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BS: Transferring money from the US to the UK

Dave the Gnome 25 Jul 22 - 03:02 PM
Joe Offer 25 Jul 22 - 03:57 PM
Dave the Gnome 25 Jul 22 - 04:00 PM
Raggytash 25 Jul 22 - 07:21 PM
Joe Offer 25 Jul 22 - 07:28 PM
Stilly River Sage 25 Jul 22 - 07:37 PM
Steve Shaw 25 Jul 22 - 08:07 PM
Stilly River Sage 25 Jul 22 - 10:09 PM
Raggytash 26 Jul 22 - 10:08 AM
Dave the Gnome 26 Jul 22 - 10:11 AM
Dave the Gnome 26 Jul 22 - 01:58 PM
Mr Red 26 Jul 22 - 02:46 PM
Backwoodsman 26 Jul 22 - 03:04 PM
Raggytash 26 Jul 22 - 03:26 PM
Dave the Gnome 26 Jul 22 - 05:31 PM
Dave the Gnome 29 Jul 22 - 03:27 AM
Joe Offer 31 Jul 22 - 12:48 AM
Bonzo3legs 31 Jul 22 - 06:20 AM
Stilly River Sage 31 Jul 22 - 09:37 AM
Dave the Gnome 31 Jul 22 - 10:01 AM
Bonzo3legs 06 Aug 22 - 12:24 PM

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Subject: BS: Transferring money from the US to the UK
From: Dave the Gnome
Date: 25 Jul 22 - 03:02 PM

Can any of my US friends advise me on the best way to send money from the US to the UK please?

Our US friends are visiting us here next month and want to pay towards some of the activities I have paid for in advance. My bank does IBAN and Swift. Theirs does Zelle. They do not integrate :-(

An online financial advice site are recommending Wise, Currencies Direct or OFX. Any recommendations from anyone over there who has done it?


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Subject: RE: BS: Transferring money from the US to the UK
From: Joe Offer
Date: 25 Jul 22 - 03:57 PM

There's gonna be a fee. There's always a fee. But PayPal fees seem reasonable.
-Joe-


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Subject: RE: BS: Transferring money from the US to the UK
From: Dave the Gnome
Date: 25 Jul 22 - 04:00 PM

Ooooh, thanks Joe. I had forgotten all about PP!


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Subject: RE: BS: Transferring money from the US to the UK
From: Raggytash
Date: 25 Jul 22 - 07:21 PM

Hi Dave,

Irregularly change money from Pounds Sterling into Euro's.

I have an account both in England and Ireland and I have found Wise (formerly Transferwise) to be quick and effecient and return a favourable exchange rate.

I think some UK banks allow you to open a foreign currency account, it may be worth looking into as I normally get significiantly a higher rate than otherwise.

Today I would get 1174.13 Euros to a thousand pound from Wise as opposed to 1160 from the post office.

Other than that Ramsden's normally offer a better exchange rate than the banks or the post office.


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Subject: RE: BS: Transferring money from the US to the UK
From: Joe Offer
Date: 25 Jul 22 - 07:28 PM

Threads like this are extremely valuable. This is a question that often confronts me.
-Joe-


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Subject: RE: BS: Transferring money from the US to the UK
From: Stilly River Sage
Date: 25 Jul 22 - 07:37 PM

I use PayPal for international purchases. It's much easier than trying to use regular credit cards. I second that suggestion.


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Subject: RE: BS: Transferring money from the US to the UK
From: Steve Shaw
Date: 25 Jul 22 - 08:07 PM

Using PayPal for purchases is not the same as sending money abroad.

There are two issues: the exchange rate you'll get and the fees you'll pay. You can get a near-perfect exchange rate and high fees. Or you can get a fee-free transaction with lousy exchange rates. For sure, whatever you get will be a compromise between these two factors. The best thing to do is to do a lot of googling. The procedures you might have to follow can be labyrinthine and hard to understand.

I've only done this a couple of times, sending money to my bro in New Zealand. I ended up using the company I have my prepaid travel card with, Caxton. I can't remember whether I got a better deal because I was with them... They seemed to be a reasonable compromise at the time. But there's never any such thing as a free lunch...

The one that Raggytash mentioned, Wise, gets a lot of positive write-ups these days.

