What is the best way to transfer from $ to £

W

WhiteFlame

Newbie

Nov 29, 2008

27

5

• Jan 23, 2012

• #1

Hello,

So I live in the UK currently I use PayPal to send my account balance to my bank account and convert this to pounds.

I get paid about $2,100/month from America and I feel like I lose out a lot in PayPal.

Is there a better way to transfer this money?

I was thinking of maybe stocking a few months wages and trading it over somehow...

Any suggestions?

Thanks in advance,
~WF

 

meathead1234

Elite Member

Sep 24, 2008

3,724

14,585

• Jan 23, 2012

• #2

Either:

- Get a multi-currency bank account and sit on USD. If you do a lot of business in the US it stops you having to convert USD -> GBP -> USD.

- Get yourself a FX broker. As you're in the UK, I'd recommend these guys: www.halofinancial.com

 

W

WhiteFlame

Newbie

Nov 29, 2008

27

5

• Jan 23, 2012
• Thread Starter Thread Starter

• #3

Thanks, yeah I guess I will sit on it for a bit then.

Hmm I was even thinking of getting a forex account and trading myself but it seems strange using that amount of money for something I know nothing about just to get pounds :/ Don't know a single thing about it tbh...

 

meathead1234

Elite Member

Sep 24, 2008

3,724

14,585

• Jan 23, 2012

• #4

WhiteFlame said:

Thanks, yeah I guess I will sit on it for a bit then.

Hmm I was even thinking of getting a forex account and trading myself but it seems strange using that amount of money for something I know nothing about just to get pounds :/ Don't know a single thing about it tbh...

Click to expand...

To be honest, you're not making enough money to worry. When you start shifting 5-6 figures a month, you should definitely look into it, as ~1% starts to make a difference.

Also, don't bank with HSBC, they suck for FX.

 

davids355

Super Moderator

Moderator

Executive VIP

Jr. VIP

Apr 25, 2011

19,848

28,300

• Jan 23, 2012

• #5

You can hold a usd balance in paypal, that's why I do. If you want something with a better rate then you need an FX broker, but with the numbers your talking about it's probably not worth it...

 

D

Deleted member 264944

Guest

• Dec 12, 2012

• #6

i think paypal has that option