Any bankers here?

[kallend 2,103]

My sister (from the UK) is coming to stay for a while. What is the best way of transferring money from the UK to US? Should she have her bank transfer it to mine, buy a load of travelers' checks, or just use her ATM card when she gets here - in terms of commissions or charges? We're talking maybe $5k so a couple of percent commission would be quite a bit.

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The only sure way to survive a canopy collision is not to have one.

[larsrulz 0]

When I go the other way around, i.e. from the US to Europe, I always get the best rates using credit cards and ATMs. Unless she wants to walk into the U.S. with a considerable amount of cash, then I would recommend this.

I got a strong urge to fly, but I got no where to fly to. -PF

[Darius11 12]

Not a banker. But i do a lot of international business.
Just wire transfer it to your account it is usually about 12.50 for the wire transfer fee.

I'd rather be hated for who I am, than loved for who I am not." - Kurt Cobain

[Bubble 0]

I transfered money earlier on this year to my account in Deland - our team put all of our money together £4k and did one bank transfer it saved us £300 as we got the business rate as opposed to the tourist rate. It cost me £20 with a bank called HSBC but most banks in the UK will do it and some free of charge just need to find the best rate. If she can transfer it straight into your account she should be able to get a better rate with very little charge. I would definately recommend it. Get her to check with her bank what the rate is and how much it'll cost for £5k she should be looking at quite a good saving. Allow 5 working days for the transfer to go ahead.

[tigra 0]

I was going to say the same thing about Mexico. I use mostly ATMs there, for the convenience and the exchange rate. I stopped taking travellers' checks after my second trip when I realized how much easier the ATMs were. (Of course I'm only there for a week at a time, so obviously we're not talknig about nearly as much money!) The only thing to worry about is that here in the US most of the ATMS charge a fee, and if her bank charges a fee to use an outside ATM she could pay as much as $5.00 per withdrawal! That sucks! A wire transfer to your account would probably involve a one time fee on her side and yours ($10.00 to $25.00 for the sending and receiving banks) but then, how is she going to get her money out of your account? At least if she uses the ATM, she'll be in control of her own money.

[mjosparky 4]

Have her wire it to my account and I will pay all fees.
Sparky

My idea of a fair fight is clubbing baby seals

[Deuce 1]

The ATM card was the best deal for me when I was in England this past summer. Even better was the rate I got on my Amex card.

The Visa debit card should do the trick for her, no ATM fees, and her money gets to stay where it is.

[kallend 2,103]

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Have her wire it to my account and I will pay all fees.
Sparky

Thanks - sounds like a good deal.

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The only sure way to survive a canopy collision is not to have one.

[kallend 2,103]

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The ATM card was the best deal for me when I was in England this past summer. Even better was the rate I got on my Amex card.

The Visa debit card should do the trick for her, no ATM fees, and her money gets to stay where it is.

I suppose that would be a distinct advantage with the $US dropping the way it is right now.

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The only sure way to survive a canopy collision is not to have one.

[Andrewwhyte 1]

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I suppose that would be a distinct advantage with the $US dropping the way it is right now.

I suspect the $ is finished dropping for a while. The President's comments on the economy coupled with the FED's actions plus the coming of the 'more tourists in than out' season should see some stability or even gains.

All UK banks will have a relationship with a major US bank. Your sister should ask her bank who that is and send the money there. It should be cheaper and will almost certainly be less hassle.