Transferring money internationally

zetec452 · 2 Feb 2008 at 17:30

Hey,

I'd like to transfer a lump of cash to a bank account in the US. What would be the best way to do this? Preferably with least cost and tax etc?

Thanks,

Jon

Brennan · 2 Feb 2008 at 17:40

Which bank are you with?

zetec452 · 2 Feb 2008 at 17:46

I'm with Abbey. I've not spoken to them about it yet, would like to see if what they recommend is the best way.

Brennan · 2 Feb 2008 at 17:55

Looks like Abbey only have one type of electronic transfer avaiable, with a £25 sending charge. You could go through a currency house. He's a little list for you, not sure what the charges are, but the exchange rates will be better, if you are looking to get it exchanged into USD hear in Britain.
http://www.currenciesdirect.com
http://www.currencies.co.uk
http://www.hifx.co.uk
http://www.ttt.co.uk
http://www.torfx.com/

zetec452 · 2 Feb 2008 at 17:57

Thanks very much.

Not sure whether it is worth converting the money to USD here or in the US. I'll have to work that out.

Cheers,

Jon

Brennan · 2 Feb 2008 at 18:02

Check with the bank you are sending it to, and see what sort of rate they are willing to buy GBP off you. If you are looking at sending in excess of £20k, your bank should be offering you a preferential rate.

You could always let me do it for you