Best Way to Xfer Money To Student Son In US???

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Denwand
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Best Way to Xfer Money To Student Son In US???

Postby Denwand » Wed Sep 06, 2017 8:23 am

Hello all,

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!
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newmother
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Re: Best Way to Xfer Money To Student Son In US???

Postby newmother » Wed Sep 06, 2017 8:28 am

https://transferwise.com I use this service. The best one I have found for transferring funds to the US. Very easy to use.
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audrey
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Re: Best Way to Xfer Money To Student Son In US???

Postby audrey » Wed Sep 06, 2017 12:03 pm

Paypal?
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JRobinson1
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Re: Best Way to Xfer Money To Student Son In US???

Postby JRobinson1 » Wed Sep 06, 2017 4:49 pm

Hi Denward,

I would speak to Jamie Lesinski of Prime Cap Payments. Jamie has helped us and i'm sure he can help you. Prime cap offer a digital/online foreign exhange solution.

Jamie: jamie.lesinski@primecappayments.com
https://www.primecappayments.com/

Good luck to your son in the US!!
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Calaya
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Re: Best Way to Xfer Money To Student Son In US???

Postby Calaya » Wed Sep 06, 2017 10:43 pm

Revolut is the best app for this. In addition it comes with a debit card. We are only using this now when we go abroad.
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Denwand
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Re: Best Way to Xfer Money To Student Son In US???

Postby Denwand » Thu Sep 07, 2017 9:27 am

Thank you so much for all your recommendations!

I'll be looking into all of them to workout what is the best for him :D
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