Fidelity International Wire Currency Exchange Rates

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
bogleboy
Posts: 106
Joined: Sat Apr 28, 2012 9:02 am

Fidelity International Wire Currency Exchange Rates

Post by bogleboy » Wed Apr 29, 2015 10:03 am

Does anyone have any experience with Fidelity international wires? Fidelity told me that they will do the wires for free because I'm a premium client. Cool.

How are the exchange rates? Are they at least comparable to bank of america (my current provider at $45 a pop). Any other thoughts on the experience?

cu_
Posts: 20
Joined: Mon Jul 28, 2014 10:12 am

Re: Fidelity International Wire Currency Exchange Rates

Post by cu_ » Wed Apr 29, 2015 10:23 am

I use quite frequently. Free for me for the same reason. Their exchange rate has been the best (I compared to available services such as xoom). Once setup, the transfer process is so easy and streamlined, I highly recommend it. Getting the best exchange rate among the services available to me is a plus.

Topic Author
bogleboy
Posts: 106
Joined: Sat Apr 28, 2012 9:02 am

Re: Fidelity International Wire Currency Exchange Rates

Post by bogleboy » Wed Apr 29, 2015 10:24 am

Thanks for the quick reply! glad to hear a positive comment.

Once setup, can the wire be initiated online?

Scortese
Posts: 1
Joined: Tue May 09, 2017 8:18 am

Re: Fidelity International Wire Currency Exchange Rates

Post by Scortese » Tue May 09, 2017 8:30 am

I just did an International wire transfer and exchanged US dollars into Euro. I transfered 186,000 Euro for which Fidelity charged me a 3% fee which end up being ~$6000. Unfortunately, I didn't catch the fee till it was too late. Needless to say, I will never use Fidelity to do an international wire transfer in the designated currency. Absolutely robbery!!!

MisterBill
Posts: 350
Joined: Thu Dec 24, 2015 3:21 pm

Re: Fidelity International Wire Currency Exchange Rates

Post by MisterBill » Tue Nov 06, 2018 12:13 am

Scortese wrote:
Tue May 09, 2017 8:30 am
I just did an International wire transfer and exchanged US dollars into Euro. I transfered 186,000 Euro for which Fidelity charged me a 3% fee which end up being ~$6000. Unfortunately, I didn't catch the fee till it was too late. Needless to say, I will never use Fidelity to do an international wire transfer in the designated currency. Absolutely robbery!!!
So I know this is an old thread but I have a similar question since I need to pay a company in Norway and they won't take a credit card or Paypal. Were you a Premium client? Was the 3% separated out or was it just part of the exchange rate? Did anyone else get charged this 3% fee?

123
Posts: 4059
Joined: Fri Oct 12, 2012 3:55 pm

Re: Fidelity International Wire Currency Exchange Rates

Post by 123 » Tue Nov 06, 2018 12:34 am

Fidelity's fee schedule has some information: https://www.fidelity.com/bin-public/060 ... hedule.pdf

It says on page 4:

OTHER FEES AND COMPENSATION
All Accounts
Foreign Currency Wires up to 3% of principal; charged when converting USD to wire funds in a foreign currency
The closest helping hand is at the end of your own arm.

MisterBill
Posts: 350
Joined: Thu Dec 24, 2015 3:21 pm

Re: Fidelity International Wire Currency Exchange Rates

Post by MisterBill » Tue Nov 06, 2018 12:50 am

123 wrote:
Tue Nov 06, 2018 12:34 am
Fidelity's fee schedule has some information: https://www.fidelity.com/bin-public/060 ... hedule.pdf

It says on page 4:

OTHER FEES AND COMPENSATION
All Accounts
Foreign Currency Wires up to 3% of principal; charged when converting USD to wire funds in a foreign currency
Thanks. Interesting that cu_ said that they checked around and that Fidelity had the best rate. and it does say "up to 3%", so perhaps it is different depending on your customer type.

I signed up for an account with OFX and when I spoke to the person to activate the account, she told me that if I found a better price I should let them know and they could try to beat it. I found another thread here that suggested Transferwise and Xoom. Transferwise was a couple of percent better than Xoom for the test case I used. I will try calling Fidelity in the morning and see what their rate would be.

