EU to US transfer - best in 2019?

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MoDosh
Posts: 5
Joined: Tue Feb 05, 2019 3:54 pm

EU to US transfer - best in 2019?

Post by MoDosh » Wed Feb 06, 2019 5:56 pm

    I wish to transfer money from a European bank account to a US bank account. I have read some posts on the various services. Plugged some numbers into transferwise and OfX.com and it seemed like ofx was better by hundreds of dollars. It is quite a substantial amount. (Well that might be relative to some of you folks who have been investing since you were three years old :-))

    Second question relates to the temporary storage of the money. If one is still deciding what to do investment wise and I'm happy to say I am reading the Bogleheads guide to investing, I am thinking a money market account for the next couple of months?

    TedSwippet
    Posts: 2016
    Joined: Mon Jun 04, 2007 4:19 pm

    Re: EU to US transfer - best in 2019?

    Post by TedSwippet » Thu Feb 07, 2019 3:52 am

    MoDosh wrote:
    Wed Feb 06, 2019 5:56 pm
    I wish to transfer money from a European bank account to a US bank account. I have read some posts on the various services. Plugged some numbers into transferwise and OfX.com and it seemed like ofx was better by hundreds of dollars. It is quite a substantial amount.
    Interesting. I had never heard of ofx, so I will be looking into them in future and when I need to convert more USD to GBP. I am currently with TransferWise, and getting Vanguard to work with them has been -- in fact, remains -- a huge nuisance, to put it mildly. Anyway, TransferWise works well for me, but if ofx gives you a substantially better rate then it might be silly not to take it.
    MoDosh wrote:
    Wed Feb 06, 2019 5:56 pm
    Second question relates to the temporary storage of the money. If one is still deciding what to do investment wise and I'm happy to say I am reading the Bogleheads guide to investing, I am thinking a money market account for the next couple of months?
    That's the usual recommendation. You might also be able to consider very short-term CDs, perhaps three months. Not flexible though, whereas with money market you can take your cash when ready. Interest rates will likely be poor in both cases.

    Topic Author
    MoDosh
    Posts: 5
    Joined: Tue Feb 05, 2019 3:54 pm

    Re: EU to US transfer - best in 2019?

    Post by MoDosh » Mon Feb 11, 2019 4:09 pm

    Ok so after messing about on the phone with OFX, need to send them paperwork !!! I discovered that Transferwise is actually cheaper by $600. The thing is that what OFX's calculator spits out is not the rate they give you - you only find this out when you log in. :( oh well. Now to time the bloody market, sight the Euro is going down vs dollar. Will probably go with TransferWise.

    shcnno
    Posts: 35
    Joined: Tue May 09, 2017 10:56 am

    Re: EU to US transfer - best in 2019?

    Post by shcnno » Mon Feb 11, 2019 6:45 pm

    You can use interactive Brokers to exchange, you'll get much better rate than Transferwise.
    You'll need both gbp and usd accounts in your name.

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