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Efficient currency exchange and overseas transfer

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Administrator: Retired Backtester
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Rennes France
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Platform: NinjaTrader
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sam028's Avatar
Posts: 3,533 since Jun 2009
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I think the good option would be to:
- have a bank account in USD "somewhere", your UK bank should be able to open it
- transfer USD from the broker to this USD account
- send USD to a Forex broker
- convert your USD to GBP in the Forex account
- send GBP to your UK account

It's not a very "light" method, and you'll have to find out the costs, if there are costs, for each transfer. And also check the cost of managing a USD bank account in UK (in my case, a French bank, it is was $39/month...).

Jking556 View Post
Hi zug7

Thanks for posting.

Yes I've heard of transfer wise. The problem isn't transferring the money into my broker in the US. I can do that easily and cheaply with moneycorp.

The problem is withdrawing usd from my us broker back to the uk (to an account that HAS to be under my name) and from there I can then use currency brokers such as money Corp for the better exchange rate.

Of course there is always the option of using AMP to convert the currency but there only going to give you the poor rates that banks offer.

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