International Wire Transfer - Options?

[FionaFell]

Hi,

I need to send a considerable sum of money to a vendor in 'The States' ans was wondering if the members ehre at FS new of an affordable way to transfer that money to him.

I have looked an an international wire transfer by my local bank, but that is gonna cost me $50 to send (plus the value & exchange rates impacts)

Anyone got any other ideas? Or a cheaper bank?

(Western Union is not an option, and it much more expensive anyway)

Thanks for your suggestions or ideas.

Fiona

[BB]

Hey Fiona,

Is PayPal an option?

I know I've transferred money across the waters without spending huge amounts in fees but not sure if that'll suit you!

Keep smiling,

B.B.

[FionaFell]

Thanks B.B. I'll check with the recipient. PayPal looks like it could be an option for me, but I shall check the 'teeny tiny print' before I send it.

Fiona

[ilic]

For a small amount PayPal is OK but they will shaft you on the exchange rates. I use Ozforex.com and they are very good and much better rates. I'm looking at changing over to AFAX soon as they offer event better rates.

Both of those companies charge less than the banks and offer better rates which makes a big difference for large wire transfers.

[King]

You say a 'large amount' then quibble about $50?? Is $50 a high percentage of this? Look at PayPal, you will be charged lots more and get a lousey exchange rate. You could lose many time $50 in that alone with them!!

I can give you my contact at Suncorp Treasury if you PM me - There is a fee with any bank transfer - charged by the US side, but this is normally only US$20.

You will need to set up a free treasury account with them, worth doing if you are going to be making a few transactions per year.

[FionaFell]

This transaction is the first in a series, so $50 each time can add up quite quickly.

Thanks King, I will look into the SunCorp account. Thanks.

I'm trying to save myself from paying unessasry fees where ever I can, so thought I would ask to see if others had cheaper alternatives, always shopping around.

[King]

The good thing about a treasury account is you can transfer A$ into the US$ side while the exchange rate is good. So now is a timely time to slip 5-10 k over

If you are looking at smaller amounts for transfer, look at Moneybookers and Ikibo.

[BobbyFowler]

I just sent $20K abroad through these guys - www.xe.com - they guarantee the best rate. Needed to send through some paperwork first. The transfer process was a bit slower than I thought. For instance, I gathered that they were transferring the funds to the Destination bank. Instead it was sent to me here in Australia. I forwarded the cheque to my parents & asked them to lodge it. As it was from a French Bank I was told that it would take 3 to 6 weeks to clear rather than 5 days. Worth having a look.

[MikeF]

Originally Posted by BobbyFowler

I just sent $20K abroad through these guys - www.xe.com - they guarantee the best rate. Needed to send through some paperwork first. The transfer process was a bit slower than I thought. For instance, I gathered that they were transferring the funds to the Destination bank. Instead it was sent to me here in Australia. I forwarded the cheque to my parents & asked them to lodge it. As it was from a French Bank I was told that it would take 3 to 6 weeks to clear rather than 5 days. Worth having a look.

Bobby

Be careful about cheques in foreign (or any currency) drawn on overseas corresponent banks as they will cost $$ to negotiate/obtain clearance.

3 to 6 weeks is good going if you believe them, but I'd be more worried about the fees that each bank will again charge for them to negotiate the cheque.

At least with electronic transfers you should know what your costs are going to be.

[BobbyFowler]

Thanks for that Mike - I'll keep an eye on the final figure & see how I end up after everyone's taken their cut!