best way to move money

hi all,could someone suggest how the future wife in US...should go about bringing her savings to the UK,at the moment the savings are sitting in a HSBC bank in US,and she will have to clear that account to bring money here ,whats the best way please....thanks

She should probably start with talking to someone at HSBC and inquire if there are international accounts that can be set up for her.

Try here: http://www.us.hsbc.com/1/2/3/international-services/relocation/overseas#top.

There are HSBC's in the UK and it should be fairly simple.

Does anyone know any other international banks besides HSBC. There is not one local to me in the US and I would like to as well transfer my money to a bank near Gatwick.

southernchic - check thishttp://www.yell.com/s/banks+and+financial+institutions-gatwick.html
Natwest is a US bank - Maybe your current bank can help

Citibank has a branch in London so you can move money from your US account into a future UK account. Bank of America has relations with Barclays, I believe. Through Bank of America I was able to send in my rent from America into a UK Barclays account without fees or problems.

If there are no fees then I would look at the exchange rate. There is a percentage markup the bank adds to the exchange rate. Note that nobody ever gets the actual exchange rate, there is always a markup and it will vary from place to place.

I have used www.xe.com to transfer money several times. They can take it electronically out of your US account and electronically deposit it into a UK account. There are no fees, just the markup, which they claim is one of the lowest because they perform bulk transactions all the time. It is free to create an account, but there is some identity checking because of Federal regulations regarding money laundering, etc.

The nice thing about xe.com is that you know the exchange rate you will get before committing to the transfer. I don't think a regular bank can/will do that. You can directly compare it to the real time actual exchange rate to see exactly what you are paying for the transfer.

If someone has found a better way than xe.com then I would be interested to know as I'm always looking for the best way as well.

Andy

We're using XE but be aware that if you do set up an EFT it can take a long time to get account verification! We have been waiting over a month trying to get account verification with Wells Fargo and with a honeymoon and wedding to pay for out of my husbands savings its starting to get a bit worrysome for us!!

I suggest that she not move all of her savings into the  UK all at once.

It's  useful to keep a bank account in the US, in case she ever has to pay off a US debt, collect money from a US source, receive a pension from a US company, receive US social security, etc.

I still have a US bank account. I wire money between accounts as and when I need it.

Did HSBC tell her that she had to close her US account? That sounds wrong.

I suggest that she not move all of her savings into the  UK all at once.

It's  useful to keep a bank account in the US, in case she ever has to pay off a US debt, collect money from a US source, receive a pension from a US company, receive US social security, etc.

I still have a US bank account. I wire money between accounts as and when I need it.

Did HSBC tell her that she had to close her US account? That sounds wrong.

I agree!  I've got some money in a US account (not much, but some) and now my Mom just makes little deposits into it at her local branch when she wants to give me $ as a birthday gift, etc. (She doesn't know how to do anything online).

I agree!  I've got some money in a US account (not much, but some) and now my Mom just makes little deposits into it at her local branch when she wants to give me $ as a birthday gift, etc. (She doesn't know how to do anything online).

This is what I do as well.

In addition, there are tax implications if you move savings into the UK and then earn interest on those savings.

This is what I do as well.

Moms and their old-fashioned ways, gotta love them! 

If there was another round of stimulus checks it's a lot faster to have it deposited in US bank account than having a check sent here.

Also noteworthy - that if you have more than US$10,000 in an 'foreign' account and you are a US Citizen, the US Gov't requires that you file a form. It is just an informational form, and is tracked because of money laundering issues I think.

Transferring large amounts out of the US to the UK, may trigger some banking auditors. I'm thinking about this too, as we are using our wedding gift cash (USD) to pay for our new kitchen (HURRAH! new Kitchen!!)

Lisa

Also noteworthy - that if you have more than US$10,000 in an 'foreign' account and you are a US Citizen, the US Gov't requires that you file a form. It is just an informational form, and is tracked because of money laundering issues I think.

Transferring large amounts out of the US to the UK, may trigger some banking auditors. I'm thinking about this too, as we are using our wedding gift cash (USD) to pay for our new kitchen (HURRAH! new Kitchen!!)

Lisa

hi lisa,thats intresting,what form does she need to file.and who does she contact about sorting this out,she has around 30,000 dollars,she will leave some in her account in the US but most she wants here in the UK....thanks