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Topic: transferring GBP to USD  (Read 950 times)

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transferring GBP to USD
« on: November 03, 2016, 10:31:37 AM »
So I have built up quite abit of savings in my UK accounts now and would like to transfer some of it to my US accounts once the exchange rates start to rise again.  I want to start now and have a plan in place so I can act without much fuss when the time comes. 
What is the best way to do this without incurring tons of fees?  Online, in person etc? I have the option of pulling cash out and bringing it to the states with me and exchanging it there but i think fees would get me.  Online looks to be a common used option but i know nothing about it and the fees are all over the place.
Lets say i want to move 5000gbp at the current rates. 


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Re: transferring GBP to USD
« Reply #1 on: November 03, 2016, 10:34:47 AM »
i didnt see the topic just below this the pertains to my situation.  Feel free to ignore this or post up some advise then.  I will read through the other post and see it answers my questions.


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Re: transferring GBP to USD
« Reply #2 on: November 03, 2016, 11:22:42 AM »
Good plan too if you want to avoid FBAR reporting by keeping below the $10,000 threshold all year...


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Re: transferring GBP to USD
« Reply #3 on: November 03, 2016, 12:16:47 PM »
Good plan too if you want to avoid FBAR reporting by keeping below the $10,000 threshold all year...

Why? Takes me five minutes max to copy the details from last year's form to this year's. Then another five minutes to find the peak balance and file.

You are really suggesting to the OP to spend money (e.g. 1% of £5k is £50) paying to transfer funds to the US to avoid 10 minutes of work?

Or is this a privacy thing? You don't want the US Government to know about your foreign accounts on principle? If so AFAIK they are reported by the banks anyway as part of their FATCA obligations.


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Re: transferring GBP to USD
« Reply #4 on: November 03, 2016, 12:21:53 PM »
Hard to know if transferring money now is the right thing or not.  I genuinely think the pound is going to drop a lot further come springtime.  Who knows how long it'll take to recover.  Could be the best time to move money or it may be wise to hold it in the UK for a longer period to try to regain some of the loss.  Depends on what the need to move the money is.


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Re: transferring GBP to USD
« Reply #5 on: November 04, 2016, 11:37:12 PM »
I have no real need of my uk money which is the reason I want to transfer it.  It's quite a substantial sum and keeps getting bigger.  Since I still do 90% of my business in the states it makes the most sense for me to have it there plus if something were to happen to me it would be easier on my family that still lives in the US to get access to my accounts.

I am positive the pound will drop more in the coming months which is why I want to wait.  I do want to be prepared to move my money if the pound rallies momentarily.  It's better I start sooner rather later.  Truthfully I should have done this year's ago.


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Re: transferring GBP to USD
« Reply #6 on: November 05, 2016, 09:16:33 AM »
I think if its a large amount of money, I would do a bank transfer from your UK bank to your US bank. I did this before and it was easy, though took some time.  Otherwise, transfer wise, PayPal, xe, etc are all easy to use and get it done. 
I just transferred some money into my US bank account and I cried at the exchange rate.   :\\\'(
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