International Money Transfers

[Mason-]

Hi all,

Not sure if there is a thread already for this sort of thing, so please merge if there is mods.

I’ll be coming into some shares soon that will be held in Fidelity NetBenefits, they’re on Nasdaq and so will be in USD. I can transfer direct from Fidelity to my UK bank account (NatWest), but you pay a fee on conversion with fidelity, and then punishing exchange rates with NatWest.

So I was wondering if anyone knew what the best way is to transfer USD to GBP either by bank accounts or ‘non-bank financial institutions’.

I was looking at using Wise and doing:

1. Fidelity USD -> Wise USD
2. Wise USD -> Wise GBP
3. Wise GBP -> UK bank account

Anyone else got any other suggestions?

 

[Mason-]

Do you have an account with Revolut? That was the cheapest way I found for international transfers

I don’t, will look into it. Thanks.

 

[Mason-]

This is my tried and tested approach for selling US shares. The only difference you could do, is go to Revolut on step 2 - as you can sign up for Revolut premium and exchange even cheaper.

Btw step 1 takes ages. Hold your nerve

Do you use Revolut or Wise?

 

[Mason-]

You need Wise to do Step 1. Revolut doesn't give you a proper US bank account details that the shares company will need.

Ah I see so you’re saying I could do:

1) Fidelity USD to Wise USD
2) Wise USD to Revolut USD
3) Revolut USD to Revolut GBP
4) Revolut GBP to UK account

 

[Mason-]

Correct. Make sure you sign up to Revolut premium to get the benefits (and then immediately cancel it once you are done).

Are you a regular Revolut user? They may get shirty if you aren't and it looks like you are rinsing them.

I’m not, and I will be getting quarterly shares in future. So maybe I’ll just use Wise for now and skip Revolut. I need to look at the details and see how much I would save with Revolut.

 

[Mason-]

Hoping OP is still playing the piano while also working out how to do international transfers.

:thumbsup:

Piano tuner came after 6 months to tune my piano and I realised that I hadn't played it since he last came to tune it

 

[Mason-]

Someone in our work slack worked out that if you transfer >$25,500 in a year then Revolut premium is worth the annual fee. So I might sign up for that.

 

[Mason-]

Just make sure you do the exchanges and transfers to your bank in batches. Revolut don't have the best rep for not locking folks account who are "using their advertised features to their fullest in a short amount of time"

Also, I found the only way to top-up Revolut from Wise, was to keep generating one-off debit card numbers. So don't waste your time buying the £5 Wise card as it isn't required.

Some people with Revolut have set up Fidelity to transfer direct to their Revolut without Wise. Might be worth investigating.

 

[Mason-]

Thanks for all the advice my fellow Gucci belt wearers.