Update I think Transferwise may be best since if I split my payment into two pieces (across 2 days) I can charge it and get 2.625% back (vs a 1.85% fee they add for credit cards).

MisterBill
Posts: 350
Joined: Thu Dec 24, 2015 3:21 pm

Re: Fidelity International Wire Currency Exchange Rates

Post by MisterBill » Wed Nov 07, 2018 7:40 pm

So i called the Fidelity Private Client group to see what they could do for me. They quoted me a rate of 8.09 NOK. Transferwise is offering around 8.36 with some fees (8.28 with them), and Xoom was 8.12 with no fees. That makes Fidelity 3% higher, as the terms say they can do. I questioned them on the rate (and told them that it was not competitive) and was told that they do not offer Private Clients any discount on the service. So while it may seem free, it isn't really a good deal.

I am probably going to go with Transferwise and use my credit card. Even with the extra fee, the money I get back from Bank of America will basically cover all charges and I'll get a great rate.
Last edited by MisterBill on Thu Nov 08, 2018 1:09 am, edited 1 time in total.

nalor511
Posts: 315
Joined: Mon Jul 27, 2015 1:00 am

Re: Fidelity International Wire Currency Exchange Rates

Post by nalor511 » Wed Nov 07, 2018 7:50 pm

I recently had to send EUR from USD to an account in Europe, and the cheapest exchange/wire option I found was Transferwise https://transferwise.com/pricing , I was leery at the time to use a service I'd never heard of, but they were *significantly* cheaper than any alternative, and had plenty of reviews and discussion online. I looked into all my banks, CUs, brokerages, and online services (paypal, etc). FWIW, I'll use them again next time.

I opted to have the money come out of my checking/savings, but I could have sourced from a credit card with a bit higher fee.

Best of luck.

cholan
Posts: 113
Joined: Sun Sep 30, 2007 10:29 pm
Location: new york

Re: Fidelity International Wire Currency Exchange Rates

Post by cholan » Wed Nov 07, 2018 11:52 pm

I have used Transferwise 5 times in the last 3 months, paid in 3 different currencies into 5 different accounts (including into Fidelity CMA) with no problems at all. They were the cheapest option I could find on every occasion. (Interactive Brokers may be even cheaper, there is a thread ongoing).
...leaving not a rack behind.

User avatar
whodidntante
Posts: 4593
Joined: Thu Jan 21, 2016 11:11 pm

Re: Fidelity International Wire Currency Exchange Rates

Post by whodidntante » Thu Nov 08, 2018 12:27 am

MisterBill wrote:
Wed Nov 07, 2018 7:40 pm
So i called the Fidelity Private Client group to see what they could do for me. They quoted me a rate of 8.09 NOK. Transferwise is offering around 8.36 with some fees (8.28 with), and Xoom was 8.12 with no fees. That makes Fidelity 3% higher, as the terms say they can do. I questioned them on the rate (and told them that it was not competitive) and was told that they do not offer Private Clients any discount on the service. So while it may seem free, it isn't really competitive.

I am probably going to go with Transferwise and use my credit card. Even with the extra fee, the money I get back from Bank of America will basically cover all charges and I'll get a great rate.
Your CC issuer will likely consider a wire transfer a cash advance. I would find out before doing it.

MisterBill
Posts: 350
Joined: Thu Dec 24, 2015 3:21 pm

Re: Fidelity International Wire Currency Exchange Rates

Post by MisterBill » Thu Nov 08, 2018 1:07 am

whodidntante wrote:
Thu Nov 08, 2018 12:27 am
Your CC issuer will likely consider a wire transfer a cash advance. I would find out before doing it.
My cash advance limit is $200 on my BofA cards (the lowest they can set it to), so if they consider it that, it will get rejected. Given that Transferwise is charging me 1.85% (similar to what it costs me to charge my taxes), I would expect it to be considered a purchase.

Update: I found this on Transferwise's website: "Before paying for your transfer with a debit or credit card, we recommend you call your bank and ask them if they consider our MCC (4829) as cash advance. You can also ask if they’ll charge an extra fee for this. If they do, it’s up to you to accept the fee or use a different payment method."

