USD to GBP Funds transfer

I need to transfer a 6 figure amount from US Bank to my UK bank. Does anyone have experience with Currencies Direct? I have used Transfer Wise for smaller amounts but Currencies Direct have much better rates in the higher amounts.  Just trying to determine risk. 

I need to transfer a 6 figure amount from US Bank to my UK bank. Does anyone have experience with Currencies Direct? I have used Transfer Wise for smaller amounts but Currencies Direct have much better rates in the higher amounts.  Just trying to determine risk.

Not me. I used to use XE.....then switched to Transferwise. Never heard of Currencies Direct.

Not me. I used to use XE.....then switched to Transferwise. Never heard of Currencies Direct.

Exactly the same for me! 

Not me. I used to use XE.....then switched to Transferwise. Never heard of Currencies Direct.

Exactly the same for me! 

I didn't use XE first.  I've just always used Transferwise.  But it's very good.  The fee is miniscule even for small transactions (less than 1%), and it's scaled for larger transactions so the more you move, the cheaper the rate.

We used Transferwise to move a 6 figure sum but not in a single transaction. My wife and I each have a Transferwise account so could move $20k every few days without having to use wire transfers.

When we needed to get a 6 figure sum moved immediately when we bought our house in January then we did bank to bank because by then we had both a US and a UK account with HSBC and could use their Global transfer method which moves the money within the hour of hitting submit.

Their Global transfer cost is only worth it with figures over $100k. Our normal way to move money is with  Transferwise.

Thanks for the input.  I did use Currencies Direct  I strongly recommend them they converted at just below interbank FX conversion rates   and their margin rate for 6 figures was just 0.3 % vice HSBC of 1.5%   I saved about 3K GBP over my HSBC Premier Account global transfer.  Also I received the funds transfer in 2 business hours.

This thread is very helpful.  What were your experiences with the mechanics of moving money with Transferwise and Currencies Direct?

They both are very safe and vey easy to use.... Transfer wise has a non fluctuating rate of 0.85% on intrabank FX rates on their app Currencies Direct has a higher rate for dollar amounts under 25K on their app  but they will beat Transferwise everytime if you call them no matter the amoount....for high $ FX Currencies Direct are very good a rate of about 0.35-042% off the intrabank rate and they are very fast   

Depending on your UK visa, transferring money from abroad into the UK maybe considered taxable income by the UK.

Depending on your UK visa, transferring money from abroad into the UK maybe considered taxable income by the UK.

A visa has no effect on UK taxation.  A remittance of income or gains to the UK by a remittance basis user can nonetheless, however, create a UK tax liability.

I too need to transfer some funds (for a housing deposit) to the UK from the US.

I just spoke with HMRC. They said there is no limit on the amount of money you can transfer. And that it is not reportable. Gift or otherwise.

I may call again to be sure. But they emphatically said that.

If you are non-UK domiciled but tax resident in the UK, you can make a claim that your foreign income and gains are taxed only to the extent they are paid in or remitted to the UK.  If you do this, transferring money into the UK from a foreign country may implicate a tax liability.

When transferring funds into the UK, you should consider whether you may be triggering a UK tax liability by remitting foreign income or capital gains. The taxation of remittances is a complex; not limited to straight cash transfers, and there are special rules regarding remittances from a non-UK account which contains a mixture of earned income, investment income and capital gains. You may want to seek tax advice before transferring funds to the UK, especially if the amounts are substantial and/or if they involve translating any other currency into GBP.