How can I transfer money between US and UK bank accounts?
I have both US and UK bank accounts and need to transfer money from USA to UK. How can I do this other than expensive wire transfers?
How much are you talking about, if more than $10,000 you will need to file a form with the Treasury Dept. or use a wire transfer.
If less than $10,000, put it all in a savings account. Get a debit card on the savings account. Go to England and draw the money out of an ATM. It will come out in the form of Pounds. Deposit the pounds in the UK bank.
You will have to pay conversion rate fees for each withdrawal, so make them big withdrawals.
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An international transfer. You will probably have to pay quite a silly fee ($45+) for your bank to ‘negotiate’ this transfer of money – even if money is all simply pretty much electronically computerised and networked as a whole.
Talk to your bank. Or use ann online payment system, like Paypal.. Fees still apply though!
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You’ll end up paying whatever method you decide upon.
References :
How much are you talking about, if more than $10,000 you will need to file a form with the Treasury Dept. or use a wire transfer.
If less than $10,000, put it all in a savings account. Get a debit card on the savings account. Go to England and draw the money out of an ATM. It will come out in the form of Pounds. Deposit the pounds in the UK bank.
You will have to pay conversion rate fees for each withdrawal, so make them big withdrawals.
References :
Not all options from banks are expensive. Some like a bankers draft are usually cheaper (but slower) with guaranteed exchange rate. If you bank with Citibank or HSBC (both sides of the pond) you may only be charged some currency conversion fee for wire transfer.
Just remember that some British banks charge for incoming transfers. Check with yours to find out.
References :
http://www.tracenotes.com/reports/uk-bank-transfer.html