Sending money (monthly) from US to UK -- best exchange rate?

Hi All,

I will be studying a year-long course in the UK starting in a few weeks, and my mom will be providing me with a bit of support for paying my rent.

What is the best way for her to send money from the US to a UK bank account? Is it guaranteed that I will get "screwed" somewhat in exchange process? For example, I notice that right now the pound is at about 1.59 according to current data, but Travelex has it stuck at 1.66. Is that the "best" I can do?

Many thanks!

If you bank at Bank of America, you can take it out of Barclay's cash points free of any extra charges, because of the Global ATM Alliance.  It fluctuates daily with the exchange rate, but it's what I've been doing for the past year. I just try to keep an eye on it and take out lots when it's a good rate, which normally holds me for a few months' rent.

* Obviously, this would require her putting it into a BofA account in the first place, but they seem to be pretty ubiquitous.

Also, see this related thread

Hope this helps!

Ah, OK -- so you withdraw a ton of cash and then deposit the money in your British account? Do most British banks charge a fee for cash deposits?

Do most British banks charge a fee for cash deposits?

No

Check with your bank in the States, but getting money out if the hole in the wall has been by far the easiest, quickest and cheapest route for me. I can pull money from my American account in £200 chunks, and my bank charges me the lordly sum of a buck to do it.

I'm not entirely sure what they get the exchange rate from, but it fluctuates day to day.

My mom has sent me money via paypal, they charge a fee as well, though she doesn't do it often.