subject: Find Out How To Send Money To The Uk And Deal With A New Banking System Before You Move [print this page] You will first need to learn about the currency. It is called the British sterling, and pounds and pence are substituted for the U.S. dollars and cents. Unlike many countries in the area, the UK sticks to pounds rather than the euro. Though it changes often, the current exchange rate is such that one U.S. dollar equals about .62 pounds, and conversely, one pound is the equivalent of about 1.62 U.S. dollars. Getting a basic understanding of the currency is advised before you send money to UK prior to your move.
Next, you will need to know more about the British banking system. You can expect to rely heavily on a bank account when you move, just as you likely do in the U.S. The easiest way to get one is to first have a permanent residence and a job. Otherwise, banks will be quite cautious in giving you an account, and they will be extra careful about giving you any credit if you don't already have a checking account. Going to the bank with utility bills that prove your residence, a letter of recommendation from your U.S. bank, and a letter of recommendation from your new employer will be immensely helpful in opening an account as soon as possible. If your U.S. bank has branches in the UK, such as HSBC, the process will be even easier.
Since you cannot open a bank account until you actually move, it might be difficult to send money to UK before you move. However, you can exchange any cash the minute you arrive, whether at the airport or in a hotel lobby. There are typically some fees associated with this, but it is what most people do upon arriving so they have at least some money to start with.
Just as in the United States, ATMs abound in the UK. For this reason, the fastest way to have money when you arrive in your new home locale is to keep a prepaid debit card. This is helpful because many countries do not accept debit cards for foreign banks, such as those in the U.S. You can send one to your current U.S. address, bring it with you, and then add money to it from your U.S. checking account whenever you need money. You can then either use it at retail stores in the UK or withdraw money from ATMs for a small fee. This ensures that you do not have to pay to exchange your money, since your money will automatically come out of the ATM in pounds. It will simply cost a few dollars, or about two pounds. You can keep adding funds for a $5 fee until you open a checking account in the UK, at which time you will probably close your U.S. checking account.
The idea to send money to UK before you move is a good one, but not very easy. If you need money right away and don't want to keep using credit cards, a prepaid debit card can be easy to use and save you money since you won't have to exchange currency. This can at least hold you over until you open an account in the UK.
