Within the next few weeks I might be wanting to transfer some
25,000 or so to an existing (dollar) bank account in the USA. What would be the most cost-efficient way of doing this?- posted
17 years ago
Within the next few weeks I might be wanting to transfer some
25,000 or so to an existing (dollar) bank account in the USA. What would be the most cost-efficient way of doing this?
I'm somewhat out of date but may give you somewhere to start.
I guess it would need to come from your bank (money laundering et al)
Barclays do an International Money Order (IMO) for £8 up to a max of (I think $35,000)- essentially a cheque drawn on an American bank. You send it by post ...
Alternatively I believe you can send a payment via SWIFT (electronic) starting at about £20.
A
The most cost efficient way would be to avoid bank charges and exchange rate margins.
More often people ask about the most efficient way to go the other way - they have dollar cheques and want to pay them into their UK pound accounts.
Your best bet is to lurk where they ask. Then get together with them to cut out the exchange middlemen.
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