Author Topic: International money transfers  (Read 5827 times)

2Cent

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International money transfers
« on: June 11, 2016, 02:00:48 AM »
Until now the main options where Western Union which is fast but costs about 15%, or bank to bank transfer which still costs about 5%, and is sometimes very slow.
I really hate that simply moving money should cost so much(hidden in exchange rates) and be so slow, while it is all just one computer adding and another subtracting an amount.

So I was very happy to find TransferWise. A new company which aims to be the Skype of money transfers. It has very low fees and transfers in a few days up to a week. It will indicate how long it will approximately take, and exactly how much it costs. So far my first transfer was successful and even faster than the estimate.

Disclaimer: I have no interests in TransferWise. I post this only because I am so happy to have an alternative to the current cost and frustration that international money transfers bring.

Chanel No5

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Re: International money transfers
« Reply #1 on: June 16, 2016, 02:25:39 PM »
I appreciate the post but I am leery of using any company to transfer money abroad. I almost wonder if it's more secure to mail it Fed Ex or DHL. It's US dollars but they can be exchanged depending on where the funds are going.

My thought was I wonder if my credit union offers this service. At least, I know who I am dealing with and it would be secure Wiring funds goes from a bank to a bank. I recall seeing this when I worked at a college and occasionally, a student had to wire in tuition. Otherwise, students from abroad walked in with cash. BIG cash in suitcases.

Lake161

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Re: International money transfers
« Reply #2 on: June 17, 2016, 01:23:22 AM »
Thanks for the suggestion. I've been using Western Union to pay my rent in Panama, and the fee is a flat $8 for my $700 transfer. I could just pull the amount from my no-fee ATM card, as everyone here operates in cash, but I prefer to have a record of the payment in case of any disputes. I'm guessing the fees would be higher if an exchange rate was in play, but as Panama is on the USD, there's just the transaction charge. I will have to check out TransferWise to see if it would be a better option for me.

2Cent

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Re: International money transfers
« Reply #3 on: June 17, 2016, 02:55:34 AM »
@Chanel No5: I've used them twice now and they delivered as promised.
@Lake161: Nice, I wish I had that available. For me the exchange rate really kills.

sailinlight

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Re: International money transfers
« Reply #4 on: June 17, 2016, 03:28:17 AM »
I use usforex.com to pay my rent in Europe.  The rate seems about a percent better and only $5 fee instead of 10

triangle

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Re: International money transfers
« Reply #5 on: September 27, 2016, 04:28:39 PM »
This thread is a little bit dated, but recently I have found that Western Union transfers from a linked bank account to go very quickly.  I may not be remembering correctly but I think the last one was nearly instant, just a few minutes. In contrast to the older WU-Pay option which was very slow taking well over a week.  Fees were about the same as the competition.

ROF Expat

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Re: International money transfers
« Reply #6 on: January 11, 2020, 02:59:00 PM »
Do I smell someone cooking up some delicious spam? 

nalor511

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Re: International money transfers
« Reply #7 on: January 11, 2020, 04:03:44 PM »
I used transferwise once, the fee was not the *lowest*, but it was the second lowest. It was super easy.

TeeNixx

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Re: International money transfers
« Reply #8 on: January 11, 2020, 07:15:53 PM »
I get a pension from an EU country that I collect here in the US. In the beginning, I used my "home" bank and got them to waive the fee for incoming wires. The bank overseas didn't charge any fee either. Money"disappeared" on the way over since there was another bank involved in the middle and it took a while to figure out who that was.
Started to use transferwise last summer and so far so good.
The fees are reasonable an the transfer is relatively quick. It's a little cumbersome to use.

Have to "order" the transfer with TW first, then log in to my overseas bank and make a transfer to TW's account in that country and include a code to route the funds correctly.
A little bit of extra work but I like the service.
« Last Edit: January 11, 2020, 07:24:28 PM by TeeNixx »

dominikm

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Re: International money transfers
« Reply #9 on: January 17, 2020, 09:40:40 PM »
I use TransferWise a few times a month and have for years. They ain’t that new these days but they have disrupted an industry that used to be high fee no matter what.

Richard Branson even invested in them.

I’d never do a transfer with a normal bank internationally anymore. Total waste of money on fees haha

Anyhow just my two cents 😁 

ROF Expat

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Re: International money transfers
« Reply #10 on: January 27, 2020, 12:39:28 AM »
^The above poster (DanielStone) is a stoopid spammer that can't read dates. This thread is 2 years old.

Friends don't let friends bump really old threads that are asked/answered or add onto the pile if there isn't MAJOR NEW INFORMATION.



@dominikm
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@TeeNixx
@nalor511
@ROF Expat

So friends - Totally your decision, but once the moderators boot this idiot to the curb, it would be awesome if you could review if your information is needed at all in this 3 year old thread and maybe delete your post?

And how is your post different from mine?

 

Wow, a phone plan for fifteen bucks!