my eldest has recently started a one year study at a US university as part of his 4 year course.
He has opened a US bank account but now needs funds transferred to him form his UK bank over the next year.
His US bank is not part of the SWIFT system so transfers involve sending funds first to his UK banks US "correspondent" bank who then transfer it on to my son's US bank.
This sounds a) time consuming, b) prone to errors and c) very expensive as involves two transfers as well as (I guess) pretty uncompetitive exchange rates.
Is there a simpler way we can arrange things for these regular transfers?
Would he be better transferring his UK bank account to a US bank in the UK to make things easier or would that involve much more expense and complications?
I must say, we have got used to fast inter-bank online transfers online in the UK but once you involve a US bank things seem to go back to the days of the quill pen and dusty ledgers!
Thanks in advance for any help on this confusing (to me ) subject!