Transfer cash from E*TRADE NYSE to U.K. bank account

[dav7dhero7j7sus]

I’m going to sell my shares that are currently listed in NYSE ($) and so will be transferring a large sum (£100k+) to a U.K. bank account (Halifax)

What’s the best way to do this efficiently?

• just do the transfer to Halifax via swift, and let Halifax do the conversion
• transfer to TransferWise then Halifax

Any other options?

 

[uriel_1]

@dav7dhero7j7sus Talk to an FX broker and get a quote - shop around.

You have the usuals like Transferwise and Currencyfair, but for 6 figures, you want to look at other brokers too: have a look at Thomas Exchange Global, HiFX and Worldfirst.

 

[graceadele]

@dav7dhero7j7sus Usually somewhere like TransferWise or Currencyfair will be able to get you a better exchange rate with lower fees than your traditional bank account. If you have a special account with any kind of promotional fees, you may find your bank cheaper, but otherwise use a service designed to be low-fee.

 

[resjudicata]

@graceadele How is this possible in eTrade?

Does transferwise provide IBAN and traditional account number?

Thanks in advance

 

[graceadele]

@resjudicata These accounts all either provide you a unique account number, or they provide you one communal account number and require you to enter a specific unique message in the reference field. I think TransferWise has a mechanism to get a unique account number.

I use Currencyfair with Schwab, and when doing a transfer I use the one New York bank account number that everyone has to use, and then I get a giant box of "For Further Credit To/Additional Instructions" and I have to put my Currencyfair account name into there so that they can match the transaction up.

 

[resjudicata]

@graceadele Oh !Thanks.

So transferwise acts as an intermediary really?

I would go something like:

Etrade => Transferwise in USD => UK account GBP?

 

[graceadele]

@resjudicata Yeah, depending on the platform implementation is slightly different, but in all of the cases you send the money to a third party identifying who you are with some reference or account number, (and you send it to an account local to that country which minimises any wire fees or international wire transfer times), and then an exchange is performed by your provider and they do some kind of local transfer for you (I do a domestic wire to NY, and then after exchange get my money from a local UK account by Faster Payments, for example)