Best way to have US dollars sent from the States

[Rosetta]

I have already checked with my bank, they are quoting $1.31, with a charge to me of between ?6-?8, depending on whether they come through in sterling or $$.

Anyone have more experience of this?

Thank you.

[titch juicy]

Why would you want them sent from the states? Why not just exchange?

If your bank are quoting you $1.31 to the ? I would bite their arms off.

I have to say i'm very very surprised though.

Thomas Exchange in the City, when ordered online, regularly give the best rates in London.

Today's US$ rate with them is $1.2575 to the ?.

Today's spot rate is $1.2733; so I really don't think your bank will give you $1.31

[titch juicy]

Unless i'm completely misunderstanding what you're asking?

[titch juicy]

Did you get your quote from the bank last week or earlier?

[Rosetta]

They would be sent from a bank account in the States. Got the quote today.

Checked with my other bank, TSB, and they quoted $1.29.

[titch juicy]

Ah sorry, I did misunderstand. I'm afraid I know nothing about that.

[Rosetta]

Was wondering about having cash FedExd over.

[Lazero]

Is it from a person you know in the States? If so have you considered one of the newer peer-to-peer exchange places? I've got no personal experience of them, but I remember hearing and reading a lot about them as they started to become more mainstream. Supposedly a better rate when sending money abroad, so I presume it is the same the other way around. The big players here seem to be MidPoint, Transferwise and CurrencyFair. I think they are mainly used for currency exchange but I'm sure I also read that you could actually send money to someone personally (i.e. getting around things like Western Union).

[Rosetta]

Yes, it's from someone I know. Thanks for that info, will investigate.

[Jeremy]

Paypal or Western Union

[rendelharris]

Rosetta Wrote:

-------------------------------------------------------

> Yes, it's from someone I know. Thanks for that

> info, will investigate.

Just a suggestion but being sick of exchange rate/commission ripoffs in my main freelancing work (which is mainly writing for US firms), when I do little bits and pieces of writing for a mate in the States I tell him to keep the money in his account, then when he comes to visit bring something I need/want he's bought in the States, where usually things are much cheaper anyway - for example pipe tobacco and a Kindle are two of the things he's brought over recently, both way cheaper than here and no commission to pay. Only works if your friend's going to visit though...

[Jeremy]

rendelharris Wrote:

-------------------------------------------------------

> when I do little bits and pieces of writing for a mate

> in the States I tell him to keep the money in his

> account, then when he comes to visit bring

> something I need/want he's bought in the States,

> where usually things are much cheaper anyway

Although the exchange rate is advantageous at the moment (despite commission)

[rendelharris]

Jeremy Wrote:

-------------------------------------------------------

> rendelharris Wrote:

> --------------------------------------------------

> -----

> > when I do little bits and pieces of writing for

> a mate

> > in the States I tell him to keep the money in

> his

> > account, then when he comes to visit bring

> > something I need/want he's bought in the

> States,

> > where usually things are much cheaper anyway

>

>

> Although the exchange rate is advantageous at the

> moment (despite commission)

True, but the Kindle Paperwhite, even at the current exchange rate, is the equivalent of ?93 over there and ?109 here, and my favourite baccy is an incredible ?6.50 a tin compared to ?13 over here! You have to pick and choose what you want brought but still very decent savings to be made.

[Lowlander]

Lazero Wrote:

-------------------------------------------------------

> Is it from a person you know in the States? If so

> have you considered one of the newer peer-to-peer

> exchange places? I've got no personal experience

> of them, but I remember hearing and reading a lot

> about them as they started to become more

> mainstream. Supposedly a better rate when sending

> money abroad, so I presume it is the same the

> other way around. The big players here seem to be

> MidPoint, Transferwise and CurrencyFair. I think

> they are mainly used for currency exchange but I'm

> sure I also read that you could actually send

> money to someone personally (i.e. getting around

> things like Western Union).

This. Also try http://moneytransfercomparison.com/repatriation-of-funds/

Just make sure they're FCA registered.

[DovertheRoad]

Fly across and strap any surplus over $10000 around your midriff with duct tape.

[peckham_ryu]

The main thing to bear in mind is the timing. Depending to an extent on the scale of the transaction, you would normally expect to lose more from the pound regaining strength than from missing out on a sharper commission. (Or conversely, you would expect to gain more by waiting, if you believe sterling will fall further.)

Having said that, there are undoubtedly some savings to be made from shopping around if you decide you have enough time. In my work life, I've seen Western Union charging commission 3x higher than its competition, for no better reason than many clients have only heard of WU and so don't always shop around. From memory, one of the lowest commission rates was from Deutsche Bank ? I'm sorry that I have no idea if that's going to hold true for your own circumstance!

Best of luck.

[Pickle]

We use Halo Financial to transfer funds to NZ, they are excellent. I'm not sure whether they operate in the situation you have, but it's worth asking.

[peckham_ryu]

Just remembered, the other company with equally low rates was Moneycorp (again, don't know how that scales to what you need)