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Richard Berry
- Updated
In this guide, we will explain the best ways to send money to America using currency brokers for large amounts and money transfer apps for smaller amounts. Use our comparison of what we think are the best accounts for sending money to America to compare how many currencies they offer, what the minimum and maximum transfer sizes are, or if they offer currency forwards and currency options. You can also see how established a company is by comparing when they were founded, how many customers they have and how much money they transfer abroad.
Best ways to send money to America from the UK
- Use a currency broker like OFX for large USD money transfers
- Use a money transfer app like Wise for smaller USD money transfers
- Never use your bank for USD money transfers as it is very expensive unless you are with a new fintech bank like Revolut that has discounted exchange rates
| Currency Broker | Number of Currencies | Min Transfer | Forward Contracts | Same Day | Currency Options | GMG Rating | Get Quote |
|---|---|---|---|---|---|---|---|
 | 40 | £100 | 12 months | ✔️ | ❌ | Request Quote | |
 | 40 | £100 | 24 months | ✔️ | ❌ | Request Quote | |
 | 55+ | £250 | 12 months | ✔️ | ❌ | Request Quote | |
 | 30+ | £3,000 | 24 months | ✔️ | ✔️ | Request Quote |
Compare exchange rates for sending money to America
Use our US Dollar exchange rate comparison tool to request quotes from multiple providers and see how you could save up to 4% on large USD currency transfers versus using your bank when you send money to America.
Please note: The rates displayed in this currency conversion quote tool are supplied to us directly from the currency brokers as a percentage mark-up. Please ensure you read our guide to getting the best exchange rates guide.
Pound To USD Forecast: Is Now A Good Time To Buy US Dollars With Pounds?
The pound-to-US dollar forecast is an indication of where technical and fundamental analysts think the GBPUSD price may be in the future. You can use these exchange rate forecasts to help you decide if now is the right time to buy Dollars, or if you should wait until the price improves.
Highlights
- Inflation rates have remained sticky; the Bank of England may not cut rates aggressively
- GBPUSD rallies back to range high at 1.270
- Traders now await the UK election in July; GBPUSD may range bound in the meantime
How has the Pound performed against the Dollar recently?
Are traders expecting better GBP economic performance?
Since mid-April, GBP has been climbing against a number of currencies, including the US dollar. Currently, cable (USDGBP) is trading above 1.2700.
One factor, however, is now overshadowing most other macro factors – the looming 2024 General Election. Just recently, the conservative Prime Minister Sunak called a GE on the fourth of July. This will be the fifth GE in 15 years. The last GE was held right before the covid pandemic in 2019, when Boris Johnson led the Tory party to a 80-seat majority.
However, matters are looking rather different now for the party. According to the latest poll, Labour is set to win GE (see below). The reputation of the current government has taken a massive dive after the 2022 disastrous mini-budget. And people are reminded of this debacle whenever they look at their mortgage statements. Recent local elections saw the Conservative party lost 474 councillors.
Source: BBC (May 2024)
Politics aside, GBPUSD traders are perhaps anticipating a less dovish Bank of England given the latest batch of economic data. Inflation remains sticky; while economic growth is muddling through. The case for multiple rate cuts is not strong.
Technically, GBPUSD is now rallying into the upside of its trading range (1.230-1.275). This area has capped GBPUSD’s performance before and it may set to do so again in the coming weeks, especially as macro data is suggesting an economy that is neither expanding nor contracting rapidly. A further extension of the range is a distinct possibility.
Is it a good time to buy US Dollars with pounds?
The past few weeks saw Sterling rebound against the Dollar.
This rally reversed GBP’s spring weakness when the rate briefly slumped below 1.240. The question now is whether GBP can continue its current good form. Technically there is some resistance noted at 1.270-1.285.
If you do need US dollars, now may not be a bad time to buy some given GBP’s recent strength.
Waiting for a better rate in the summer may be an option, although I have to point that market volatility is high these days and who knows, GBPUSD may regress back into 1.250 again.
In summary, I would scale in to buy some dollars now, and exchange more GBP for USD on further strength.
Will the pound get stronger against the USD in the second half of 2024?
The answer to this question will depend on what happens on the Fourth of July.
