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UK to USA money transfer (How to guide)

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    Transfer money from the UK to USA (explained step-by-step)

    There are four simple steps when transferring money from the UK to the USA and these are: identity check, get an exchange rate, make your payment and finally your money is sent out to the USA!

    Identity check. In line with the Anti-Money Laundering (AML) Regulations, all money transfers are subject to identity checks. This is to protect you from falling foul of organised crime and to ensure that when you send money to the USA from the UK the transfer ends up where you intended.

    Exchange rate. At Regency FX we will ensure you get the best exchange rates possible on the proposed date you are sending money from USA to the UK. Because we send money from the UK to USA and vice versa every day you can be sure the very best rates are secured.

    Make your payment. To send money to the UK from USA, simply complete the details of your UK bank transfer and the money is sent to the intended UK recipient

    Regency FX will help you make the most of your funds when you are ready to transfer money from UK to USA with the most competitive rates available to the market.

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    How to transfer money to the USA (in 4 simple steps)

    It might seem daunting to send money from the UK to the USA, but in practice, the process is extremely quick and easy.

    Here's how it works...

    1

    Register

    All new customers must register to comply with anti-money laundering rules.

    It is a legal requirement to identify a person before they can send money overseas.

    Fortunately, this is normally straightforward and can be done the same working day (sometimes in under an hour).

    Most people can be identified quickly and easily through basic details such as their name, address and passport number.

    2

    Secure an exchange rate

    Once you are registered, you are in a position to lock-in an exchange rate if you wish.

    Some people may register well ahead of the time they need to transfer money, so they can watch the rate for a while.

    No transaction will take place without your consent.

    If you are happy to proceed with the US Dollar rate quoted, your bank or money transfer service will lock-in your rate.

    You will then be emailed a confirmation of your transaction, with the amount of US Dollars you have bought and the amount of Pounds you have sold.

    3

    Send in your Pounds to pay for your transfer

    Your bank or money transfer service will provide you with the UK bank details of where to send your Pounds.

    For most people, this will involve a regular domestic bank transfer (UK bank to UK bank) - like paying a bill.

    4

    Your money is converted to US Dollars and sent out

    Once your Pounds arrive, your bank or money transfer service will convert them into US Dollars at the exchange rate agreed and send your money to the US bank account you've requested.

    That's it in a nutshell.

    One thing to note - an international money transfer is basically the same thing as a wire transfer or telegraphic transfer. Different places use different jargon.

    What is the timeframe when sending money from the UK to the USA?

    No matter how you transfer the money over it will be sent out to the USA through the SWIFT international payment system, which is a secure system that can link banks from all around the world.

    Generally, it takes 1-3 working days for a money transfer from the UK to the USA.

    Some banks are slower than others when it comes to processing the funds and completing all the necessary checks!

    Also, if you send the money before 2pm it will get there faster than if you send it after 2pm as that is counted as the next working day!

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    Information required for the money transfer.

    You will need the following details of the recipient’s bank in order to send money over: the name of the recipient, an account name, a routing number and a bank account number.

    It does not matter if the US bank account is in your name or a relative, business or lawyer.

    A routing number is a 9-digit code that identifies where the bank is in the USA; this is normally found as the first digits in the bottom left-hand side of a cheque.

    Account numbers are normally 10-12 digits long and is the second set of numbers along the bottom of a cheque. Banks will not check this information over for you however, money transfer specialists will check this over for you to ensure it is correct to avoid any mistakes happening.

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    Bank vs Money Transfer Specialists

    There are two main options when it comes to transferring money from the UK to the USA and these are, using a bank or using a currency broker.

    Banks can charge up to 3-4% more than currency brokers.

    It comes down to the amount of money you want to send and the bank that you use to do so.

    If you were sending £100,000 to the USA, you could be paying £4,000 in charges and fees!

    There used to be a time where customers would have no choice other than to use their bank to do these international money transfers. It has changed drastically now as there is more time and cost-efficient ways or transferring money internationally.

    Many people still do not know that there are other options when sending money internationally, so they go through their bank paying high fees and getting bad rates.

    Bank staff are mostly trained on savings accounts and mortgages and they have not a lot of knowledge on international money transfers!

    Additionally, you are not the bank’s priority. Along with this, the exchange rates that the banks offer are terrible and very costly.

    As well as the charges and bad exchange rates, banks also charge a transfer fee per transfer and sometimes they charge two, one for the sending bank and one for the receiving.

    Currency brokers have a lot less overheads than the bank so the savings they save can be passed straight onto the customers, offering them a competitive exchange rate and no transfer fee.

    They will also assist you through every step of the way if you want them too! Making sure that you are getting the best rate at that time and making sure you feel comfortable with the process!

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    Are money transfer specialists safe?

    Knowing that your money is safe is a massive deal. One of the main ways in which you can check that a currency broker is safe is to check to see whether then are regulated by the FCA (Financial Conduct Authority).

    If they are regulated by the FCA then they are required to keep your money in a separate, safeguarded client account, away from the company's funds.

    You can check to see if a company is regulated by the FCA by looking on the online FCA register.

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    Are all the rates you see online trustworthy?

    No, they are not. There are plenty of online platforms that can provide you with live rates such as XE and Daily FX, however most of the rates you see online are not actually available to customers.

    These rates are known as ‘interbank rates’; this means that only the banks themselves and large financial constitutions can use them.

    These rates are not available to customers or even large corporations that transfer in the hundred million daily.

    To make sure that you get a real rate, request a quote from either a bank or a currency broker!

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    Finding the best exchange rate

    Exchange rates are always changing every few seconds.

    The tiniest change can affect the movement of the exchange rates a great deal; it can be difficult to get the best exchange rate.

    A 4% move in the rate on a £100,000 transfer is £4,000 difference to you. This means that you could have £4,000 extra in your back pocket.

    Most people do not know when the optimum time is to look for the exchange rate; they require assistance with the process.

    Banks and online-only operators such as TransferWise or Revolut will not offer much assistance and support with the transfer.

    They can only offer webchat or support emails. This would be okay for smaller amounts of money but when you are looking at moving larger amounts it is a good piece of mind to have someone to speak to.

    Currency brokers can monitor the rates for you and notify you if the rate moves in your favour. They can also assist you with picking the best time to do the transfer to ensure that you do not lose any money.

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    Who are we?

    Regency FX are a UK based independent currency broker, specialising in high volume transfers.

    We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

    All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

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    The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

    They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

    Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

    We can monitor the market on your behalf enabling you to budget more effectively.

    As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

    Get a quote and see how we stack up.

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    Payment services for Regency FX Ltd are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ.

    The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.

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