Of course, if you can wait, your mate could just get the best cash exchange rate he can and give you cash. You'd lose a lot less between you that way, but if it's a question of fifty grand in a hold-all...


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Subject: RE: BS: Transferring money from the US to the UK
From: Stilly River Sage
Date: 25 Jul 22 - 10:09 PM

The point is, regardless of the fact that there are fees, PayPal works across oceans in a way that is easier than other transfer methods.


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Subject: RE: BS: Transferring money from the US to the UK
From: Raggytash
Date: 26 Jul 22 - 10:08 AM

Organisations such as Wise give far better exchange rates than the banks or Post Office, they also charge much lower fees.

The best High Street exchange I have found is Ramsdens.


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Subject: RE: BS: Transferring money from the US to the UK
From: Dave the Gnome
Date: 26 Jul 22 - 10:11 AM

Yea, I used Ramsdens for Euros when we went to France and they were great. As well as being at the local shopping centre! I will ask them if they can do what we need - Thanks.


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Subject: RE: BS: Transferring money from the US to the UK
From: Dave the Gnome
Date: 26 Jul 22 - 01:58 PM

Ramsdens can do it via Western Union or TorFX. I am going to recommend our friends do some comparisons between them and Wise. Seem to be the most recommended and best value.

Thanks all


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Subject: RE: BS: Transferring money from the US to the UK
From: Mr Red
Date: 26 Jul 22 - 02:46 PM

Doesn't PayPal work hand in glove with the taxman?

It might look like earnings.

There is always Western Union, not that I know anything about it or its slice of the deal. I see signs in pawn shops that call themselves cash converters these days. And sundry shops - particularly in the ethnic areas of Gloucester.


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Subject: RE: BS: Transferring money from the US to the UK
From: Backwoodsman
Date: 26 Jul 22 - 03:04 PM

”Doesn't PayPal work hand in glove with the taxman?

It might look like earnings. “


Doesn’t ‘Friends and Family’ rule that out?


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Subject: RE: BS: Transferring money from the US to the UK
From: Raggytash
Date: 26 Jul 22 - 03:26 PM

I think the cheapest way for your friend to change money is to have a sum paid into your UK bank account through Wise (or someone similar) and then you hand it to him/her.


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Subject: RE: BS: Transferring money from the US to the UK
From: Dave the Gnome
Date: 26 Jul 22 - 05:31 PM

Wise will pay into my bank as will Ramsdens via Western Union but for cash Ramsdens will also take payment from them in the US and we can draw cash from the local shop here! I think a combination of the two will work well.


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Subject: RE: BS: Transferring money from the US to the UK
From: Dave the Gnome
Date: 29 Jul 22 - 03:27 AM

They checked local details and Wise turned out best.

May try Ramsdens if they Neen more cash when they are here


Thanks again all.


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Subject: RE: BS: Transferring money from the US to the UK
From: Joe Offer
Date: 31 Jul 22 - 12:48 AM

Somebody asked me to post this:
    Hi Joe, an interesting thread on money transfer. One outfit I used in the past with no issues is in the link below. Fixed fee, and exchange rate can be verified with them prior to transfer (I found their rates very favourable compared to my bank)

    https://moneytransfercomparison.com/voltrex/


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Subject: RE: BS: Transferring money from the US to the UK
From: Bonzo3legs
Date: 31 Jul 22 - 06:20 AM

Done it in cash - Bank transfer from Buenos Aires to bank in Miami, drove down from Orlando to bank which turned out to be in the Hispanic area so made a quick exit!!!


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Subject: RE: BS: Transferring money from the US to the UK
From: Stilly River Sage
Date: 31 Jul 22 - 09:37 AM

Absolutely nothing wrong with a "Hispanic area" in Miami. Most of Florida and much of Texas would be insulted with that characterization.


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Subject: RE: BS: Transferring money from the US to the UK
From: Dave the Gnome
Date: 31 Jul 22 - 10:01 AM

This is bonzo you are talking to SRS. You are lucky he didn't refer to the area as being full of spics, dagos or wops!


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Subject: RE: BS: Transferring money from the US to the UK
From: Bonzo3legs
Date: 06 Aug 22 - 12:24 PM

At the time, which was 2000, we were told that in the particular area of Miami that we found ourselves, had not been for Mrs Bonzo speaking fluent South American Spanish, we may have had big problems!


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