Money transfer from USD to GBP

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zappy-chops
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Money transfer from USD to GBP

Post by zappy-chops » Thu Jan 31, 2019 5:54 pm

Hi folks, I used to work for an American company and received shares over the years into a US brokerage account (Fidelity). I've now sold some of them and the funds are sitting as cash with Fidelity, and I need to find the cheapest solution to get the money transferred to my UK bank account. It's quite a lot so differences in exchange rates or fees charged as a % of the transfer amount will make a material difference.

Never done this before so don't know where to start. Certainly don't want my UK bank to do it as they can't possibly be the cheapest route.

Anyone here do this sort of thing, or work in the FX game?

Cheers.
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PhilT
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Re: Money transfer from USD to GBP

Post by PhilT » Thu Jan 31, 2019 7:23 pm

I've done this. Fidelity will pay directly to a UK bank account in GBP, otherwise you can setup through a 3rd party like Whites Pay. If you're going to do it frequently then going through a third party makes sense but it's a bit administrative to setup if it's a one time thing. Depends how much you value your time and the difference in rates/commissions.
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zappy-chops
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Re: Money transfer from USD to GBP

Post by zappy-chops » Thu Jan 31, 2019 7:29 pm

Thanks Phil. So Fidelity would set the FX rate and send the money in GBP?
Currently running:
18 plate Lamborghini Huracan Performante (5.2l of V10 naturally aspirated craziness)
67 plate RS6 Performance (fully loaded)
66 plate Range Rover Autobiography (for wafting around)
16 plate Mini Cooper S convertible (lots of fun but rather skittish when thrashed)

Favourite car ever owned:
1971 Citroen DS21 - The Goddess (pure art on wheels)

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PhilT
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Location: South Yorkshire

Re: Money transfer from USD to GBP

Post by PhilT » Fri Feb 01, 2019 10:28 am

Yes and they would charge commission but they recently got rid of the $10 wire fee.
RS246 Shop - RS246 Window Stickers and RS6 Keyrings

Current : 2007 Audi Q7 4.2 TDI, 2010 Nissan GT-R Premium Edition, 2014 Audi S3 Sportback

Ex : Clio 172 Cup, B5 RS4, C5 RS6+ (249/999), S2 Coupe, Ex-Police Senator 3.0 24v, Ford Escort 1.3

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Iain
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Re: Money transfer from USD to GBP

Post by Iain » Sat Feb 02, 2019 12:47 pm

have a look at transferwise.com. I use it regularly
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zappy-chops
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Re: Money transfer from USD to GBP

Post by zappy-chops » Sat Feb 02, 2019 10:52 pm

Iain wrote:
Sat Feb 02, 2019 12:47 pm
have a look at transferwise.com. I use it regularly
Will do. Thanks.
Currently running:
18 plate Lamborghini Huracan Performante (5.2l of V10 naturally aspirated craziness)
67 plate RS6 Performance (fully loaded)
66 plate Range Rover Autobiography (for wafting around)
16 plate Mini Cooper S convertible (lots of fun but rather skittish when thrashed)

Favourite car ever owned:
1971 Citroen DS21 - The Goddess (pure art on wheels)

DanM92
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Re: Money transfer from USD to GBP

Post by DanM92 » Mon Feb 04, 2019 10:45 am

If you haven't sorted it yet - I have been using Payoneer for 5 figure payments on a monthly basis.
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zappy-chops
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Re: Money transfer from USD to GBP

Post by zappy-chops » Mon Feb 04, 2019 11:53 pm

DanM92 wrote:
Mon Feb 04, 2019 10:45 am
If you haven't sorted it yet - I have been using Payoneer for 5 figure payments on a monthly basis.
Thanks for that. I haven't pulled the trigger yet. Still watching the exchange rate moving in my favour. Forecast is generally to go the other way however so I should pull the trigger soon.
Currently running:
18 plate Lamborghini Huracan Performante (5.2l of V10 naturally aspirated craziness)
67 plate RS6 Performance (fully loaded)
66 plate Range Rover Autobiography (for wafting around)
16 plate Mini Cooper S convertible (lots of fun but rather skittish when thrashed)

Favourite car ever owned:
1971 Citroen DS21 - The Goddess (pure art on wheels)

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Shoppinit
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Re: Money transfer from USD to GBP

Post by Shoppinit » Mon May 13, 2019 11:25 am

Revolut? Free or cheap FX at interbank rate, depending on how much you're fx'ing.
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