Author Topic: how to move 330,000 dollars to euros "cheaply"?  (Read 460 times)

Allthepiecesmatter

  • 5 O'Clock Shadow
  • *
  • Posts: 11
how to move 330,000 dollars to euros "cheaply"?
« on: May 22, 2023, 03:07:16 PM »
Hi

I'm living in Germany and have a great opportunity to buy an apartment here in Berlin. Trouble is my money is tied up in investments in us dollars. Any advice on lowering my tax bill (it's my first home, can I use the Roth IRA tax free exception on an international property)? I'll live in it.

Also how can I effectively and cheaply move money to euros from dollars. I have a capitol one savings account in the US and a German online account here. I imagine I can't open a us account while abroad. But maybe there are options as I have a chase credit card. I have heard HSBC for example are great for multiple currency accounts.

Any advice appreciated


pasadenafr

  • Bristles
  • ***
  • Posts: 320
  • Age: 49
  • Location: Upper Left Corner, USA
Re: how to move 330,000 dollars to euros "cheaply"?
« Reply #1 on: May 23, 2023, 07:16:28 AM »
I can't help with your first question, but for the second one, my family and I use Wise. Very good rates compared to banks, low fees, and transfers are super fast.

Tester

  • Bristles
  • ***
  • Posts: 478
Re: how to move 330,000 dollars to euros "cheaply"?
« Reply #2 on: May 23, 2023, 08:43:46 AM »
I don't know about 330k, but a wire transfer of up to 6k  costs me 50 USD.
I will never use other types of transfer companies after one blackmailed me threatening to confiscate my money (initially they said all is fine and withdrew the money from the source account then they said I have to send them a picture with me holding my passport).


EDIT: it seems Capital one does not accept online international wires https://www.capitalone.com/help-center/checking-savings/wire-transfer-support/
« Last Edit: May 23, 2023, 08:46:40 AM by Tester »

reeshau

  • Magnum Stache
  • ******
  • Posts: 2508
  • Location: Houston, TX
  • Former locations: Detroit, Indianapolis, Dublin
Re: how to move 330,000 dollars to euros "cheaply"?
« Reply #3 on: May 23, 2023, 09:47:33 AM »
I have used Wise, but have consistently used OFX for a few years now.  I did a small transfer to establish the account connections, and after that it's quite fast.  No fees over $1k--just the spread.  So you know what you're getting.

If you have a VPN, US phone number, and US mailing address, opening a US account isn't different if you are living internationally.  I rolled over CD's (which are each new accounts) at Ally pretty easily.

GilesMM

  • Handlebar Stache
  • *****
  • Posts: 1489
  • Location: PNW