There seem to be different stories on different websites. No data points for Bank of America.

nalor511
Posts: 315
Joined: Mon Jul 27, 2015 1:00 am

Re: Fidelity International Wire Currency Exchange Rates

Post by nalor511 » Thu Nov 08, 2018 2:09 am

cholan wrote:
Wed Nov 07, 2018 11:52 pm
I have used Transferwise... (Interactive Brokers may be even cheaper, there is a thread ongoing).
Got an IB link? Is it a big headache to get cheaper rates than with TW? TW is super easy. Cheers

typical.investor
Posts: 447
Joined: Mon Jun 11, 2018 3:17 am

Re: Fidelity International Wire Currency Exchange Rates

Post by typical.investor » Thu Nov 08, 2018 2:18 am

nalor511 wrote:
Thu Nov 08, 2018 2:09 am
cholan wrote:
Wed Nov 07, 2018 11:52 pm
I have used Transferwise... (Interactive Brokers may be even cheaper, there is a thread ongoing).
Got an IB link? Is it a big headache to get cheaper rates than with TW? TW is super easy. Cheers
IB doesn’t look easy, and you’d need an account and there is a monthly $10 minimum fee if under $100k.

https://ibkr.info/node/1267 There is a link they recommend at the end to a dummy account that they recommend trying first. Haven’t tried it.

TW has too low of conversion limits for me.

I ended up paying a bank 1% to convert and $15 to transfer.

MisterBill
Posts: 350
Joined: Thu Dec 24, 2015 3:21 pm

Re: Fidelity International Wire Currency Exchange Rates

Post by MisterBill » Tue Dec 11, 2018 11:12 am

So I never ended up following thru on my transfer last month. I just went back to Transferwise to initiate it and discovered that they've increased their credit card fee to 3.4%! Since it's no longer economical to do it that way, I just initiated the payment via ACH.

On the bright side, the exchange rate is better than it was last month, so it will end up costing me less than it would have last month even without the credit card rebate.

User avatar
indexfundfan
Posts: 2374
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Fidelity International Wire Currency Exchange Rates

Post by indexfundfan » Tue Dec 11, 2018 5:44 pm

MisterBill wrote:
Tue Dec 11, 2018 11:12 am
So I never ended up following thru on my transfer last month. I just went back to Transferwise to initiate it and discovered that they've increased their credit card fee to 3.4%! Since it's no longer economical to do it that way, I just initiated the payment via ACH.

On the bright side, the exchange rate is better than it was last month, so it will end up costing me less than it would have last month even without the credit card rebate.
I think TW charges a 0.15% fee if you use ACH. There is no fee if you wire the money to them. I intend to use Fidelity or Schwab's free wire transfer to send the money to TW.
My signature has been deleted.

MisterBill
Posts: 350
Joined: Thu Dec 24, 2015 3:21 pm

Re: Fidelity International Wire Currency Exchange Rates

Post by MisterBill » Tue Dec 11, 2018 6:05 pm

indexfundfan wrote:
Tue Dec 11, 2018 5:44 pm
I think TW charges a 0.15% fee if you use ACH. There is no fee if you wire the money to them. I intend to use Fidelity or Schwab's free wire transfer to send the money to TW.
Yeah, after submitting it I decided to look into doing a wire from Fidelity and noticed that it was surprisingly easy to set up online. So I cancelled the initial transfer and resubmitted it with payment via wire and saved around $5. I had email from Fidelity within an hour saying that the wire had been sent and TW has confirmed that it's received.

I spoke to someone from TW (I had a question about the address to put on the wire form) and was told that they increased the credit card fee on December 1st. I'm assuming it would not have worked for me anyway since it likely would have coded as a cash advance and been rejected.

Meanwhile, the TW status now says there is a delay and it will arrive by the 17th, but the email I got when the confirmed receipt of the money said it would be delivered tomorrow. I emailed them and told them that I need to have it delivered by Friday. I even uploaded my passport so they could verify my identity.

Post Reply