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What is the best way to transfer from $ to £

Discussion in 'Business & Tax Advice' started by WhiteFlame, Jan 23, 2012.

  1. WhiteFlame

    WhiteFlame Newbie

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    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
     
  2. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    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
     
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  3. WhiteFlame

    WhiteFlame Newbie

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    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...
     
  4. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    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.
     
  5. davids355

    davids355 Jr. VIP Jr. VIP Premium Member

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    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...
     
  6. bitencrypt

    bitencrypt BANNED BANNED

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    i think paypal has that option