International Money Transfers

[Spearmint]

I've just got myself set up with a US Bank Account and I wish to make a one off transfer from my UK account (My pay goes here) to my US account to tide me over until the split pay takes effect.

My own UK bank wants to pull my pants down with transfer fees and no doubt similar from the other side. I've tried using the Post Office online service but they don't recognise the Wiring number or my account number....

Any advice?

 

[PraiseBacon]

I've just got myself set up with a US Bank Account and I wish to make a one off transfer from my UK account (My pay goes here) to my US account to tide me over until the split pay takes effect.

My own UK bank wants to pull my pants down with transfer fees and no doubt similar from the other side. I've tried using the Post Office online service but they don't recognise the Wiring number or my account number....

Any advice?

You have a few options - none great!

Use you bank and pay the fee - most banks offer different fee's for different service levels (From memory, RBS ranges from free for 5 days, 10 for 3 and 20 for immediate) - send it in advance and take the free option (usually hits in 3 days anyway) - always hit recipient account pay all fees (US banks will take fees anyway - and getting the double paid fee back is next to impossible!)

Another option is take cash and deposit at other end - don't take stirling as the US will fleece you on exchange rates - post office and tesco do good rates. however, you must declare it at customs if over a certain amount and run risk of temporary confiscation - as well as of theft.

you could try a prepaid visa debit card, in USD - that will give you something to spend against for a few weeks

but mostly - one in the shorts and wire the money (I have to send cash to my US account regularly for some property I still have there

finally, if you have time before you go - and don't yet have one , get an Amex card ! Once in US transfer it from GBP to USD and change the address (can be done online IIRC) - this will transfer your FICo credit score to the USA - which may help get better terms on loans, not so big deposits for utilities etc (unless you have a ton of CCJ's etc - in which case ithe becomes an opportunity to rebuild a credit rating


hope that helps

 

[Digzster]

Spearmint,

The limit for cash carried into is $10,000 US . DO NOT go over by 1 cent as they are very touchy!

I Used HIFX in the UK to transfer my money from the UK to Canada (other companies are available) but I found this the best for me. I was moving my terminal grant & savings at the time for immigration.


Hope this helps as it is a minefield and can be expensive.

 

[Barch]

Spearmint,

The limit for cash carried into is $10,000 US . DO NOT go over by 1 cent as they are very touchy!

I Used HIFX in the UK to transfer my money from the UK to Canada (other companies are available) but I found this the best for me. I was moving my terminal grant & savings at the time for immigration.


Hope this helps as it is a minefield and can be expensive.

I thought the rule was up to $10k you do not need to declare above $10k you only need to declare and show good reason.

 

[PraiseBacon]

Actually they post office isn't a bad option - as they will do a fee free transfer (the underlying provider, MoneyCorp is a 3rd party transfer agent for a number of Banks)

The issue with routing codes is they will be looking for an intentional swift code for wire transfers - and the bank with have given you a sort code for the branch

A list of swift routing codes for the US banks can be found here : http://www.theswiftcodes.com/united-states/


The account number will be the same as you have

you will need the city , or region the bank (branch you opened account at) is in - just to get the right code.

Hope that helps..

Pom

 

[Witty_Banter]

If you are in the US on a posting (which I'm only guessing from the 'split pay' comment) then you should be able to cash a cheque with the Unit Accountant / Admin office - this is how it's done in the EU anyway, can't think why they'd have a different setup for US postings. Alternatively, do you have access to a BFPO counter? Cash withdrawals across the counter via your UK bank card are charged at the same exchange rate as your split account rate. Regardless, speak to your Admin bods because the MOD is not supposed to put you out of pocket because of overseas service, they will / should sort this out for you.

If you're MOD civvy however, then I'm afraid I have absolutely no idea...

 

[Spearmint]

Cheers guys, I'll have a look tonight after the day is done. DT_Xtremez_19:

 

[Digzster]

I thought the rule was up to $10k you do not need to declare above $10k you only need to declare and show good reason.

When I asked about this at the border, I was informed that >10K (declared in cash) would involve further checks (no pun intended) and that they would temporarily "impound" the cash until all proven OK. Depends if you can afford the delays incurred as you know border guards do not operate anything quickly.

 

[iainrm]

Just use a cheque

Just use a cheque

I've checked out most of the options and I get the best rate with a simple cheque, the only problem is it is slow.
For £5k+ you should get wholesale rates not tourist.

 

[Spearmint]

I'm now using a company called TransferWise for this purpose. Completely secure, decent exchange rate (Mid-Market value), 2 days to send it across and they only wanted £1.98!

Gift!

 

[depthdog]

world first

world first

world first.
check them out.
i have been using them for over a year now, uk to us.
v.easy

 

[Dad Widowmaker]

I have used this company for pre paid card in the USA works well

https://www.iceplc.com/