Foreign Bank Accounts

A question about : Foreign Bank Accounts

We have recently bought a little flat in the US and needed a bank account to pay bills. When I first set one up all was ok and I was getting business rate on transfers in. Now they have changed it so that I get market rate which seems to be less than tourist rate so I am looking around. I've had a look at Western Union and that seems to be doing a decent rate, better than the bank anyway. Does anyone have any problems with them or any advice on an alternative way to transfer money legally

Best answers:

• I have a Bank of America checking account in the USA and Barclays and Nationwide accounts in the UK. Then I use HiFx to transfer money across the pond.
  www.HiFx.com
  It's worked regularly for me for the past few years.
• When you say 'Western Union', do you mean Custom House (www.xe.com) which belongs to them? That works well for what you want to do, and is most economic for fairly small amounts. The standard Western Union service is fast but very expensive.
• Also possibly look at a bank that operates in both countries (eg Citi or HSBC) as these can offer fee free/ preferential transfers with certain accounts. Still not definitely the cheapest but one option to look at.
• https://transferwise.com/ is my preferred site for international transfers. They also let you see what rate you'd get without having to sign up, which is my gripe with XE.com
• I use www.currencyfair.com for transfers to my 'foreign' bank account.
  There is a standard Ј/Ђ3 fee for each transaction and the rate is usually good.