Efficient currency exchange and overseas transfer

[Jking556]

Hi all

I'm in the U.K. And I have an account with AMP futures in the U.S and I trade us markets so my account is in usd.

I'm just trying to figure out the best and most efficient way to convert the usd into gbp and recieve it here in the U.K.

AMP can convert my currency themselves but I'm sceptical about the exchange rate and believe a better rate can be achieved elsewhere.

One problem however is that AMP will only allow a withdrawal to an account in my name. I did have the idea of withdrawing to my moneycorp account and benefitting from there competitive rates. The problem is I would have to withdraw to moenycorps account and then they go on to debit my actual account with them so that's a no go.

My questions are
1. Is it really worth bending over backwards for other exchange rates, do you think AMPs is acceptable and I should just use them?

2. Do you know of any other way of withdrawing the money from my AMP and converting it at a more efficient rate?

Any comments and thoughts are more than welcome.

 

[CityTrader]

Never heard of AMP, but i've used the app "transfer wise" for the last year and find it excellent in speed, prices and transparency

 

[options-george]

Never heard of AMP, but i've used the app "transfer wise" for the last year and find it excellent in speed, prices and transparency

Likewise I ahve been using FTT Global for a few years now and am very happy with their service. So using a broker such as FTT or Transferwise really is worth it.

Depending on how much money you are talking about then it is worth "bending over backwards". If it's less than 5k I wouldn't bother. 5-10k maybe. More than 10k, then definitely pursue it.

The problem is likely to be that the withdrawal would first have to hit the broker's account which will not be the same as the beneficiary's name.

However you could try to explain this situation to AMP.

Good luck.

 

[f2calv]

Sorry can't comment on the best way of doing the the transfer, however I would say it depends on what £ value you put on your time, and as George said ultimately how much ££ you're talking about transferring.

i.e. if it takes you N hours of searching and farting around opening new accounts getting it sorted out to save Y quid, then maybe a better use of your time would be to just take the monetary hit and spend those N hours of time researching and placing a few cheeky trades to make up the £ difference?