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Top 3 Money Transfer Providers for USA to UK

Provider	Amount Received	Fee	Exchange Rate	Speed
OFX (US)	GBP £7,240.71	No Fee	0.7241	1-3 days	more...
Venstar	GBP £7,244.36	No Fee	0.7244	1-3 days	more...
Average US Bank	GBP £7,060.24	No Fee	0.706	1-5 days	more...

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FXcompared Country Guides

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USA

The dollar, the world’s most traded currency, is held on a free-float exchange rate and is fully convertible to foreign currencies Read More

There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More

See all guides here

Dollars to Pounds Exchange Rate History

The US dollar (USD), the official currency of the United States, has been in circulation for over 200 years and is the world’s leading international reserve currency today. Great Britain’s official currency, the pound sterling (GBP), is the world’s fourth most often traded currency and the oldest continuously-circulating currency in existence today.

The exchange rate between the dollar and the pound is one of the most important currency exchange rates in the world, as it is an important signifier of the powerful economic relationship between the two countries. Historically, the USD has had a weaker valuation against the pound, sometimes significantly lower, especially throughout the early days of the United States in the late 18th and 19th centuries, and after the Great Depression of the 1930s. As recently as 2007, the US dollar was trading at nearly £0.50, its lowest point in nearly two decades. Since then, however, the dollar has begun to gain value against the pound; this is due in part to the resurgence of the United States economy, combined with persistent weak spots in the British economy.

Dollar Drops against Weakened UK Economy

From 2000 through 2002, the dollar traded in a fairly consistent band ranging from £0.658 to £0.694. But in the latter half of 2002, rising US mortgage debt and the technology industry crash caused the dollar to grow increasingly weak. Throughout 2005 and 2006 its value dipped to £0.549 and £0.543, respectively, against the pound sterling, and by 2007 it had hit a low of £0.50.

The global recession, however, was also beginning to have an impact on the UK’s economy. The British government moved to enact a program of quantitative easing by increasing its money supply, which contributed to lower the pound’s exchange rate against most major currencies, including the dollar. By the end of 2009, the dollar had gained against the pound to finish the year at a valuation of £0.637. The dollar’s value dropped slightly against the pound in 2010 and 2011 as the US economy continued to struggle in the post-recession environment, finishing at £1.625 by year-end 2011.

Even as the dollar was losing value against the pound, analysts were concerned with weaknesses underlying the UK’s economy. Its accumulating public debt accounted for far too large a percentage of its GDP, according to experts, and its current account deficit was also considered too large to be sustainable in the long term. In 2013, Moody’s rating agency downgraded Great Britain’s sovereign debt to an AA1 rating, marking the first time in its history that UK debt had been downgraded.

US Economic Recovery

In 2014, the US economy began a stronger recovery, bolstered in part by higher domestic production of oil and gas. Employment was on the upswing, consumer activity was growing, and the dollar gained ground against all major world currencies. In November 2014, the US-based investment bank Goldman Sachs predicted that a strong US recovery that would continue in the next three years through 2017.

Although there are some signs of a strengthening British economy, with stronger manufacturing reports to start 2015, there are still concerns with its current account deficit and continued high debt levels. The UK’s close ties with the eurozone, its largest trading partner, also expose it to continued currency weaknesses, as the eurozone struggles to find a solution to Greece’s debt restructuring and political instability in Ukraine. The eurozone had largely tipped into deflation by 2015, with prices falling 0.6% lower in January 2015 compared to the same point last year. The US economy, meanwhile, is showing signs of continued growth, which is expected to last for a number of years. This should, in turn, drive up the USD exchange rate against the pound and other major

Below are the best exchange rates for dollars to pounds offered on FXcompared from the money transfer companies we have selected, to help you make the best choice. 1 USD to GBP Exchange Rates.

Top 3 Money Transfer Providers

Exchange Rates as of 22 January 2021, 22:00

OFX (US)

Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

OFX (US) Review

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FXcompared Rating

4.3/5

Outstanding

Amount Received

GBP £7,240.71

USD $236.91
saved vs. banks

START YOUR
TRANSFER NOW!

Fee:No Fee ?

Exchange Rate:0.7241 ?

Speed:1-3 days ?

Venstar

Est. 1990

Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.

Venstar Review

More InfoLess Info

FXcompared Rating

2.8/5

Acceptable

Amount Received

GBP £7,244.36

USD $241.91
saved vs. banks

START YOUR
TRANSFER NOW!

Fee:No Fee ?

Exchange Rate:0.7244 ?

Speed:1-3 days ?

Average US Bank

Est. 1900

Average of the top US Banks costs as compiled by our own FXC Intelligence group

More InfoLess Info

Amount Received

GBP £7,060.24

No saving vs. banks

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Fee:No Fee ?

Exchange Rate:0.706 ?

Speed:1-5 days ?

How to Exchange US Dollar to British Pound

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