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Transfer ABA to UK

Posted: Sat Feb 22, 2020 9:46 am
by WillieW
Best way to avoid high transfer charges ? Have to change from $ to £ . I see the banks on Uk give rip off rate for that. Any better safe way to do this transfer ? Thanks

Re: Transfer ABA to UK

Posted: Sat Feb 22, 2020 10:32 am
by offroadscholar
WillieW wrote: Sat Feb 22, 2020 9:46 am Best way to avoid high transfer charges ? Have to change from $ to £ . I see the banks on Uk give rip off rate for that. Any better safe way to do this transfer ? Thanks
You could try OFX
I used them transferring from Cambo to Aust. All up costs including margin on the exchange rate was around 1.1%.
https://www.ofx.com/en-au/send-money/uk//

Re: Transfer ABA to UK

Posted: Sat Feb 22, 2020 1:00 pm
by Mishmash
I use Transferwise

https://transferwise.com/

The charges are really low compared to TT at the banks.

Before the transfer you are clearly informed of the commission rate and how much money the recipient will receive.

The transactions go smoothly and the money is in the UK bank account the same day.

The status of the transfer is clearly displayed and you get a paper trail too

Try it!

Re: Transfer ABA to UK

Posted: Sun Feb 23, 2020 3:03 am
by pczz
Actually the cheaest way other than transferwise i to change the moeny to gpb here when you do the transfer. I was charged 1.5% compared ot 3.5% in uk. Also when you send it send it "we pay ' or "ours" so the fees are taken from your aba account. you should be able to fix the intermediary fee. With acleda I pay them $30, but if i let the uk pay then its anythingnup to 50.
Make sure your ukbank accepts from cambodia, and check their correspondence bank. Wells Fargo of Standarch chartered in new york seem to be pretty common. Ask ABA to use them. Finally there is (or was) a limit of $20,000 per transaction. amounts over that required approving by BOC. they always do, but it delays things by a day or three. On the Uk side the usual money laundering checks apply. Up to £80,000 is generally ok, over that you will need to provide proof of where it came from. Sometimes theyask for proof at lower amounts if the moneyis coming form a dodgy country. i send in $20,000 blocks a few days apart and have no problems. I have issues with ABA so i use ACLEDA

Re: Transfer ABA to UK

Posted: Sun Feb 23, 2020 10:54 am
by WillieW
Thanks. Is transferwise safe? I am rather worried although they are big online i still dont trust them entirely . The exchange rate is much better with them though and i hate being ripped off by uk banks. Are there any scams to beware of with them ?

Re: Transfer ABA to UK

Posted: Sun Feb 23, 2020 10:56 am
by WillieW
Also aba dont convert they send in usd and receiving bank or transferwise do conversion

Re: Transfer ABA to UK

Posted: Sun Feb 23, 2020 11:05 am
by Doc67
WillieW wrote: Sun Feb 23, 2020 10:54 am Thanks. Is transferwise safe? I am rather worried although they are big online i still dont trust them entirely . The exchange rate is much better with them though and i hate being ripped off by uk banks. Are there any scams to beware of with them ?
They are fine. I have used them for 2 years

Re: Transfer ABA to UK

Posted: Sun Feb 23, 2020 1:31 pm
by Fourkinnel
I used Tor https://www.torfx.com/ you call them, arrange the deal and rate. They send to your nominated BA.
ABA wouldn't let me transfer more than 10k at one time without some invoice from Uk which is not easily possible if you are buying property and need to put in your bank for when its needed. I did this from UK on my ABA phone app.

Re: Transfer ABA to UK

Posted: Mon Feb 24, 2020 3:27 am
by pczz
WillieW wrote: Sun Feb 23, 2020 10:56 am Also aba dont convert they send in usd and receiving bank or transferwise do conversion
Another reason to use ACLEDA

Re: Transfer ABA to UK

Posted: Mon Feb 24, 2020 3:28 am
by pczz
Fourkinnel wrote: Sun Feb 23, 2020 1:31 pm I used Tor https://www.torfx.com/ you call them, arrange the deal and rate. They send to your nominated BA.
ABA wouldn't let me transfer more than 10k at one time without some invoice from Uk which is not easily possible if you are buying property and need to put in your bank for when its needed. I did this from UK on my ABA phone app.
Wow, yet another reason to use ACLEDA. Thats 2 more black marks for ABA in this thread. Gklad I closed my account before i wasted time trying to send any money home