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Q: Transferring Money into the US ( No Answer,   1 Comment )
Question  
Subject: Transferring Money into the US
Category: Business and Money > Finance
Asked by: cpete-ga
List Price: $20.00
Posted: 11 Aug 2005 07:23 PDT
Expires: 12 Aug 2005 06:49 PDT
Question ID: 554441
I have a sum of around GBP100,000 that I need to transfer from the UK
to the US. I have been told that a wire transfer from my UK to US
checking accounts will not get a particularly good rate of exchange. 
What are my other options?
Answer  
There is no answer at this time.

Comments  
Subject: Re: Transferring Money into the US
From: myoarin-ga on 11 Aug 2005 14:20 PDT
 
As an ex-banker, I don't think you have any options other than the
choice of having the UK bank transfer the funds in Sterling OR in US$.
 In the first case, then the US bank would handle the exchange to
dollars, in the latter, the UK bank would, which I would recommend,
since it will be more familiar with exchange.
You may ask the bank if it makes any difference  - what difference - 
if it exchanges the funds immediately OR if it makes a foreign
exchange contract that will be settled two business days later and
then transfers the dollars.
I rather doubt that it will agree to making a contract for that
amount, and it probably wouldn't make much difference.

But I may be wrong, and then someone will come along and say so  - I hope.
Myoarin

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