What's the optimum way to change 12000 pounds (sorry no pound sign on my keyboard) for US Dollars?

Question

I live in the USA (originally from Leeds) and am surrending a policy that will yield 12000 pounds. I am planning to deposit this into my USA bank account from my UK bank account but wanted to put the question out.... does anyone know if there is a better way to do this so I don't get hammered with commission fees, handling etc. Its only a one time transaction.
Thanks for your input. Ruth

Answer 1

Use Citibank. You can open an account in the UK online and in the US online. You can transfer the money from UK to US for free (minus the standard currency conversion fees). This is simple and probably the cheapest way.

This is also good for when you travel home...you can transfer money from your US to UK account and have GBPs ready at your hands upon arrive in England. As an Englishman in the US, I find this helpful for when I travel back and forth.

Answer 2

My daughter has this problem in reverse because she's paying off Uni loans in the UK whilst living in the US. She's with HSBC in the UK. The current best method (and I stress current best method, because it seems to be a moving target)she's found was to open an HSBC account in New York and then transfer funds from her US bank account in CA to HSBC NY. Then do an inter bank transfer between HSBC NY and HSBC UK. So in theory it should work the other way. Wasn't much help was I? Sorry.

Answer 3

once you have the cash in your U.K account transfer to your U.S.A. bank account ,its the safest way a charge will more then likely apply,you'll pay on the amount in pounds on your U.K bank account read the small print. Once in your U.K bank account your statement it will just give a outline of exchange, pound against dollar in your U.S A bank account the cash will be in dollars,you could ask your policy holders to transfer the cash direct to your U.S A account but they will charge a fee as well

Answer 4

Well take it to your bank her in the us, talk to the manager and they will know what to do with it. You will have a fee to convert it over to us dollars but its all good. The switch works in your favor. You get more us dollars for it.
Banks send it to the federal reserve to get checked out and then you get a check from your bank. It takes about a week.

Answer 5

Have you asked if the company paying you can pay the US dollar equivalent directly into your US bank account? I don't know if they will, but I doubt it can hurt to ask. If they will, you save the hassle and fees related to moving the funds around and converting from pounds to dollars.

Answer 6

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Answer 7

i would imagin that this will be a cheque, you should be able to cash it straight into you US account with a charge attached for conversion as foerign currecny chqs can be paid into UK accounts.either that or u need to do an electronic transfer which cost n timescales vary

Answer 8

Check the exchange rates @ www.gocurrency.com then...change the $$$

Answer 9

stop using big words