Question
I did a search but came up with nothing. My dad has funds at Barclays that he'd like to transfer over the most economical way or use a Visa/MC that has only the 1% conversion fee and not any additional charges.
At the very least, is anyone aware of a research site in the UK like our bankrate.com?
TIA
Answer
If it's just a matter of transferring funds from the UK to the US (or GBP to USD), look into an international wire transfer. Some account packages at Citibank UK for example give one free (at interbank rates) foreign exchange, and reasonable rates for outgoing international wire transfers to 3rd party banks (free within Citi). Barclays would offer similar services, though of course its fees may vary significantly. Assuming no forex fees, the total cost for an outgoing international wire should be approx. £30--and any forex fees may well be less than a UK credit card (Amex UK is 2.73% total, and my Visa is 2.5% total).
If it's a relatively small amount of money, one can also just withdraw cash in the US using the bank card. The fee may be minimal, if one can find ATMs in the US that are surcharge-free (the type of charges imposed by the bank that operates the ATM, not those imposed for use outside its network by the bank that issued the card).
[This message has been edited by chalf (edited Feb 03, 2004).]
Answer
Thanks, Chalf. My dad is considering a wire transfer, although he didn't want to particulary bring over a large amount of GBPs (I haven't been able to see where the fees for that is listed on Barclays site).
As far as ATMs, you are coming up with the same info as I have. If you use an affiliate ATM (B of A in the US), the charge will be 2.75% of the transaction amount.
That will most likely be the way he goes unless someone knows of a credit card that is issued in the UK that has only the 1% Visa/MC conversion fee and no other foreign exchange fees attached (1-3%). MBNA and Capital One US issued cards leave off this extra fee, and I am wondering if such an animal exists in England (we even get rewards on those cards to boot!)
If someone can point me in the right direction, I'll be happy to do the research!
Answer
You also might want to note that getting a credit card in the UK can be very difficult. My colleagues who transfer from the US with astronomical credit limits and perfect payment records are regularly rejected for UK credit cards. I had a [dormant] UK bank account for several years before moving here and was still required to obtain a letter from my employer certifying my income, address, etc. before I could change card products from the same issuer that had previously issued me a card. Amex told me that they have a blanket rejection policy unless one can prove at least 6 months of prior employment and residence.
PayPal and Yahoo PayDirect I believe also allow international transfers, though they do charge a fee. It might be worth investigating.
The ATM or wire transfer routes might end up being your only options. No miles, unfortunately, though as most UK cards only offer 1 mile per £1 at current exchange rates the earnings rate is rather low.
[This message has been edited by chalf (edited Feb 04, 2004).]
Answer
Originally posted by rox59:
That will most likely be the way he goes unless someone knows of a credit card that is issued in the UK that has only the 1% Visa/MC conversion fee and no other foreign exchange fees attached (1-3%).
http://www.nationwide.co.uk/creditcard/using_the_card/using_card_abroad.htm
0% on overseas purchases.
1% on overseas cash withdrawls.
Answer
Originally posted by GRM:
http://www.nationwide.co.uk/creditcard/using_the_card/using_card_abroad.htm
0% on overseas purchases.
1% on overseas cash withdrawls.
GRM,
Just what I was looking for! Thanks to both of you for your replies (there is also a recent post in Miles Buzz re a forex deal...)
Answer
Originally posted by chalf:
You also might want to note that getting a credit card in the UK can be very difficult. My colleagues who transfer from the US with astronomical credit limits and perfect payment records are regularly rejected for UK credit cards. I had a [dormant] UK bank account for several years before moving here and was still required to obtain a letter from my employer certifying my income, address, etc. before I could change card products from the same issuer that had previously issued me a card. Amex told me that they have a blanket rejection policy unless one can prove at least 6 months of prior employment and residence.
PayPal and Yahoo PayDirect I believe also allow international transfers, though they do charge a fee. It might be worth investigating.
The ATM or wire transfer routes might end up being your only options. No miles, unfortunately, though as most UK cards only offer 1 mile per £1 at current exchange rates the earnings rate is rather low.
[This message has been edited by chalf (edited Feb 04, 2004).]
I had excellent credit in the UK and Canada but when I first came to th US it was almost a year before I could get a Sears CC
Answer
Nationwide debit card which can be had on just opening an account allows free ATM withdrawals with no commission. Their rates are also very good just 1 cent or so below wholesale rates. This is much better than wire transfer which attracts about $40 fees. Only limit is $ 600 withdrawal per day. I have used this method regularly and have stopped using wire transfers
Answer
Originally posted by drbala:
Nationwide debit card which can be had on just opening an account allows free ATM withdrawals with no commission. Their rates are also very good just 1 cent or so below wholesale rates. This is much better than wire transfer which attracts about $40 fees. Only limit is $ 600 withdrawal per day. I have used this method regularly and have stopped using wire transfers
Hi drbala,
Please, which ATMs in the US is Nationwide affliated with or what might any extra transaction fees be that you've inccured for usage outside of their system? I wasn't able to find that info out from the website.....
TIA