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Top 3 Money Transfer Providers for UK to USA

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX USD $12,381.43 £0.00 1.2381 1-3 days more...
OFX (UK) OFX (UK) USD $12,332.75 No Fee 1.2333 1-4 days more...
Currencies Direct Currencies Direct USD $12,343.98 £0.00 1.2344 1-3 days more...
FXcompared Country Guides
See all guides here
UK
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
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
See all guides here
 

Top 14 Money Transfer Providers

Latest prices for transferring money from UK to USA
Exchange Rates as of 2019-07-22T17:04:55+00:00
Bank Beating Rates

TorFX

?
Est. 2004

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More Info Less Info

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
USD $12,381.43
GBP £216.51
saved vs. banks

OFX (UK)

?
Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

Amount Received
USD $12,332.75
GBP £177.51
saved vs. banks
Bank Beating Rates

Currencies Direct

Call us0203 018 1318

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

More Info Less Info

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
USD $12,343.98
GBP £186.51
saved vs. banks

Moneycorp

?
Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More Info Less Info

One-off payments | Regular payments | Great rates | Safeguarded customer funds

Amount Received
USD $12,356.47
GBP £196.51
saved vs. banks

WorldFirst

?
Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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Transparency and security | Great customer feedback rating from Feefo

Amount Received
USD $12,294.06
GBP £146.51
saved vs. banks

Global Reach (formerly FC Exchange)

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More Info Less Info

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

Amount Received
USD $12,368.95
GBP £206.51
saved vs. banks

Azimo

?
Est. 2012

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

More Info Less Info

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

Amount Received
USD $12,481.28
GBP £296.51
saved vs. banks

Western Union Business Solutions

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
More Info Less Info
The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
Amount Received
USD $12,294.06
GBP £146.51
saved vs. banks

RationalFX

?
Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More Info Less Info
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
Amount Received
USD $12,375.19
GBP £211.51
saved vs. banks

Currency Solutions

Currency exchange specialists ranking No.1 on Trustpilot for the past two years
More Info Less Info
Currency exchange specialists ranking No.1 on Trustpilot for the past two years
Amount Received
USD $12,380.18
GBP £215.51
saved vs. banks

Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More Info Less Info
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
Amount Received
USD $12,375.19
GBP £211.51
saved vs. banks

WorldRemit

?
Est. 2010

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

More Info Less Info

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

Amount Received
USD $12,337.00
GBP £180.92
saved vs. banks

Rates From The Average UK High Street Bank

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More Info Less Info

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

Amount Received
USD $12,070.40
No saving vs. banks

PayPal

?
Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

More Info Less Info

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

Amount Received
USD $12,044.43
No saving vs. banks
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How to Transfer Money from UK to USA

Daniel Webber
Summary written by Daniel Webber

Summary

There are no restrictions when transferring money from the UK to the US. The US is one of the most popular countries for Brits to import from and emigrate to. The UK has the sixth largest population of US expats. A lot of this is down to both countries having a similar culture as well as sharing a language. This makes it much easier for expats to settle when they move.

Visa and Immigration

The UK and US visa systems can be complex. Most people moving to either country to work, however, will be sponsored by a company that will handle the process. The UK visa system is based on points. When moving to the UK, the most common type of work visa is a Tier 2, which covers, among other things, inter-company transfers and people with new job offers. The latter is the General visa, for which there is a quota, currently of 20,700 (unless the job pays over £150,000). The Tier 1 visa is aimed at a small number of “high-value migrants” such as entrepreneurs and investors – entrepreneurs are required to have access to at least £50,000 in capital, while investors are required to have at least £1,000,000 of disposable funds (income and proceeds from such investments can be sent back to the US).

If you are planning to move to the US to work and are considering sending funds to finance this, then you will need to obtain a valid visa. The most common visas are non-immigrant visas, where you are either sponsored by your UK company (L class visas) or are moving over to work for a US firm that is sponsoring you (H class visas). Students obtain F visas, and there are also E class visas available for investment and entrepreneurial activities. You will need to have obtained your visa before you can start work in the US. It is also possible to be sponsored by a family member who is already living in the US. This will help to speed up the process to gain both a visa and residency.