A new administration means new policies. This will quickly dictate the fiscal and market direction. At this point, I simply can’t anticipate if Pound Sterling can maintain its new-found strength into autumn.
Even the dollar is in flux these days. The near-term performance of the Dollar Index has not been in a one-way street. More often than not, a rally is quickly followed by a retracement (see below).
Should the equity market take a tumble this may boost the dollar due to a fall in risk sentiment. The dollar is a safe haven asset.
But again, equity markets are fickle and, given the red-hot AI sector, a correction is often followed by a bigger rally. In addition, UK macro data is not showing a consistent picture.
Given this backdrop, I maintain the view that GBPUSD is likely to remain within the twenties (1.230-1.285) for the foreseeable future. GBP may strengthen from here but this strength could be temporary until global macro and political uncertainties fade away.
What is the GBPUSD forecast in weeks, months, and years?
In light of the above-mentioned economic factors, most GBPUSD forecasters are not convinced GBP will continue to rally too much from here.
If anything, many are expecting GBPUSD to pull back into the range at around 1.250-1.265 (see below). Beyond that, they see a bound in the summer.
Given these wide predictions, I therefore expect GBPUSD to test the near-term resistance at 1.275 and then trade sideways at that level. Further resistance is noted at 1.300.
Source: fxstreet.com (May 2024)
Where is the best place for buying large amounts of US Dollars from Pounds
There are two different ways people buy Euros from Pounds
- Through a currency broker – when transferring money abroad
- Through a forex broker – when speculating on the price of currency
You can use this comparison table of currency brokers to see how many currencies they offer, what the minimum USD transfer is and if they offer forwards and currency options as well as when they were established. You can either visit each currency broker individually or use our currency quote comparison tool to request multiple exchange rates.
Or, if you are more interested in trading GBPUSD you can compare forex brokers here.
What is the live GBPUSD exchange rate?
The current GBPUSD exchange rate is $0.798218377 which is a change of 0.12% from the previous day’s closing price. Over a week GBPUSD is 0.12%, compared to its change over a month of 0.36% and one year of 1.59%.
GBPUSD exchange rate data is updated every 15 minutes.
Methodology
We have chosen what we think are the best ways to send money to America based on:
- over 17,000 votes in our annual awards
- our own experiences testing the currency brokers
- an in-depth comparison of the money transfer app features that make them stand out compared to alternatives.
- interviews with the international payment company CEOs and senior management
History of the US Dollar (USD)
The US Dollar is the currency of the United States of America. Its FX abbreviation is USD.
Due to America’s unique status in 1945, the US Dollar was bequeathed a special position in global monetary system. It acted as the anchor currency in the Bretton Woods system. Once that system phased out in early 1970s, the US Dollar became the reserve currency of the world. And because the US economy is the largest economy in the world, its trade and monetary policies are amplified through the entire global financial system via the US Dollar.
Apart from a few special currencies (Euro and Pound Sterling), most FX pairs are quoted against one US Dollar. For example, USDJPY at 110 means it takes 110 Japanese Yen to exchange for one US Dollar.
Because most FX pairs are quoted against the US Dollar, it is the most actively traded currency in the world. The Bank of International Settlement survey shows that in 2019 $5.8 trillion US dollars are traded per day.
The US Dollar is highly sensitive to the US monetary policy. The institution in charge of the US monetary system is the US Federal Reserve. It supervises the nation’s banking and financial system and in times of crisis acts as the ‘Lender of the last resort’. Within the Fed, the 12-member Federal Open Market Committee (FOMC) sets the policy rate and determines the overall monetary direction. Any unexpected change in the policy rate causes volatile movements in the US Dollar.
Factors that move the US Dollar (USD) exchange rate
The US Dollar is a huge currency. It is like a supertanker, which takes a lot of effort to change its direction. Moreover, the USD is held by many central banks as the reserve currency. According to a recent IMF survey, 59% percent of all reserves are in the US Dollars valued at about US$7 trillion.
This raises two points. First, the US Dollar is a reserve currency, meaning that it acts as a ‘safe haven’ asset in times of market turbulence. For example, in the early days of the pandemic (Mar 2020), the US Dollar soared in value as investors dumped risky assets and sought safety in the US Dollar (see below).
