Sagg
7/8/2008 02:29 EST
Has anyone found any free/cheap way to transfer money from UK (in pounds) to US (in dollars) so that bills in US can be paid...for me those bills mainly include mortgage, property taxes, assessments, some credit card bills.
Thank you,
Sanjay
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pallega
From: United Kingdom
7/8/2008 15:50 EST
There's no free lunch. That said, wire transfer is possible. And, intra-bank transfer is better. HSBC has been offered up by others in the past as the way in which they handle cross-currency transfers. With HSBC being global, this can be a benefit if you need to transfer monies between different currency accounts and allow access by different countries. You may wish to speak with them here in the UK about the services they could offer.
Otherwise, you'll have to wire transfer to your US bank from your UK bank.
If someone else knows a better way, please let us all know.
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pediwent
From: United States
7/14/2008 08:40 EST
If you keep enough of a balance with HSBC, you can qualify for a Premier account. That will give you free transfers using an online tool without having to go through the usual wire transfer hassles. Unfortunately, I believe it requires a £50k minimum balance, so it's not for everyone.
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gah26
From: United Kingdom
7/22/2008 13:08 EST
It is not necessarily how much you have on deposit which qualifies you for an HSBC Premier account. It is based on your total relationship with the bank. Aside from bank balances, mortgages, credit cards, insurance etc, count towards reaching a Premier status.
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TxToUk
7/26/2008 16:11 EST
Hi Sagg,
We just went through the entire evaluation process for the same thing. We ended up going with HSBC and opened both US and UK accounts. This gave us two advantages:
1. Once the US acct is setup, it's very easy to setup the UK acct from the US. We were able to setup our UK acct ahead of our move to the UK.
2. You can link the two accts online and transfer money free of charge between US/UK accts. (well, free other than the FX rate).
Note that you can only do this w/the Premier acct as others have mentioned. One thing I have not seen mentioned yet is that you can pay a monthly fee to gain the Premier status (I think it is either $25 or $50/month). When we tallied up the expected costs of transferring money twice per month the fee was cheaper than the transfer costs.
Cheers,
TxToUk
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pallega
From: United Kingdom
7/29/2008 03:47 EST
That's great information. To help others, we pay 12 pounds per month for 2 inbound transfers from our US bank. The US bank charges us 28 dollars per month. Of course, that's around 52 US dollars per month. We get this reimbursed as part of wire transfer fees in our package, so it's a wash. We pay no fee intrabank from our USD account to our GBP account. And, we pay no fee for our accounts at our UK bank.
If it wasn't for the time in moving over to HSBC, we'd do it.
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devilsdancefloor
7/29/2008 11:38 EST
I have to send money home every month so that my student loan can be paid. I find the easiest and cheapest way is to send money via PayPal but it depends on how much you need to send.
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pallega
From: United Kingdom
7/29/2008 17:57 EST
If you could transfer the money into a US accessible bank account, the education dept could take your money out via direct withdrawal. You get a discount on your interest rate if you do that! Could be worth a look.
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Halom
11/18/2015 13:56 EST
Hi!
To send Money between US and UK, I recommend Azimo and Transferwise.
They have pretty cheap solutions.
To compare them you can use Moneytis (https://goo.gl/7KmKFc) which is the booking.com of money transfers.
Cheers,
Halom :D
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