I have recently returned from a year in the US and have my last month's paycheck sitting in my US bank account (which I have yet to close). I'd like to transfer most of it (say, $4500) into my UK bank account. What is the cheapest way to do this, bearing in mind that:

  • Bank of America's own transfer service will only let me transfer $1000 at a time and will charge me $35 each time. And my UK bank will also charge.

  • My US account is based in Massachusetts so I can't use transferwise

  • I'm not desperate for the cash and don't mind doing something else with my dollars (stocks or some other investment) as long as I can ultimately convert to GBP at a decent rate and can do it legally without having an address in the US.

closed as off-topic by Nathan L, dg99, Chris W. Rea, Dheer, Victor Aug 4 '15 at 8:25

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Use a remitting service such as Ria Money Transfer. Almost all these services allow you to transfer upto $2999 at a time. So, you would be able to transfer the entire amount of $4500 within 2 business days(There is a monthly limit too, but it will definitely be more than $4500). There are no fees to use these services, but they do scrape off a bit on the currency rate. As of today you are getting 624 GBP for $1000 whereas the market rate is $641.95. You still save roughly $17 and 4 transactions, which adds up to more than $100. Here is a link to Ria's website. Other services, include Xoom, Western Union, Money Dart and Money Gram.

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