Best Way to Exchange Large Sum of USD into UK Bank Account?

JakeL69

Hi everyone, not sure if this is the right forum for this. I'm looking to deposit a large sum of cash in USD ($9K) into my UK bank account (savings lifted from US account and brought over for deposit on a new house here.) Wondering what is the most efficient way of doing so? I'm assuming I won't get a great exchange rate from the bank here and have been looking at currency buy back companies (NM Money and the like.) Any advice or recommendations? The US bank charged a steep price for electronic transfer so thought it would be better to try to exchange cash but maybe this was an error. Thank you!!!

eDicky

Yes, certainly an error I'm afraid, there are plenty of transfer services that avoid all bank fees, the market leaders such as Wise give the ideal exchange rates for minimal fees.

Now you're at the mercy of your bank or the exchange bureaux. The MSE comparison tool may help:

https://travelmoney.moneysavingexpert.com/

You can ask what your bank can do, if anything, and compare. I hope you have documentary evidence of the source of such a sum in cash, for when bank or bureau ask for it.