You’ve set up your bank account, are receiving money in shiny British sterling, and now you want to send some of it back to your US account to pay some bills, student loans, mortgage, what have you.
Your initial thought will likely be to check what products your banking institution has for you to transfer money back home. However this isn’t always the best way to go about sending money back to America. The fees are astronomical and you often get hit on the conversion rate as well. There is a solution though.
By far the easiest and most cost-effective way to send money back home is Transferwise.
- Register at Transferwise.com
- Add your UK bank account
- Add your US bank account
- Send your money!
It really is that simple, and you can send monetary amounts as small as a few pounds all the way up to the thousands.
The fees they charge are a small fraction of what you would pay at any other financial institution.
How does it work?
You may be fine just using Transferwise and letting the magic happen. Or you may want to know a bit more about the business so you know why you should trust it.
Transferwise is a Richard Branson backed business that lets customers effectively purchase currency from your host country while a bank in your home country distributes it. Technically, no money is actually crossing borders.
- You give Transferwise UK £5 from your UK bank account
- Transferwise US gives your US account the exchange rate equivalent of £5
- Transferwise charges your UK bank account a tiny fee. In this case it would be £1.
The great thing about Transferwise is that it is completely transparent. You are clearly shown what the exchange rate is at the start of the process as well as what the fee is they will charge you.
You can even have Transferwise only conduct the transaction at specific exchange rates.
This is the most easy-to-use, customer friendly financial service I have ever used. I highly recommend it for sending money back to the US from the UK.