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Need to transfer dollars to pounds?
Looking to convert US dollars to pounds? Learn why using a specialist provider can be a cost-effective method for USD-GBP transactions
![Infographic showing key British landmarks St Pauls Cathedral and the Shard and showing US landmarks statue of liberty and empire state building](/https/www.telegraph.co.uk/content/dam/FS_IMT_Dollars_Pounds-new.jpg?imwidth=680)
With 7% of all British expats choosing the USA as their new home, changing dollars into pounds is a requirement for many Britons. Reasons for transferring dollars to pounds include heading home to the UK after living in America, selling a Stateside holiday home or supporting loved ones in the UK.
In recent years, presidential elections, Brexit and Covid-19 have all caused sharp fluctuations in the USD-GBP exchange rate. When the pound weakens against the dollar, it means higher costs for Britons spending money in the States, but it could benefit anyone who needs to move funds – especially in large sums – from the US to Britain and changing their dollars into pounds.
Whatever your reason for transferring dollars to pounds, this article will help you make the most of your money.Â
Where can I change dollars to pounds?
Your high-street bank may seem the logical place to convert dollars to pounds, but its fees can be expensive (up to £30 for a single transaction), and its exchange rates may not be the most competitive in the market.Â
As such, your costs can quickly mount up, particularly on large payments such as a property purchase. Sometimes, the bank receiving the transferred funds may also charge a fee.Â
A more cost-effective and efficient way to transfer US dollars to a UK bank account can be to use a specialist such as the Telegraph Media Group International Money Transfer service, provided by Moneycorp. Because it works in greater volume than most high-street banks, it can offer competitive exchange rates, low-to-no transfer fees, and a range of specialist tools designed to save customers time and money when navigating the fluctuating foreign exchange markets.
With the Telegraph Media Group International Money Transfer service, provided by Moneycorp, you can enjoy zero transfer fees when making international payments.Â
Transferring dollars into pounds online
Technology has revolutionised changing dollars into pounds and every other currency transaction, eliminating the need to handle cash or travel to a branch. Sending and receiving international payments online is easy and efficient and gives customers autonomy over their transfers.
As a Moneycorp customer, creating an online account is quick and easy. Once you have done that, you can manage your international money transfers online with a few clicks.Â
You can also set up regular payments, track their progress and monitor live exchange rates.Â
Transferring dollars into pounds over the phone
Alternatively, you can make a transfer over the phone. This may be because you would prefer to speak to another person, you need to transfer a large sum exceeding £100,000 (or the equivalent in another currency), or you require a currency not available online.
With the Telegraph Media Group International Money Transfer service, you will benefit from tailored personal assistance from one of Moneycorp’s Relationship Managers. This means you can always deal with a real human when you need guidance from an expert.Â
How long does it take to transfer dollars to pounds?Â
When sending funds overseas, time is money, which is why Moneycorp’s international transfers are quick and easy. It typically takes two to three business days for the standard transfers to be completed, with express payments able to arrive on the same day for a small fee.Â
Is exchanging dollars into pounds safe?
Security is one of the most important factors when choosing a payment provider. With the Telegraph Media Group International Money Transfer service, provided by Moneycorp, you can rest assured your money is in safe hands, whether you transfer over the phone or via their secure online platform. Moneycorp has operated for more than 40 years and has developed a reputation as a reliable foreign exchange specialist during that time.
Transfer your dollars to pounds today.
The Telegraph Media Group International Money Transfer service gives you the tools and support to make the most of your money with every overseas payment. With competitive USD-to-GBP exchange rates and zero transfer fees, you can be confident that you are making the most of your money.Â
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* A forward contract may require a deposit
All rates are sourced from Bloomberg unless otherwise stated.
The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here.
Be aware of currency risk. None of the information contained in this article constitutes, nor should be construed as financial advice. Moneycorp is a trading name of TTT Moneycorp Limited, which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (Reference number 308919) for the provision of payment services. All customer funds are safeguarded in segregated client bank accounts. Date of approval 08/05/2024.
Information correct at date of publication.