A UK Banker

Grumpylad, i am so ashame of this notoriety of Nigerians when it comes to fraud . I would have avoided asking this question at this point in time, but it is of utmost importance.

I would not worry unduly I know many Nigerians and they are no more honest or dishonest than any other nationality.Iit's unfortunate that  the section of your penal code  has given it's name to virtually all such scams irrespective of the orginators nationality.

On Account opening- I am about relocating to UK through HSMP Work Permit, i will like to know if it is OK to bring last six months Bank Statement with a letter of Reference from my Bank.

If it is OK to do that, can the letter be addressed to a particular Bank or to 'whom it may concern'.

I will really appreciate your advice on this.

As I mentioned earlier, for recent arrivals my bank can take your overseas address as confirmation. I would however be careful about "to whom it may concern" letters by their very nature they can be used anywhere.

grumpylad thank you very much for that piece of advice

Bex, I've split your question out of this thread and moved it to Pregnancy and Parenting.  There may be more parents who have dealt with this same problem, and the topic may be better noticed there.

Here's the link:

http://talk.uk-yankee.com/index.php?topic=22488.0

I'll give you my experience there.

What's the best way to transfer money on a regular basis from the UK to the US?

Is it easiest to set up a UK papypal address and then transfer to the US paypal address (ie: from my UK bank to my US bank)?

I'll need to do this for a number of years (student loans - oi veigh) and don't want to be put in a situation where I lose 120 or more quid every year in bank transfer fees

any help? I've currently got an account with NatWest and one with HSBC if that helps any.  You can PM me the answer if that's better for you.

Cheers

What's the best way to transfer money on a regular basis from the UK to the US?

Is it easiest to set up a UK papypal address and then transfer to the US paypal address (ie: from my UK bank to my US bank)?

I'll need to do this for a number of years (student loans - oi veigh) and don't want to be put in a situation where I lose 120 or more quid every year in bank transfer fees

any help? I've currently got an account with NatWest and one with HSBC if that helps any. You can PM me the answer if that's better for you.

Cheers

Paypal is usually pretty good for small frequent amounts but has a much higher % fee than banks once you pass the minimums. Given a choice I'd suggest sending as much money to the US as infrequently as possible (instead of monthly maybe every three months). I'd guess that you have financial constraints (don't we all) so even adding a few pounds to each payment will reduce the frequency and therefore the charges.

A final point you may want to look at international money orders. They are cheaper but could cause problems if you use a small bank in the US (collection procedure)

Paypal is usually pretty good for small frequent amounts but has a much higher % fee than banks once you pass the minimums. Given a choice I'd suggest sending as much money to the US as infrequently as possible (instead of monthly maybe every three months). I'd guess that you have financial constraints (don't we all) so even adding a few pounds to each payment will reduce the frequency and therefore the charges.

A final point you may want to look at international money orders. They are cheaper but could cause problems if you use a small bank in the US (collection procedure)

thanks - my goal is to get my loans paid off ASAP, hopefully saving up a fair chunk of change before they start being due (6 months after I graduate) and then bringing money over in cash when I go home for a visit in April, use paypal in between visits until I figure out a better way.

I'll have a look into the international money orders, and see what my 2 banks would charge to transfer money internationally as well.

Thanks!

I'd be careful about  the rate you receive if you are taking cash rather than paper it's usually a worse rate

I'd be careful about  the rate you receive if you are taking cash rather than paper it's usually a worse rate

i'll keep that in mind. 

Grumpylad, I have a question that may have been asked once before, but I somehow can't locate the answer.

- Why do most UK banks limit ATM withdrawls to 250.00 GBP a day?
- Can this be increased if I ask?

Thing is I travel to the US on business quite a bit and find myself taking out as much as possible on a daily basis to deposit the USD to my US Checking account.

Thanks for your help.

Grumpylad, I have a question that may have been asked once before, but I somehow can't locate the answer.

- Why do most UK banks limit ATM withdrawls to 250.00 GBP a day?

The limit is a fraud reduction method, my bank allows £300 or £750 depending on the account.  Two years ago we raised the limit to £500 and had to carry a lot of cloned card losses

- Can this be increased if I ask?

I'd check that the account you have is the one that lets you draw the most, we cannot increase the limit on an individual card though so I'd be surprised if others can. Our £750 per day account is resevered for valued clients and or high income earners

Thing is I travel to the US on business quite a bit and find myself taking out as much as possible on a daily basis to deposit the USD to my US Checking account.

My concern would be that you're probably paying something like 4-5% for that sort of cash advance, wiring the money would be cheaper. Or perhapsyou could draw the funds over the counter, subject to id, which would cost the same but be less hassle.