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I am leaving for the states in around a months time and upon arrival I will be opening a US account. I'm a student and so will be sending around £2,500 each term to the US account from funds that are paid into my UK account. What is the most efficient away to transfer this to my US account without losing a lot in the exchange?

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    money.co.uk/money-transfers/… . Check which one is the best for you. I did use Transferwise onceand they are a good one too. Doing it online is the safest way to go, that is my opinion.
    – DumbCoder
    Aug 19, 2013 at 7:58
  • consider quite simply using your ordinary UK bank card, to, withdraw USD ($500 at a time) when in the US. very carefully examine the fees involved on both ends. often it is by far the cheapest option. there is just no good way to exchange (relatively) small amounts of money. you'll pay at least $50 overall simply in wire transfer fees each time, too.
    – Fattie
    Jun 30, 2016 at 12:45

2 Answers 2

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My current favorite service for this kind of transfer is Transferwise.

The fees are quite low when compared to the 2.5-3% by high-street banks for currency conversion, to which you need to add the international wire transfer fee, and it's often a lot faster, as they split it into two domestic transfers while the international part + currency conversion happens internally to Transferwise.

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If you set up two Paypal accounts (one linked to your UK bank account and one to your US bank account and get them both properly verified) you should be able to transfer the money for free as far as I know.

You would have to fund the transfer directly from your UK bank account (not via a credit card).

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    It seems that PayPal actually charge for international transfers between accounts. Aug 19, 2013 at 13:18
  • Ah, OK, I didn't know / realise that. And presumably they don't let you link a non-[country] bank account to a [country] Paypal account, either.
    – Vicky
    Aug 19, 2013 at 13:32
  • Actually, the main issue is that they charge 3% currency exchange fees, like most banks.
    – jcaron
    Feb 1, 2016 at 0:01

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