Question regarding U.S. citizen in the U.K.
 

Dear Fellow (and probably Wiser) Travel Experts,

My wife and I will be in the U.K. this summer for 10 weeks. During this time, we will be renting a flat in Oxford, England. To pay the rent for the flat, they would like payment in GBP sterling. Does anyone have any recommendations about the most costless (i.e., the least amount of fees) to perform such a transaction electronically?

Additionally, while we are there, we'd like an ATM card that involves the least amount of fees to perform cash withdraws in the U.K. Unfortunately, 10 weeks is probably too short a time to spend the effort establishing a U.K.-bank account, so we need something we could establish in the U.S. (or over the Internet) before we depart.

We *did* find that the Capital One VISA credit cards do not charge foreign transaction fees (unlike most VISA's or even AMEX cards) for paying GBP sterling. That solves the credit card issue, but not the ATM card issue or the electronic payment of the rent (they won't accept credit cards, I don't think).

Thanks. :)

You might consider checking out HSBC. They're an ok size in the US and are relatively large in the UK. I have never been charged a fee using a foreign HSBC Group ATM, although my account is with HSBC Canada.

Bank of America and Barclays are affiliated. If you use a B of A ATM card in a Barclays machine in the UK you will not be subject to additional charges.

Try TRAVELEX to use as a cheap way to electronically transfer funds from a US account to a UK account (which you could set up on your arrival easily enough)

Alternatively you can always PAYPAL yourself in a foreign currency...

Welcome to FT, bug_me_not. I am moving this thread over to the UK Forum. Please follow there.
Obscure2k
TravelBuzz Moderator

I assume from what you say that the rent needs to be paid in advance electronically? moneybookers.com are cheaper than paypal, although I have only transferred money UK - US with them so you should check. As to setting up a UK bank account: you would require both proof of identity (not so hard) and proof of address (harder). The latter would be something like a utility bill or council tax bill and I doubt that you would be able to provide it. Further, they can be pretty sticky about residence due to money laundering regulations. I assume that as you say you'll be in Oxford that you''ll be doing something in educational? If so have you contacted the college? This can't be a new problem.

Personally I would stay away from HSBC in the UK: they are a major PITA to deal with and if you have a problem, you end up talking to an indian call centre, never a branch. Their virtue is that they are all over the world, however. Unfortunately, they don't seem to be able to communicate acress country boundaries (at least, not UK/US)! However YMMV.

Jennifer

Thank you for the helpful tips
 

Thank you for the helpful tips, much appreciated :)

Look at http://www.xe.com/ They have very good rates.
I personally bank with First Direct. This is the internet/phone (no branches) subsidiary of HSBC.
If you want any more information on which is the best bank for you, I could recommend www.moneysavingexpert.co.uk

You should also ask your bank as they will have access to the SWIFT system allowing the transfer to to a nominated account.

Welcome to the UK, if you need any special information about places to go etc, the group here is pretty useful.

As for an ATM try Wells Fargo PMA account. You need a minimum deposit with them but once you qualify you pay no fees to Wells Fargo for international ATM transactions. I also remember there used to be a bank in UK that had no fee withdrawals but I can't remember its name off the top of my head but I think it started with an N.

Most UK banks have no-fee withdrawals. The bank you're thinking of is probably Nationwide.

Citibank have a presence in the UK. If you already bank with Citi, they may be able to help.