Second, when the value of USD overshoots, central banks around the world may act together to reverse this trend. One famous intervention is the Plaza Accord in 1985, whereby five major central banks acted to devalue the dollar. Thus traders should pay attention when the Dollar moves to extreme levels.
But multi-lateral interventions in the currency market are rare. These days, one of the most important factors in gauging the US Dollar is quantitative easing (QE). Broadly speaking, the larger the QE, the weaker the currency. This is because QE is a form of monetary easing, which floods the market with liquidity and dollars.
Did you know that 20 percent of all US Dollars were printed in 2020? In the past 18 months, the Fed printed about $4 trillion dollars (see below). No wonder the US Dollar is weak.
Source: US Fed
What else impacts the Dollar? On the day to day basis, GDP figures, inflation data, and unemployment rate are closely watched. Speeches by the Fed chair are scrutinised at real time – any hint of an impending change in the rate policy will cause an immediate move in the US Dollar.
The most important issue this year (2021) is whether the US Fed will taper and stop increasing the size of its balance sheet. Right now, the world is still recovering from the pandemic and this may cause the Fed to extend its accommodative policy for the moment.
Bottom Line – The US Dollar is a special currency. It is the benchmark currency in the world and a safe haven asset. In times of rising risk appetite, the value of the dollar typically fall as traders sell dollars and buy risky assets. This trend reverses during a crisis.
Live US Dollar (USD) Exchange Rates
The current best US Dollar (USD) exchange rate versus other G10 currencies is the mid-market price which is:
| Australian Dollar (AUD) | 1.60724 |
| Canadian Dollar (CAD) | 1.4412337 |
| European Union Euro (EUR) | 0.959941636 |
| Japanese Yen (JPY) | 157.742 |
| New Zealand Dollar (NZD) | 1.777855 |
| Norwegian Krone (NOK) | 11.3982196 |
| United Kingdom Pound Sterling (GBP) | 0.798218377 |
| Swedish Krona (SEK) | 11.0571693 |
| Swiss Franc (CHF) | 0.898975 |
Sending money to America FAQ:
The best way to send large amounts of money to America is to use a currency broker.
As well as getting the best exchange rates, if you send money to America with a currency broker you also get:
- Expert help and advice to reduce your risk and exposure
- Dedicated account managers every step of the way
- Convert funds online and platform access 24/7
- Same day and forward currency exchange contracts
- Zero service charge, commission or transfer fees
- Transfer money direct to single or multiple beneficiary accounts
When you convert and transfer US Dollars (USD) with a currency broker your fixed exchange should be a maximum of 0.5% from the mid-market for currency transfers. To put this in perspective, banks traditionally charge 3-5% which means that if you are sending £100,000 worth of USD you could save up to £4,500 with a currency broker versus the banks.
Request a quote to see how much you can save – you’ll find a better USD exchange rate than by using your bank.
Our comparison tables and USD exchange rate quote request forms will help you find the best US Dollar exchange rate. Our exchange rate comparison tables highlight the key features of currency transfer providers whereas USD exchange rate quote request forms will make currency brokers compete for your business by offering the best exchange rate.
Here are a few tips on getting the best USD exchange rate when sending money to America
- Always compare (read our guide to comparing exchange rates here)
- Never go with your bank
- Understand the fees
- Use a currency forward to lock in the current exchange rate
If you think the US Dollar exchange rate is going to go in your favour you should wait. Or, if you are worried the rate will move against you, it is possible to lock in the current rate for up to a year in advance with a currency forward.
Yes, you can send money using PayPal, but it is very expensive. If you are only planning on sending a small amount of money to America a money transfer app is much cheaper.
With a currency broker, you can send an unlimited amount of money to America. Money transfer apps are good for sending under £10,000. Banks are the worst way to send money to America because of the high fees.
The three main ways to send money to America are:
- Large amounts – currency brokers like Key Currency, Global Reach and OFX
- Medium amounts money transfer apps Like Wise and XE
- Small and cash amounts – wire transfer providers like Western Union (WU)
Yes, the best way to get the currency exchange rate if you want to send money to America is to use a currency forward where you buy the currency now by putting down a small deposit and pay the balance when you make the transfer.
This article contains affiliate links which may earn us some form of income if you go on to open an account. However, if you would rather visit the USD money transfer providers via a non-affiliate link, you can view them directly here:
