View Full Version : Exchanging Dosh
Hi, We may have sold our house to buy a business in Florida.
Can anyone tell me how to get the money exchanged and take of advantage of the good rate at the moment. I have found it very confusing. I would need to open an American back account.
How do the exchange companies charge for exchanging?
I am assuming that the sequence of events would go something like this. Wire money from uk account to exchange company who wire money in US account...
Can anyone help???
steph_goodrum
27-01-2004, 14:58
Jimbo
Most exchange companies charge a commission.
I have to say though if you have yet to open a bank account in America, and are finding the exchange process difficult then finding, buying and running a business along with everything else that goes along with it seems VERY ambitious. If you move all your money over to take advantage of the good exchange rate and you can't find what you are looking for and have to move it back you will suffer from the opposite effect. Personally I'd rather risk waiting a little and losing a bit on the exchange than find out it was not going to proceed as I thought and possibly lose a lot more, particularly as you say you may have sold your house to finance it.
kevinprewett
27-01-2004, 15:27
quote:Originally posted by jimbo
Hi, We may have sold our house to buy a business in Florida.
Can anyone tell me how to get the money exchanged and take of advantage of the good rate at the moment. I have found it very confusing. I would need to open an American back account.
How do the exchange companies charge for exchanging?
I am assuming that the sequence of events would go something like this. Wire money from uk account to exchange company who wire money in US account...
Can anyone help???
Hi,
I agree with Steph. Take care or you could lose out on exchanges. But if you are certain this is the way you want to go why not make enquiries with an exchange company like moneycorp. www.moneycorp.com. They will sell you $US at the commercial rate and will hold them in your account with them until you decide what you want to do with them. Maybe you should exchange a certain amount not all your UK finances with them in case you change your mind then you won't lose out too much on the rate if you have to convertback to uk pounds.
Just a thought, hope all goes well anyway
Kevin[msnwink]
Jimbo, you could try this thread http://www.orlando-guide.info/forums/topic.asp?TOPIC_ID=7026
quote:Originally posted by steph_goodrum
Jimbo
Most exchange companies charge a commission.
I have to say though if you have yet to open a bank account in America, and are finding the exchange process difficult then finding, buying and running a business along with everything else that goes along with it seems VERY ambitious. If you move all your money over to take advantage of the good exchange rate and you can't find what you are looking for and have to move it back you will suffer from the opposite effect. Personally I'd rather risk waiting a little and losing a bit on the exchange than find out it was not going to proceed as I thought and possibly lose a lot more, particularly as you say you may have sold your house to finance it.
To be Honest I find your comments quote. VERY ambitious. unquote a little bit Patronising. I have not asked how to open a US bank account. And I'm not talking about going down to the local Tompsons to exchange a few hundred quid.
As it happens I run a very successful businesses hence the buying power to purchase a business in Florida. So please keep your SARCASM to yourself. But hay, perhaps unlike yourself, I was not born with that sort of knowlege. And thankfully there are enough helpful people on this forum to help with advice, no matter what stage one finds themselves in the visa process. After all isn't that what this section of the forum is about.[msnmad]
Thanks Kevin and blot as usual
steph_goodrum
27-01-2004, 18:56
Jimbo
Sorry if you found my comments sarcastic it wasn't meant to be. With the information you gave it and the questions asked, and the fact that you said you had found the transfer situation confusing, it is impossible to know how much knowledge you have in running businesses either here or in US. As you stated you had yet to open a US bank account it implies that you have not dealt in the US at all and if money transfer is confusing then the red tape that goes with running a business will be even more so.
I wasn't born with any of this sort of knowledge at all , like yourself I have found through experience of both myself and others.
" As it happens I run a very successful businesses hence the buying power to purchase a business in Florida" your first statement was that you may have sold your house to buy a business, so I answered on that basis.
Again I'm sorry if you were offended but I anwered your question based on the information you gave which certainly gave me the impression that there were a lot more things to consider before moving your money over.
Be careful. The embassy will want a paper trail of where your money came from to buy the business. We found the business first and wired the money for that straight from our UK bank to the escrow agent who was holding the contract for sale. Easier to do the paper trail that way. I understand you may not have found a business yet and may want to take advantage of the high rates so am wondering if your UK bank do a dollar account. A lot do.
quote:Originally posted by steph_goodrum
Jimbo
Sorry if you found my comments sarcastic it wasn't meant to be. With the information you gave it and the questions asked, and the fact that you said you had found the transfer situation confusing, it is impossible to know how much knowledge you have in running businesses either here or in US. As you stated you had yet to open a US bank account it implies that you have not dealt in the US at all and if money transfer is confusing then the red tape that goes with running a business will be even more so.
I wasn't born with any of this sort of knowledge at all , like yourself I have found through experience of both myself and others.
" As it happens I run a very successful businesses hence the buying power to purchase a business in Florida" your first statement was that you may have sold your house to buy a business, so I answered on that basis.
Again I'm sorry if you were offended but I anwered your question based on the information you gave which certainly gave me the impression that there were a lot more things to consider before moving your money over.
You are right I have not dealt in the US on a business level. How many e2 visa people have before embarking on that adventure. I'm just trying to colate as much information as I can before I take some very serious steps. Yes we may have sold our house, but how we finance the business or my capability in running a business should not be in question. And to question that capability just because I ask about the exchange process, well I don't know.
Thanks for your apology.
quote:Originally posted by esprit
Be careful. The embassy will want a paper trail of where your money came from to buy the business. We found the business first and wired the money for that straight from our UK bank to the escrow agent who was holding the contract for sale. Easier to do the paper trail that way. I understand you may not have found a business yet and may want to take advantage of the high rates so am wondering if your UK bank do a dollar account. A lot do.
yes that is what I have heard. Not that I have anything to hide. We will probably use the funds from the sale of our house because of that reason. Just saves any hassel. thanks Julie
Keep a letter from your solicitor showing the closing balance from your home to you to submit with your application. Plus the transaction notice showing where that money went to exactly. And then from there to the escrow agent. If you are using "you know who", she will want all that.
Beverley
28-01-2004, 00:17
Hi Jimbo
We have used currencies direct for our transactions. www.currenciesdirect.com
You need to set up an account with them. We did it all by fax very quickly.
They will want to see some id, we sent photocopies of our passports and driving licences.
When you call them your dealer will give you a spot price (usually a couple of points under the live price)
If you are happy to exchange your money at the quoted price they will fax you a form to sign & complete. You then have a couple of days to complete the transaction.
The money you send to currencies direct will be in your American account in a couple of days.
You could of course go to your UK bank and ask for a commercial rate quote. They should be competitive if your changing a substantial amount.
I would shop around.