Bank Accounts and Credit Cards

None of the major UK banks have a significant network in the US. There are some groups though that have a presence in the major cities or regions, such as Santander, HSBC and Barclays, and it will be easy for you to switch from dollars to pounds when banking. Having a US account set up will also provide somewhere for any overseas transfers sending money from the UK to the US. In both the US and the UK, residents and non-residents can hold both domestic and foreign currency accounts.

Obtaining a credit card in the US can be exceptionally difficult if you do not have a US credit rating, which anyone moving to the US from the UK will not have. If your UK employer is sponsoring your move to the US, then it is possible that the employer can underwrite a small-level credit card initially to allow you to obtain one. Once you start using the card and paying it off, you will be able to build up your own credit.

One aspect that makes things easier when banking in both the US and the UK is the ability to use e-wallets to carry out transactions.

Taxation

A double tax treaty exists between the UK and the US, but there is not a full overlap between all categories. The US tax regime is very complex, particularly for US citizens living and working overseas, who must pay tax in the US on their foreign earnings – so engaging expert advice on this matter is essential. Intended to detect tax evasion, the US Foreign Account Tax Compliance Act (FATCA), which came into force in July 2014, requires that foreign banks, investment funds and insurers – or in some cases, such as in the UK, the national revenue agency – hand over to the US Internal Revenue Service (IRS) information about accounts with over US$50,000 held by Americans.

The US tax year is the calendar year, and this is different from the UK tax year, which is from 6 April to 5 April of the following year. Given the difference in tax years, the timing of your move can have an impact on your tax position. It is common in the US to pay income tax at city, state and Federal (national) levels, which means that it is possible that your tax rates in the US will be more than your marginal tax rate in the UK. It is vitally important to take out advice with regard to tax to attempt to limit the impact of potential double taxation while carrying out your move.

Healthcare

For Americans relocating to the UK, the National Health Service (NHS) is free (though some services such as dentistry are excluded). Hospital services are free to residents, but non-residents will be charged. Anyone planning to live and work in the UK must register with a local general practitioner (doctor).

In the US, healthcare is much more expensive, and there is no universal health system comparable to the NHS. The introduction of mandatory insurance – “Obamacare” – had made healthcare much more affordable, but the bill was repealed, and currently healthcare is still an expensive proposition within the US.

Studying in the US

With its world-class universities, the US has become a popular place for overseas study, particularly since the introduction of tuition fees in the UK has narrowed the cost differential. According to a 2014 study by the Brookings Institution, there were 13,034 British students at US universities between 2008 and 2012, focusing on business, management and marketing. The UK is the 13th largest source of foreign students in the US. In total, the report estimates that students from the UK have spent US$308.3m in tuition and US$158.6m in living costs.

US immigration is both strict and complex, and we strongly advise that you seek the help of a US immigration firm to help you obtain the visa you require. The exception is for student visas, where the process is much simpler, and the International Student Office at the university you are going to study at will be able to help you through the process. Once a prospective student is admitted to an accredited institution, the school becomes the sponsoring institution. The school will send an I-20 form with which the prospective student applies for a foreign student visa through the US Embassy or consulate in their home country. A visa is awarded once the US authorities have determined that they do not pose a terrorist, health or criminal risk. Upon arrival into the US, immigration inspectors verify the paperwork. The sponsoring school is then responsible for confirming that the foreign student is attending classes and must update the Student and Exchange Visitor Information System (SEVIS) of the Department of Homeland Security (DHS) with any changes in enrolment status, course, or any disciplinary actions.

Importing from the US to the UK

The US is the fifth largest source of imports to the UK, and the UK is the US’s sixth largest export market, with some US$47.4bn worth of goods and services flowing eastwards. The UK and US have their own bilateral trade relations, but also work through the EU. When importing goods from non-EU countries such as the US, you will need to declare your imports to customs and pay VAT and duty on them. Some goods may require an import licence. Given the volume of trade between the two countries, there are many options available when financing imports, transferring money to the US, and organising shipping. There may be changes in regard to trading with the US and the UK due to potential Brexit complications. Because the UK currently has a trading agreement with the US through the EU, if they do indeed leave the EU, then a new trading agreement will need to be negotiated.

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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.