UK, you'll know it's dead straight forward to do. Even if you haven't, it's still dead straight forward to do. :cool:

From the OP, it is fair to assume that the money sits in a US bank account in their own name. They can therefore simply send / transfer / upload it to the currency transfer service, using whichever method is used to send / transfer / upload money in the US. The currency transfer service offering USD to GBP transfers will have made sure their service can be used with US accounts, just as they have made sure it can be used with UK accounts.

Even if it's not in an account in their own name, whoever would be sending the money would use much the same method.

Preedyboi

By using a service such as Thomas Exchange, omyou would be doing a USD transfer to their Client USD account, once received they would then convert the funds into Pounds at substantially better rates than banks.:money: