US UK Money transfer
September 27, 2009 11:20 PM Subscribe
US Friend would like to send UK Friend some money (lets say $100, but could be more). How to best do this so UK Friend gets the most she can out of the money?
Looking for pros and cons of all types of transfers. Neither of us are trying to hide the payment.
For example, A check could take forever to clear and bank charges could eat the check up, right?
Does Paypal work US-UK?
Cash in a envelope?
Money orders?
Help!
and thanks in advance!
Looking for pros and cons of all types of transfers. Neither of us are trying to hide the payment.
For example, A check could take forever to clear and bank charges could eat the check up, right?
Does Paypal work US-UK?
Cash in a envelope?
Money orders?
Help!
and thanks in advance!
Check out this site, which lets you comparison shop for electronic transfer options, May be useful if your bank charges a lot for wires, which I seem to recall many American banks do.
posted by atrazine at 11:50 PM on September 27, 2009
posted by atrazine at 11:50 PM on September 27, 2009
Paypal is the bet solution of the three. Whatever method you chose Paypal will provide the best exchange rate for your UK friend, as the exchange is handled by credit card which is invariable better than a bank or currency exchange.
posted by Neiltupper at 11:54 PM on September 27, 2009
posted by Neiltupper at 11:54 PM on September 27, 2009
Plus it's virtually instantaneous
posted by Neiltupper at 11:56 PM on September 27, 2009
If we're talking about $100, use PayPal.
If we're talking about $1,000, go to the bank, do a SWIFT transfer over the counter, and pick up the $25 charge.
If we're talking $100,000, use a forex service. We used HiFX and were entirely happy with their service.
if it absolutely positively has to be there overnight, use Western Union.
posted by DarlingBri at 12:21 AM on September 28, 2009
If we're talking about $1,000, go to the bank, do a SWIFT transfer over the counter, and pick up the $25 charge.
If we're talking $100,000, use a forex service. We used HiFX and were entirely happy with their service.
if it absolutely positively has to be there overnight, use Western Union.
posted by DarlingBri at 12:21 AM on September 28, 2009
Yes, be sure to check your bank fees before you try this. If your bank loves you, the charge may be low, like five dollars, but sometimes it's as high as forty or fifty.
I've found that using old fashioned Western Union ($10 fee for up to $1000) is cheaper and more reliable than my bank for an international transfer. Faster, too (less than an hour vs a few days), though the parties have to visit a counter to send/receive.
I don't know why anyone would pay $25-50 for a bank transfer that's slower and (IME) flakier.
posted by rokusan at 1:17 AM on September 28, 2009
I've found that using old fashioned Western Union ($10 fee for up to $1000) is cheaper and more reliable than my bank for an international transfer. Faster, too (less than an hour vs a few days), though the parties have to visit a counter to send/receive.
I don't know why anyone would pay $25-50 for a bank transfer that's slower and (IME) flakier.
posted by rokusan at 1:17 AM on September 28, 2009
What about Amazon.co.uk gift certificates? They can be used to buy just about anything, can be delivered by e-mail and there's no fee ("Always delivered for free").
posted by iviken at 2:23 AM on September 28, 2009
posted by iviken at 2:23 AM on September 28, 2009
Paypal would be best, although if they need the money asap, it can take 3-4 working days to withdraw it from Paypal into their bank account. Still cheaper than a bank transfer, though.
USD cheques can take, from memory, 7 days + to clear and depending on the bank, will cost £7-10 to convert.
Personally, for $100 I'd just use PayPal (send $105 or so, if you want your friend to be left with as close to $100 as possible).
posted by mahke at 2:55 AM on September 28, 2009
USD cheques can take, from memory, 7 days + to clear and depending on the bank, will cost £7-10 to convert.
Personally, for $100 I'd just use PayPal (send $105 or so, if you want your friend to be left with as close to $100 as possible).
posted by mahke at 2:55 AM on September 28, 2009
Datapoint: I just transferred money to myself from the US to the UK and Bank of America charged me $35.
posted by ElmerFishpaw at 4:46 AM on September 28, 2009
posted by ElmerFishpaw at 4:46 AM on September 28, 2009
A thought: if you can get some money on a poker site like PokerStars, you can do a free player to player transfer and cash out (you could also "chipdump" although this is technically forbidden).
You could try Neteller or Moneybookers. Neteller provides (free) virtual MasterCards that can be used in any online Point Of Sale. Cashing out from an ATM costs money, I believe.
I'm not sure how accessible any of these possibilities is from the US (with the ban on online gambling and all).
posted by NekulturnY at 4:57 AM on September 28, 2009
You could try Neteller or Moneybookers. Neteller provides (free) virtual MasterCards that can be used in any online Point Of Sale. Cashing out from an ATM costs money, I believe.
I'm not sure how accessible any of these possibilities is from the US (with the ban on online gambling and all).
posted by NekulturnY at 4:57 AM on September 28, 2009
Paypal would work country to country, although as I have just found out, it's much lower in penetration and usage in Europe. But if your friend has an account, or is willing to set one up, I'd go with that.
posted by momentofmagnus at 6:15 AM on September 28, 2009
posted by momentofmagnus at 6:15 AM on September 28, 2009
It's probably not worth setting up just for a single transfer of $100, but XETrade is the best way I've found of transferring money US to UK - reliable & inexpensive, and fast if you need.
(Fwiw in my experience Western Union charges a lot more than $10 to send $1000.)
posted by anadem at 8:42 AM on September 28, 2009
(Fwiw in my experience Western Union charges a lot more than $10 to send $1000.)
posted by anadem at 8:42 AM on September 28, 2009
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I would do this via wire transfer. You'll need her BIC and IBAN numbers which she can get from her bank if she doesn't know them. Also possibly required: the name of her bank and address of her branch.
I don't know what your bank charges for international wire transfers, mine only charges $8, but I know this is unusually low.
If the fee is more than about 15$, then maybe you could send it via Western Union?
posted by atrazine at 11:45 PM on September 27, 2009