Should I transfer all my money over here?

[MyHeartWillGoOn93 8]

I have a UK bank account still and at the moment I have almost £22,000 in that account lol and it's a checking account so not gaining much interest there. I was thinking of transferring all that money over here and open a savings account but I am a bit worried about the exchange rate, like will they take quite a big chunk off when it comes to exchanging the currency? I need more information on this so I can make the best decision.

[MyHeartWillGoOn93 8]

I have access to my money online, by the way, so that's not an issue.

[Nich-Nick 3,354]

My husband kept a UK bank account. He uses it to autopay his UK credit card If he ever charges on it. And he has a UK Vonage account that debits each month. (He brought the UK Vonage box so his family can call a UK number and it rings here at no extra cost to them and no special equipment.) And we can shop online UK gifts like Argos and pay out of the account instead of mailing gifts. Same for Moonpig cards on the UK site. So I guess it depends if you would find it useful to keep money over there too.

Foreign accounts over $10,000 (in USD) must be reported each year. No tax or anything. Just name/location of bank and balance. It used to be a form to mail in called TD F 90-22.1. Now it's an online submission. It's easy enough.

Many people like to do their transfers with xe.com or HiFx because of good rates.

And that's about all I know.

[CowBoE 429]

I have a UK bank account still and at the moment I have almost £22,000 in that account lol and it's a checking account so not gaining much interest there. I was thinking of transferring all that money over here and open a savings account but I am a bit worried about the exchange rate, like will they take quite a big chunk off when it comes to exchanging the currency? I need more information on this so I can make the best decision.

In a short term, exchange fee is something to consider, but in a longer term,

the exchange rate has bigger impact.

Back in 2007, 1 pound got you more than $2, and then it dipped to $1.40 in 2009,

and now it rebounded some to $1.65.

Something to think about...

[S-C 21]

If you are going to transfer your money across, I strongly suggest TransferWise. They offer the best rates and the lowest fees. Also it is extremely easy to use and I have found they are generally quicker than most other places.

Just FYI, I've used both xe.com and HiFX and I have found TransferWise to be better. DualityOneness is right though. You need to look at the exchange rate. Given the Bank of Englad just printed £235BN more, the strength of the pound is going down at the moment.

[MyHeartWillGoOn93 8]

In a short term, exchange fee is something to consider, but in a longer term,

the exchange rate has bigger impact.

Back in 2007, 1 pound got you more than $2, and then it dipped to $1.40 in 2009,

and now it rebounded some to $1.65.

Something to think about...

Yeahhh now it's 1.63 haha definitely not transferring my money now - I'll wait until the dollar gets weaker, if it does >.<

Edited September 6, 2014 by MyHeartWillGoOn93

[MyHeartWillGoOn93 8]

Seeing as the dollar is getting stronger according to this http://www.forecasts.org/exchange-rate/british-pound-exchange-rate.htm

Would it be best for me to transfer my money over now?

[MyHeartWillGoOn93 8]

BUMP!

[Nich-Nick 3,354]

Wondering what will happen to the £ if Scotland votes for independence in 9 days.

http://www.theguardian.com/politics/2014/sep/08/pound-slumps-scottish-yes-campaign-poll-lead

http://www.bbc.com/news/business-29103445

...and so on.

[S-C 21]

Just to confirm to everyone, the US$ isn't necessarily getting stronger. It's the £ that is weakening. This is due to:

1. Increased amount of cash in economy from the BoE printing additional money; and

2. The uncertainty around Scottish independence and the impact on the overall UK economy.

Personally I feel the Scottish are a bit silly if they do vote yes on independence. I am struggling to think of ways that they will be able to maintain their economy (or what is left of it once everyone pulls out because they no longer trade on the £) and to meet all the commitments Salmon has made. I just don't see it happening without raising taxes by an extraordinary amount.

[MyHeartWillGoOn93 8]

Just to confirm to everyone, the US$ isn't necessarily getting stronger. It's the £ that is weakening. This is due to:

1. Increased amount of cash in economy from the BoE printing additional money; and

2. The uncertainty around Scottish independence and the impact on the overall UK economy.

Personally I feel the Scottish are a bit silly if they do vote yes on independence. I am struggling to think of ways that they will be able to maintain their economy (or what is left of it once everyone pulls out because they no longer trade on the £) and to meet all the commitments Salmon has made. I just don't see it happening without raising taxes by an extraordinary amount.

This is what I based it on http://www.forecasts.org/exchange-rate/british-pound-exchange-rate.htm

[S-C 21]

This is what I based it on http://www.forecasts.org/exchange-rate/british-pound-exchange-rate.htm

I realise the exchange rate between £ and $ is always shifting. I was pointing out the reasons for this is mainly, at this point in time and over recent months, due to the £ strengthening due to the UK economy recovering faster than most other major economies, and now weakening because of perceived issues related to Scottish independence.