Transferring Funds For Property and Expenses
When you first open a new bank account in the US it will need funding. When you open the account you will typically deposit a little cash
to get the account opened. The bank will then give you the new account numbers. Get their routing number also, so you can do wire transfers
into the account.
Foreign Exchange Brokers
If you are wiring a large amount then I suggest you use a foreign exchange broker. Their rates are much better than banks (closer to the
interbank rate) and if the transaction is over £5,000, there is no transfer fee. Transfer of less than £5,000 still work out cheaper than
the banks. They can also offer currency options and foreign contracts to give you the best exchange rate possible. I can recommend the
company that I use if you are interested.
Once your account is funded, you can write or order US dollar checks to pay for most costs.
If you have a need to pay small amounts before your account is opened and the person or company doesn't take credit/debit cards, you can use a
service such as PayPal or Western Union.
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Please Note - The information contained in this section is only my opinion and should not be regarded as legal or tax advice