<p>My daughter is starting grad school in London where she has lived previously and has an account at HSBC. We are trying to transfer some money from our US account to her UK account to tide her over until her loan money arrives in October as well as moving some of her money from her US account. Other than having our local bank or paypal handle the transfer, does anyone know of other options? Looking for something with a good exchange rate and maybe no foreign transaction fee.</p>
<p>My daughter found a couple of online sites, but I am not looking to test them with several thousand dollars!! I bet someone here know the perfect solution!</p>
<p>I just use my bank for sizable foreign funds transfers. For smaller amounts (several hundred dollars max per day) I just use an ATM to draw cash in the local currency, from my bank in another country.</p>
<p>We live in the UK, with bank accounts in the US. We sometimes use Xoom. They charge a flat $4.99, with no recipient bank fees. Their exchange rates are a little less favourable than banks, but if your transferring a large amount (up to $3000), it can save you money compared to banks. The main advantage to me is that it’s easy. </p>
<p>We have use Xoom for several years. The transfer is quick and easy. Our son’s UK bank used to sit on cashier’s cheques for weeks before making the funds available. With Xoom the funds are available within hours. Most US banks charge a wire transfer service fee of $25-$45, and sometimes the recipient banks also charge a fee. As megpom notes Xoom makes money on the exchange rate, but we have found that our son’s UK bank also uses an unfavorable exchange rate.</p>
<p>I live in the US but have an account in France, and I just send a check. I don’t know if that’s the smartest or fastest way.</p>
<p>Stupid question as my husband and daughter are in charge of the money, I just get to do the research! When using Xoom or our local bank for that matter, is the exchange rate dependent on the sending bank, or does her UK bank also come into the mix? My husband is trying to compare apples to apples to make sure he gets the best deal, and is finding it a bit hard to do. I believe they will transfer $5,000, a combination of husband and daughter’s money in one transaction. Daughter’s US account is at the same bank as ours, so easy to transfer money between the two accounts for no charge.</p>
<p>I know my daughter has looked into Currencies Direct and TransferWise, both with better rates than our bank, if I am reading her note correctly; both are also London based companies. I will tell her to look at Xoom also and see how it compares, although I am guessing it will be similar to the two above.</p>
<p>Charles Schwab brokerage account dose not charge an ATM fee world wide in addition, there is no foreign exchange fee either. Not sure the exchange rate is the same as any other bank.</p>
<p>I used to have HSBC accounts, one in the US and another overseas where I was working/living. I was able to to do world wide transfer between those two accts. transfers were free of charge. I am not sure if you could do it if you are not on your daughter’s acct. I would call HSBC to inquire. </p>
<p>I suggest you use your bank and ask if they will waive the wiring fee. Oftentimes if you ask, they will.</p>
<p>The wire transfer fee is not an issue, it is the exchange rate that kills the deal for most! Both my husband and my daughter’s US accounts are with Wells Fargo. The difference in the exchange rate between the bank and Currencies Direct is 84 GBP; a significant difference to the grad school strapped student!</p>
<p>I appreciate all the responses and believe my daughter has made her decision.</p>