Best way to bring money

I'm keeping my U.S. bank account but it's with a smaller bank so they aren't too internationally friendly.  I'm doing the BUNAC program and they help you open a bank account easily at NatWest, so I need to get a few thousand dollars from my U.S. account to the NatWest account as ceaply and easily as possible.  What's the best way? Traveler's checks? or something else? and if traveler's checks are the best where's the best place to get them?  thanks!!

I've tried creative ways to transfer money and probably the worst was a large sum of travellers cheques.

When you first come over you can withdraw money if you have Visa access to your cash. This will tie you over until you get set up on this side. But for a few thousand... I'd actually find a way to wire transfer it. There are lots of threads here about it. If not your bank, a friend or family member with a larger bank perhaps can help you.

I just wire transferred some money this week and it was so easy. I will never go back to my creative ways again.

Fastest way- wire transfer (send the money from the US one day, receive it in the UK the next day).  Good to use if you're moving large amounts of money, and especially easy when you have someone else named on your account who can just walk into the bank and do it from the States (my dad is on my US checking account since I opened the acct when I was 17....it's made doing a wire transfer a piece of cake.)  I get charged $45 for each wire transfer though, so it's an expensive option.

A lot of people use Paypal (transferring between US and UK Paypal accounts, which are linked to your bank accounts in the respective countries.)  I haven't tried it myself, but I've just got it set up so I'm going to give it a go..it seems to be fairly straightforward.

Another option is XEtrade, which I know people here have raved about in the past....I can't set mine up though since I don't have anyone I can use as a credit reference to open the account

ok thanks for the tips.  i just looked at the western union site though and the fee was $145! why were traveler's checks a pain?  i'll try paypal because i want to everything online if possible. seems so much easier. 

I couple hundred in traveller's cheques is fine just for the security of cash at hand. I've always been a fan of them. But it is not the best value for money for a large transfer and the hassle of signing over a large sum of cheques is a pain. I did it last April and my UK bank thought they were doing me a favor by giving my $20 cheques. Do the math... that's a whole lot of signing!!!

Basically everything you do will incur fees so it is best to find the one that will incur the least. Lots of people here swear by EXtrade for large sums, PayPal or wire transfers. It is really worth doing the homework to figure which is the easiest and best option for you especially since the dollar is so weak. Even transfering $2000 will barely squeak out $1000 when it is all said and done these days so just make sure you find the best value for money for you.

Another option is to order a Sterling Cheque from American Express. This can be made payable to you and can be in a large amount. You can order these at an AMEX office. Google for locations.

I been using Paypal.. and it seems OK and it is very easy to send/get money that way.

Only.... they DO charge a transfer fee, but they don't say how much it will be when you send, nor it appears in the senders account. It only becomes "obvious" in the "recepient's" account, once the money is sent AND received!

for example:  I send 100 pounds from my UK account, and 100 pounds are deducted from it....but my US account only receives 100-X amount (converted to US dollars).
I am sure there is "small print" around somewher in the paypal site that says how much this fee will be...so far, I have not had luck finding it!

But definitely I found it has been the cheapest way to send money overseas...I normally get a 6 pounds deduction (it may be more if we are talking about thousands or pounds sent..)

I am just ending my time on the BUNAC visa, and I brought over my money in a combination of cash and travellers' cheques from American Express. If you happen to have an Amex card (or possibly someone in your family) you can get the travellers cheques in pounds with no fee. There was no problem in depositing them at the branch of Natwest BUNAC uses. I got a good rate, slightly worse than if I had done a wire transfer, but I wanted to be able to immediately deposit money into my account and have access to it.

Keep in mind that to enter the UK on the BUNAC visa you will need to have immediate access to 1000 pounds, and if you don't have housing, etc arranged, you will need that money for a deposit! Depending on if BUNAC and Natwest are busy, it can be a couple days wait for the appointment for the account to be opened. Then add on the time it takes for the money to transfer and clear into your account - another few days minimum.  You really don't want all of your money to be tied up in that way. (in limbo between the two accounts!) So if you decide to transfer some of your money over, make sure you bring over a minimum of 1000 pounds, or can easily pull out cash from ATMs in the UK without your bank charging a hefty fee. They can in fact quiz you at immigration about whether or not you have access to that money as a condition of your entry. I wasn't quizzed, but knew of several people who were.

If you have any other questions about BUNAC, let me know.  It has been a great experience and I plan on repeating it after my graduation next year!

I am sure there is "small print" around somewher in the paypal site that says how much this fee will be...so far, I have not had luck finding it!

PayPal charges roughly 3% of the amount sent as a processing fee, and the exchange rate is exorbitant, but it's still the easiest way DF and I have found to move money, especially since I have a PayPal ATM/debit card.

Just out of curiosity, what would be wrong with bringing it all in cash (other than the risk of being mugged?)

Vicky

Just out of curiosity, what would be wrong with bringing it all in cash...

  I've done this too... there can be a lot of personal anxiety over carrying that much cash. There is nothing wrong with it, you just have to be careful that you will be safe with wherever you choose to keep it. Large bills most recommended.

Just out of curiosity, what would be wrong with bringing it all in cash (other than the risk of being mugged?)

Vicky

LOL.. that's what i always think when this topic comes up!
When i emigrated, i brought it all in cash, but that was a LONG time ago, and we didnt have all the options you've got now!

Do you have a AAA card?  I used the new American Express travelcard.  It is like an ATM card, but is not tied toy our account, so you don't need to worry of you lose it.  You do get charged when you take money out, but if you take it all out at once to deposit it, then you will only get charged one fee (I think it was 2.00 or something). 

You need to be a AAA member to get it (well to get it at a AAA not sure where else you can get one).  I used them for about two years now, no troubles.  Better than traveller's cheques, but easier to replace if it gets stolen then your bank card.

I am not (yet) an expat but I have had a UK checking acct for years and periodically need to get money into it.  The absolutely best means I've found is wiring money via a website called customhouse.com.  The program is called Vantage, listed under services for individuals.  Once you set up an account (which is a pain and takes a while as they do a lot of verification), you can transfer any amount online; the exchange rates are good and the fee is - as I recall - never more than about $20 - it depends on how many other trades they're doing that day. And they have good customer service, by telephone and email.

I bring it in cash because you can change it to sterling free at the post office or for next to nothing at some currency-change outfits. It is risky carrying cash for obvious reasons. I certainly wouldn't do it if I didn't have a bank account. Although you could convert dollars to sterling at a post office, you might  have to go somewhere else to buy travellers cheques which means you'd be poncing all over the place with big wads of cash on you. It's bad enough going from the post office to your bank. At any rate, travellers cheques are the way to go if you have no account; it's up to you if you buy them stateside or wait til you get to the UK. If you do have an account and haven't got the stomach for carrying lots of cash, you can possibly find a US bank that has an affiliation with your UK bank and open an account there. Once that's done you can transfer the funds, but you'll still likely have to pay a currency commission fee. Some UK banks have accounts that allow free currency transactions, but I don't know if any of them do that without a currency commission fee for wire transfers or travellers cheques.