Fx wires

[Concordia]

I know this question gets asked a lot, but do we have updates on cheapest ways to wire Fx transactions that are not impossibly complicated?

I'll be needing to make a transfer > tailor's bill, and while my bank is convenient, I'd like to see if I can do better than the 1.5-2% premium they seem to put on XE.com rates.

 

[edmorel]

I know this question gets asked a lot, but do we have updates on cheapest ways to wire Fx transactions that are not impossibly complicated?

I'll be needing to make a transfer > tailor's bill, and while my bank is convenient, I'd like to see if I can do better than the 1.5-2% premium they seem to put on XE.com rates.

My experience is your bank is the safest/quickest and cheapest way. I've done everything from fedexing foreign notes, depositing USD is foreign bank accounts, PayPal, wires etc. and I only do my bank now. If you are only paying 1.5-2.0% over XE (which aren't even real consumer exchange rates) with no bank fee, then it's a real good deal.

 

[pendragon]

Transferwise are pretty good.

 

[emptym]

Nerdwallet has a page on this:
https://www.nerdwallet.com/blog/banking/best-ways-to-wire-money-internationally/

They like Transferwise. I've tried the first one they recommend, OFX, and it seemed to work pretty well. My bank charges $45 for int'l wires.

 

[Concordia]

It's not usually the fees per se with banks, it's their exchange rates.

I did get a recommendation for a firm called Caxton. Apparently they take US$ wires quite happily and give great rates before sending it all on to a foreign bank account of your choice. I don't actually open my account for another 8-10 days or so, but I'll figure out if dealing them is worth the inconvenience.

 

[emptym]

I ended up using OFX back in 17, and again today. The exchange rate was pretty good. Better than Paypal at least. I was sending money to a cousin, who's a jewelry maker in Manila and Florence.

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Edit, I just compared w/ Wise, and they charge a fee, but their exchange rate is better than OFX. Seems like for large amounts, Wise might be a little better than OFX.