Hello
Guest

Sponsored Links


Topic: Joining finances  (Read 641 times)

0 Members and 1 Guest are viewing this topic.

  • *
  • Posts: 130

  • Liked: 0
  • Joined: Jan 2014
Joining finances
« on: March 22, 2016, 03:44:47 PM »
Sorry if this is on the wrong board I had a look and didn't see anything financial specific!

What's been yalls experiences with joining finances from US to UK? What's been the easiest way to do it? Not super comfortable withdrawing everything and traveling with cash.


Sent from my iPhone using Tapatalk


  • *
  • Posts: 2898

  • Liked: 163
  • Joined: Feb 2007
  • Location: Biggleswade
Re: Joining finances
« Reply #1 on: March 22, 2016, 03:59:39 PM »
There are a few different ways to transfer money from the US to the UK. Banks will usually do a wire transfer, which is pretty easy but they often charge you a fee, which can either be a flat amount like $50 per transfer, or a percentage of whatever amount you're transferring.

There are money transferring services like XE.com, HiFX, Currencies Direct, or even PayPal. When I had a lot of transfers to do I used XE. They don't charge a fee, but they give you a slightly worse exchange rate than you'd get from a straight currency exchange and make their money on the difference. There was a limit on how much you could transfer with XE, so once when I needed to transfer a larger amount I used HiFX. Both XE and HiFX were easy to set up and deal with, and I never had a problem with either.

What I'd do if I were you is compare a couple of methods to see if one of them gives you an appreciably better deal than any of the others, or is easier, or for whatever reason stands out for you.

You may also want to think about how much of your life is still in the US, and whether you want to leave some money there to deal with stuff that may come up.

I hope that helps!


  • *
  • Posts: 18235

  • Liked: 4985
  • Joined: Jun 2012
  • Location: Wokingham
Re: Joining finances
« Reply #2 on: March 22, 2016, 04:15:08 PM »
Camoscato has some great advice.

Remember there are cash restrictions, if you leave with more than $10,000 in cash you have to declare it.  So I wouldn't go that route.

I also kept money in the US for holidays and such as I was taking such a beating on the rate when I moved here.  I transferred what I needed to set up life here.  But now is a great time to move USD to GBP as the dollar is so strong.  The best method is definitely going to vary depending on the amount you are moving.


  • *
  • Posts: 735

  • Liked: 47
  • Joined: Mar 2013
  • Location: Cardiff, UK
Re: Joining finances
« Reply #3 on: March 22, 2016, 05:38:29 PM »
Like others, I left money in he US. I'm still maintaining it because they won't let me set up a direct debit for my student loans from my Uk account. For US to UK, I moved my money in small amounts as I needed it. For that I just got an American account that had no international ATM fees and just pulled cash and then immediately deposited that on my Uk account. For US to UK, I have found PayPal to be perfectly sufficient for my needs.

Those methods work for me since I don't have large sums to move. You might find the sites mentioned above to be more effective if you have larger amounts.


Sent from my iPhone using Tapatalk
April 11, 2012-Began talking online
June 2012-Officially dating
August 2012-Met in person
Aug 2012-Nov 2012-Tier 4 (General)
Aug 2014-present- Tier 4
Oct 2015-Wedding!!! and spouse visa sometime after that and before the Tier 4 expires


  • *
  • Posts: 1258

  • Liked: 154
  • Joined: Feb 2016
Re: Joining finances
« Reply #4 on: March 23, 2016, 09:07:31 AM »
I left my checking account and a few credit cards left open in America. I found PayPal works very easily and last time I used it they only charged me a minimal amount, it was under a 25 cents I believe plus conversion fees. I just left enough to pay my student loans for two years in case I couldn't find a job right away. Then as needed I plan to transfer money into via PayPal.


Sponsored Links





 

coloured_drab