If you are one of the many Britons who lives in the United States, or you have family or property across the Pond, you will want to find the best way to transfer money from the UK to the USA.

The USA boasts top universities and an exciting job market – plus coast-to-coast attractions that range from the ski slopes of Colorado to the beaches of Florida. In fact, America is the world’s second most popular destination for British expats, with over 700,000 calling it home.

While some people choose to transfer via the major banks or their credit card, others have discovered that one of the cheapest ways to send money stateside is through a specialist money transfer service, such as Moneycorp, providers of the Telegraph Media Group International Money Transfer Service.

What is the best way to send money to the USA?

Although many use their high-street bank to transfer money to the USA, this often means that uncompetitive exchange rates and expensive international bank transfer fees inflate the cost of their transfer. Instead, it is usually wiser to use an international payments specialist.

With this payment method, you can benefit from a competitive pound to dollar (GBP - USD) exchange rate, as well as access to FX tools to help protect against fluctuations in the foreign currency market. They are also often able to access more competitive exchange rates as they work in bulk, giving them access to better currency prices from their range of liquidity providers. 

One such service can be found via the Telegraph Media Group International Money Transfer Service, provided by Moneycorp.

Simply register for your own multi-currency account, which you can use to send money to the USA as well as all over the world in just a few clicks. Plus, you can benefit from zero transfer fees, as well as the assistance of Moneycorp’s team of experts who are on hand to talk you through the process, provide up-to-date information on the currency market, and guide you based on your individual requirements.

How to send money to the USA

It’s quick and easy to send money to the States with a Moneycorp account. Simply:

1. Sign up for your online account 
2. Select ‘Send a payment’
3. Input the details of your transfer, including country, currency, and recipient
4. Enter the amount you wish to send, and when you want your transfer to arrive
5. Confirm your transfer

Alternatively, you can reach Moneycorp via their mobile app, or by phone to speak to a member of their helpful team.

What is a good GBP-to-USD exchange rate?

Previously, an exchange rate of 1.40 dollars to the pound or above was considered a particularly strong performance for sterling. This is known as the ‘psychological resistance level’, if reached again, it would typically spark high levels of activity for those transferring pounds into US dollars. 

Today, a rate above 1.35 GBP-USD would be considered strong for the pound.  A combination of factors, including the pandemic and, more recently, the impact of the war in Ukraine and the cost-of-living crisis, caused the GBP-USD rate to drop below 1.20. Although the sterling’s value has been gradually increasing over the last few months, it would need to trade at over 1.30 to show a return of strength for currency.

Both the pound and the US dollar can experience fluctuation due to economic and political events, for example, during a prime ministerial or presidential election or because of interest rate hikes. However, the US dollar’s stature as a major ‘safe haven’ currency – one that tends to retain or even increase in value during periods of economic uncertainty or instability – gives it some buoyancy during these times of increased volatility.

Depending on the purpose of your transfer, you may choose to wait for a strong exchange rate or to lock in a current rate to prevent being affected by any potential downward trends. 

An international payments specialist will offer you currency tools, such as a currency forward contract*, to ensure you are not hit with any unwanted surprises, especially if you are planning large transfers.

FAQS

What bank details are needed to transfer money to the USA?

To send money from the UK to the USA, you will need your personal details, as well as the name, account number and verifiable contact details for the payee. The receiving account in the USA can belong to you or another person. 

In addition, you will need the ABA routing number or SWIFT code for the payment to be processed through the US banking system.

As with most international payments, you will be asked to provide a reason for the transfer. A short reference is all that is required in most cases.

TIP: You do not need an IBAN number to send money to the USA or Canada.

Can I send money to a USA bank account online?

If you choose to transfer with the Telegraph International Money Transfer Service, your Moneycorp online currency account will allow you to make payments to the USA at the touch of a button. Simply select US dollars as the currency you wish to exchange to, the amount you wish to transfer and make the payment. 

Your online account is also available via the Moneycorp app, so you can send, receive and track payments, view live exchange rates and sign up for email alerts on FX market movements all from your mobile device. 

Can I set up a regular money transfer to the USA?

If you need to make regular overseas payments, such as property maintenance or the costs of moving abroad, you can easily set up a regular payment plan with Moneycorp so your payments will arrive on time, automatically and without any extra admin. 

Sterling will be collected automatically from your UK bank account, exchanged for dollars, and deposited in the designated account in the USA.

Payments can be made as frequently as you need, including monthly, quarterly, and even annual costs, or any other interval you require.

You can set up the automated payment to transfer money to the USA over the phone or via your online account. 

Send money to the USA today

Sending currency overseas can be expensive and confusing. However, the Telegraph Media Group International Money Transfer Service can offer competitive exchange rates, zero transfer fees, and the tools and support to make the process easy. 

• Open an account today to send money to the USA via The Telegraph Media Group's international money transfer service.

Read more: 

• How to send money to Ireland
• How to send money to Canada 
• How to send money to Dubai

*Forward contracts may require a deposit 

Be aware of currency risk.

None of the information contained in this article constitutes, nor should be construed as financial advice. TTT Moneycorp Limited (company number 738837) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a trading name of TTT Moneycorp Limited which is authorised and regulated by the Financial Conduct Authority for the provision of payment services (firm reference number 308919). Date of approval 29/06/2023

Information correct at date of publication.

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.