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Money transfer from USD to GBP

Posted: Thu Jan 31, 2019 5:54 pm
by zappy-chops
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.

Re: Money transfer from USD to GBP

Posted: Thu Jan 31, 2019 7:23 pm
by PhilT
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.

Re: Money transfer from USD to GBP

Posted: Thu Jan 31, 2019 7:29 pm
by zappy-chops
Thanks Phil. So Fidelity would set the FX rate and send the money in GBP?

Re: Money transfer from USD to GBP

Posted: Fri Feb 01, 2019 10:28 am
by PhilT
Yes and they would charge commission but they recently got rid of the $10 wire fee.

Re: Money transfer from USD to GBP

Posted: Sat Feb 02, 2019 12:47 pm
by Iain
have a look at transferwise.com. I use it regularly

Re: Money transfer from USD to GBP

Posted: Sat Feb 02, 2019 10:52 pm
by zappy-chops
Iain wrote:
Sat Feb 02, 2019 12:47 pm
have a look at transferwise.com. I use it regularly
Will do. Thanks.

Re: Money transfer from USD to GBP

Posted: Mon Feb 04, 2019 10:45 am
by DanM92
If you haven't sorted it yet - I have been using Payoneer for 5 figure payments on a monthly basis.

Re: Money transfer from USD to GBP

Posted: Mon Feb 04, 2019 11:53 pm
by zappy-chops
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.

Re: Money transfer from USD to GBP

Posted: Mon May 13, 2019 11:25 am
by Shoppinit
Revolut? Free or cheap FX at interbank rate, depending on how much you're fx'ing.