Best way to transfer funds from U.S. -> UK?
November 6, 2021 4:26 AM Subscribe
I moved to England and am trying to find a better way to move money over from my old bank in the USA. Is there a simpler way to do this than international wire transfers?
Until this year I was using a helpful currency exchange service called WorldFirst. But that company announced it was getting out of the business of helping individuals move small amounts of money (rather than companies moving larging amounts.)
The great thing about WorldFirst was that a breezy U.S.-to-U.S. transfer (from my credit union in San Francisco to World First's account in NYC) could get the job done. The cash would show up in my UK account, but because the transaction was conducted within U.S. borders, I didn't have to go through all the steps of an international transfer (an error-prone process with complicated DocuSign identity checks, phone tag with my bank, etc.), and it was so much easier.
Does anyone happen to know of a UK company that might still have the same possible arrangement (a domestic USA transfer that gets money to my bank in the UK) -- or a money transfer app or some other arrangement that I haven't thought of? Any help much appreciated
Until this year I was using a helpful currency exchange service called WorldFirst. But that company announced it was getting out of the business of helping individuals move small amounts of money (rather than companies moving larging amounts.)
The great thing about WorldFirst was that a breezy U.S.-to-U.S. transfer (from my credit union in San Francisco to World First's account in NYC) could get the job done. The cash would show up in my UK account, but because the transaction was conducted within U.S. borders, I didn't have to go through all the steps of an international transfer (an error-prone process with complicated DocuSign identity checks, phone tag with my bank, etc.), and it was so much easier.
Does anyone happen to know of a UK company that might still have the same possible arrangement (a domestic USA transfer that gets money to my bank in the UK) -- or a money transfer app or some other arrangement that I haven't thought of? Any help much appreciated
I might be terribly out of date, but if you're not too concerned about a couple of weeks' delay I thought the way to do this was to write a USD cheque and just deposit it into a UK account.
(This article seems to suggest that I'm not that out-of-date)
posted by pompomtom at 6:22 AM on November 6, 2021 [1 favorite]
(This article seems to suggest that I'm not that out-of-date)
posted by pompomtom at 6:22 AM on November 6, 2021 [1 favorite]
Seconding Wise - it works very well. I receive payments from the US there, and use it to transfer the USD into my UK account, and to change euros into GDP.
posted by altolinguistic at 6:25 AM on November 6, 2021
posted by altolinguistic at 6:25 AM on November 6, 2021
I use Wise. Works well for me.
posted by Bella Donna at 6:59 AM on November 6, 2021
posted by Bella Donna at 6:59 AM on November 6, 2021
The other option vs Wise is OFX. You can look up, for these, the fees and exchange rates and find out which will give you a better rate, both are entirely legitimate companies.
posted by jeather at 8:25 AM on November 6, 2021 [2 favorites]
posted by jeather at 8:25 AM on November 6, 2021 [2 favorites]
I check rates for this kind of transfer on Monito, which does indeed show that your two best options are Wise and Instarem. I've never used Wise, but recently used Instarem and it was fine (and Instarem would be cheaper for you right now as they give you $30 off).
posted by ssg at 10:22 AM on November 6, 2021 [1 favorite]
posted by ssg at 10:22 AM on November 6, 2021 [1 favorite]
Wise also acts as its own bank accounts on both ends now, to the point you can get a debit card. (Another vote here.)
posted by How much is that froggie in the window at 5:04 PM on November 6, 2021
posted by How much is that froggie in the window at 5:04 PM on November 6, 2021
I've never tried Wise - looking into it now! So, my solution right now is having 2 Paypal accounts - one linked to each bank account and just transferring between them.
posted by alchemist at 11:46 PM on November 6, 2021
posted by alchemist at 11:46 PM on November 6, 2021
When I researched this question 7 or so years ago, ofx seemed to be the cheapest solution around. I’ve transferred 6 figures * between the US and Europe (both directions) through them. I’ve always been happy with their service and continue to work with them.
* I was self-employed for several years. Most of my customers during that time were in the US, whereas I lived (still do) in Europe.
posted by syzygy at 10:32 AM on November 7, 2021
* I was self-employed for several years. Most of my customers during that time were in the US, whereas I lived (still do) in Europe.
posted by syzygy at 10:32 AM on November 7, 2021
I just got a quote from xe and ofx. If you’re comparing fees across services, realise that ofx offers me a significantly cheaper rate when I’m logged in than when I’m not.
Xe says $1000 = £734.20
Ofx says $1000 = £733.80 (logged in)
Before I went with ofx, I did some transfers through xe. I don’t recall why I switched, but I believe it had something to do with ofx being more flexible, somehow. I think xe was unable or unwilling to deal with some weird transfer requirements one of my banks had, whereas ofx could.
I have had some hiccups with a few transfers (always my fault), and the folks at ofx were always quick to respond and help solve the problems.
posted by syzygy at 11:03 AM on November 7, 2021
Xe says $1000 = £734.20
Ofx says $1000 = £733.80 (logged in)
Before I went with ofx, I did some transfers through xe. I don’t recall why I switched, but I believe it had something to do with ofx being more flexible, somehow. I think xe was unable or unwilling to deal with some weird transfer requirements one of my banks had, whereas ofx could.
I have had some hiccups with a few transfers (always my fault), and the folks at ofx were always quick to respond and help solve the problems.
posted by syzygy at 11:03 AM on November 7, 2021
This thread is closed to new comments.
posted by JimN2TAW at 4:37 AM on November 6, 2021 [4 favorites]