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  • #974521
    ScopeDrafting
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    HI Guys

    After some feedback about international transfers. I have a number of contractors who work overseas and I make a number of payments each month.

    At the moment I am using my own internet banking which comes with a $22 cost per transfer and a lousy exchange rate.

    Anyone know of a good method for transfering money into international bank accounts. The fee I am not so worried about but the exchange rate for transfers is 20% lower than the standard exchange rate.

    Thanks in advance for your help.

    Nathan

    #1068701
    Steve_Minshall
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    Hi Nathan,

    Maybe look at what Paypal can offer. I make a purchase of a few $k twice a year from the USA. They issue me a payment request which I then pay through my Paypal. I haven’t looked at it too hard but the exchange rate seemed to be pretty as per the going rate.
    You would have to get your contractors to get set up with Paypal and they issue a payment request.

    Maybe worth a look although the person issuing the request gets the charges so you would have to work out how to compensate for this or get your contractors to absorb it.

    What ever you end up doing please post up what you decide and why because it would be interesting to see what your investigations throw up.

    Steve

    #1068702
    King
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    Look at Suncorp and go through their Treasury, not online or via branch. Good rates, but your payment receivers will still be hit with the mediating banks fees. You can split this 50/50.

    Also look at transfermate

    Paypal is OK but if you are doing currency conversions their rates are not the best.

    So some depends on where you are transferring to and in what currency, and of course the amount (fees as a % of payments)

    #1068703
    SalenaKnight
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    Paypal charge you a 2.5c conversion rate, meaning if the exchange rate is say, US$1.00, you’ll get 97.5c

    The good thing about PP is that you can convert and hold currency, so if you pay in US, you could convert today at say $1.05, and that amount will stay in your account until you use it up.

    You will have to pay charges, but you cn elect to pay them, or have the recipient pay them

    #1068704
    Anon
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    I know you said bank transfers, but if you can do credit card, sign up with 28 degrees http://28degreescard.com.au/
    No international transaction fees
    No currency conversion fees
    No annual fee
    Best exchange rate on the market

    Just gotta make sure your balance is paid off each month.

    #1068705
    bridiej
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    Use Tranzfers

    Their fee is less than the banks and you can transfer your money directly into someone else’s bank account.

    I’ve been using them for six years, so feel free to ask if you have any questions :)

    #1068706
    HBTRADE
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    I have been using ozforex.com.au for a while. Efficient & reasonably priced at $15 under $10,000 transfer & free over 10k

    #1068707
    ScopeDrafting
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    Thanks Everyone for your replies.

    I will follow them up and will let you know how you go.

    Really appreciate all the advice.

    Nathan

    #1068708
    smcka
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    I’ve been offered a reasonable deal with American Express; 15 per transaction and a competitive exchange rate.

    has anyone else used then and can offer positive or negative? May be a viable alternative for the OP as they seem to like volume of dollars per year.

    #1068709
    King
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    with all these, don’t forget that their $15 or whatever is what YOU get charges. If you are sending money, the RECIPIENT will also get slugged. So by rights, your end should be very low, bordering on free.

    #1068710
    bridiej
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    With Tranzfers you can opt to pay the fee rather than the beneficiary getting slugged for it… it’s just a tick in a box. :)

    #1068711
    King
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    bridiej, post: 90268 wrote:
    With Tranzfers you can opt to pay the fee rather than the beneficiary getting slugged for it… it’s just a tick in a box. :)
    with banks they don’t know what the mediating bank charges. Non bank transfer places might be different. Sadly most don’t offer transfers to unusual places….
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