I have a sum of money (US dollars) in a US broker account from sale of stock in the American company I used to work for. I want this money to be reunited with me here, but I have a little problem.

For wire transfer, the broker says that I have to provide details of a "corresponding bank" in order for them to wire it through to my UK bank.

However, my UK bank (Royal Bank of Scotland) insist that the broker have to provide this information.

I am stuck between the two of them and am unwilling to risk the transfer with information I am not certain of (i.e. the old details) since the last time I did this, the money went missing and I was charged two lots of $25 for the wire transfer (although one was refunded when I complained).

My other option is to get a cheque in dollars, but the RBS say that this will need to be sent back to America because it's over a certain threshold value (rather than simply converted straight away and then they deal with the behind the scenes stuff) and that this could take 6 weeks.

Could any experts in international wire transfer please tell me who is telling the truth. Who should provide me with the corresponding bank details?

Thanks.

A corresponding bank is the bank that has entered in to a arrangement with the Uk bank to hold deposits and handle wire transfers on thier behalf. I.e. RBOS's US entity.
If I where in your situation I would simply open an account with www.citibank.co.uk - all the wire stuff is explained on thier website.

Thanks.

I thought it was the RBS who were telling me porkies. The girl finding out the information for me was helpful but she didn't really have a chance. All she's been trained to do is get her customers into more debt. When someone comes in asking them how to DEPOSIT money they are flummoxed.

I find this ridiculous. They are the bank, yet I had to explain to them (what little I knew) about how international banking works.

I think I'll ask the broker if they can give me a cheque in sterling. Hopefully this would go in without any problems.

Careful with Citibank. They have very poor exchange rates.

Try Moneybookers. They have the best exchange rates and lowest charges. You may have to go through some hoops though. Open two accounts, one in £ and one in $ and then transfer the money to yourself. Done.

Thanks BB,

I am in the same situation. Want to transfer US $ from my US broker to my UK bank account and don't want to loose out on a poor exchange rate or high fees. Moneybookers looks interesting. They say on their page though that you are only allowed to open 1 account, but you suggest to have 2 ? Also, where do you see their exchange rates, how do you know they are the best (I assume you tried them before and have a comparison ?)

Has anyone else experience with this ? How are travelex, moneyram and the likes ?

Thanks!

"We believe in fair exchange rates. We use the daily reference rates as published by the European Central Bank. However, we apply in either direction a spread of 0.8% - this is not a hidden charge but a protection against the volatility and risk associated with FX markets. Our rates compare very favourably to those charged by banks and are superior to those of most money transmitters."


0.8% loading is very attractive. Most banks will aplly something like 1.5-2%. Citibank more.


Yeah, they don't allow two aco****s. I think you might be able to register two bank accounts (UK and US) under one monebookers account.

Thanks BB,

they indeed look very attractive, I had a thorough look through their site.

It seems though in order for this to work for me, I would need a US bank account first, right ? My broker could probably not snend money to them directly unless I ask them. but I doubt they would do it. Do you think in my situation (want to transfer money from a US broker to UK bank account) moneybookers would work even if I would not have a US bank accounts ?

Many thanks.