You may be planning to transfer money to the USA from the UK to buy a property, pay for a holiday, make mortgage payments or simply wish to send money to a loved one. If you are planning to make a money transfer to the USA of over £500 you should use a foreign exchange brokerage instead of the bank in order to achieve more competitive exchange rates and save money.
Why use a Foreign Exchange broker?
Unlike the banks foreign exchange brokers will waive any transaction fees on large money transfers to the USA; they will also monitor US exchange rates on your behalf to ensure that you achieve the best possible exchange rate at the time of your currency conversion. If you are making regular monthly payments to America to pay a mortgage or a supplier if you are a business many currency brokers will also waiver transaction fees for you.
Foreign exchange brokers use far smaller margins compared to the bank when converting your pounds into US dollars meaning that you can often end up saving thousands of pounds on large money transfers. You will also be able to speak to on hand currency specialists who can provide you with information on using a forward contract to send money to the USA which will help you to reduce your risk of future exchange rate movements. If you are making a money transfer to the USA from the UK for the first time and want to use a money transfer company you should visit our international payment comparison table where you can compare the UK’s leading money transfer specialists side by side to find the best money transfer provider for your requirements.
How to transfer money to the US
In order to send money to the USA you must have the following information to ensure that your money arrives safely:
Beneficiary account name
Beneficiary account number
American Banking Association (ABA) Routing code
Beneficiary Bank name
Beneficiary Bank address
Reference (what you would like to appear on the beneficiaries statement when they receive your money)
Providing that you give the correct information if you make an international payment to the USA in the morning it should arrive in the beneficiary’s bank account within 24 hours.
At Compare Currency we have compiled a list of the UK’s leading money transfer specialists in a simply to use table so that you can compare the banks against foreign exchange brokers. Simply click on the company that specialises in your requirements and ask for a free no obligation exchange rate quotation.
Each provider can also be contacted to find out more about the process of sending money to the US and answer any questions that you may have. You may also find our guide to money transfer useful.
View our money transfer comparison table now.
