Best bank for frequent travel friendly international wire transfers?

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CodeMaster
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Best bank for frequent travel friendly international wire transfers?

Post by CodeMaster » Fri Jul 28, 2017 2:52 am

Im always travelling outside of the U.S. and often need to wire transfer money to myself or businesses I work with but the U.S. banks often give me a headache about it and even require I go into their branch to verify my identity while Im abroad etc even after all other verification measures go through.

I was wondering, does anyone know or have a solution for a travel friendly international bank? :) Truly appreciate any tips!

~p.s. I already work with Schwab, Chase, Wells Fargo, they all get anxy when it comes to wire transferring internationally. :|
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in_reality
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Re: Best bank for frequent travel friendly international wire transfers?

Post by in_reality » Fri Jul 28, 2017 3:19 am

Haven't use them but what about https://transferwise.com

Fee seem to be about 1% for currency transfer or $1.30 if not transferring.

There is a list of supported currencies and countries on the site.

There is a USD limit of $10k after which they say they have to ask questions... but they yearly limit is $250,000 or $1,000,000 for a business.

So I think you'd get online and transfer money from your US bank to tranferwise US, and they send money from their bank account in whatever country.

Not sure how you send yourself money though unless you have a bank account overseas.

madbrain
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Re: Best bank for frequent travel friendly international wire transfers?

Post by madbrain » Fri Jul 28, 2017 3:31 am

Everbank was great, did it many times with them. Recently got purchased by TIAA - have not done an international transfer since.

Topic Author
CodeMaster
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Re: Best bank for frequent travel friendly international wire transfers?

Post by CodeMaster » Fri Jul 28, 2017 3:50 am

Anyone ever tried XOOM? (xoom.com)
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LifeIsGood
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Re: Best bank for frequent travel friendly international wire transfers?

Post by LifeIsGood » Fri Jul 28, 2017 6:05 am

I've used Vanguard a couple of times. I wouldn't call the process streamlined but they don't charge any fees and the wires went through without any problems.

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CodeMaster
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Re: Best bank for frequent travel friendly international wire transfers?

Post by CodeMaster » Sun Jul 30, 2017 12:36 am

I just wanted to share that I tested both transferwise and xoom and they are both good working solutions to doing wire transfers without the headache of dealing with the banks. Banks often get anxious about verification and require you to go in branch even if your travelling, its been a headache for me to wire out any money ever. These 2 solutions were very easy, Im really happy I have a solid solution for paying my vendors abroad without the headache of dealing with banks themselves!

:sharebeer
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Diogenes
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Re: Best bank for frequent travel friendly international wire transfers?

Post by Diogenes » Sun Jul 30, 2017 1:14 am

in_reality wrote:Haven't use them but what about https://transferwise.com

Fee seem to be about 1% for currency transfer or $1.30 if not transferring.

There is a list of supported currencies and countries on the site.

There is a USD limit of $10k after which they say they have to ask questions... but they yearly limit is $250,000 or $1,000,000 for a business.

So I think you'd get online and transfer money from your US bank to tranferwise US, and they send money from their bank account in whatever country.

Not sure how you send yourself money though unless you have a bank account overseas.
+1 for TransferWise. I use them every month to move money to pay expenses for my overseas residence. Been doing it for awhile. Always get the mid-market rate on the exchanges, and fees are low. Also, as the funds are transferred into my foreign account in local currency, I avoid back-end fees. The money first moves via simple domestic transfer to the TW account in the U.S. so it is not identified as a foreign transfer. They have a great app, and once I use that to start the process they pull the money from an isolated U.S. account that I keep in the States. They also give an estimated arrival time for the funds which varies by country, but for me has usually been about 3 business days.

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CodeMaster
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Re: Best bank for frequent travel friendly international wire transfers?

Post by CodeMaster » Sun Jul 30, 2017 1:24 am

Diogenes wrote:
in_reality wrote:Haven't use them but what about https://transferwise.com

Fee seem to be about 1% for currency transfer or $1.30 if not transferring.

There is a list of supported currencies and countries on the site.

There is a USD limit of $10k after which they say they have to ask questions... but they yearly limit is $250,000 or $1,000,000 for a business.

So I think you'd get online and transfer money from your US bank to tranferwise US, and they send money from their bank account in whatever country.

Not sure how you send yourself money though unless you have a bank account overseas.
+1 for TransferWise. I use them every month to move money to pay expenses for my overseas residence. Been doing it for awhile. Always get the mid-market rate on the exchanges, and fees are low. Also, as the funds are transferred into my foreign account in local currency, I avoid back-end fees. The money first moves via simple domestic transfer to the TW account in the U.S. so it is not identified as a foreign transfer. They have a great app, and once I use that to start the process they pull the money from an isolated U.S. account that I keep in the States. They also give an estimated arrival time for the funds which varies by country, but for me has usually been about 3 business days.
Awesome, so glad to hear they are trustworthy! 10k is a nice limit per transaction before additional verification. I often need 5k to 10k at a time and am ok with additional verification so long as it isnt COME INSIDE THE U.S. BRANCH WHILE YOUR ABROAD lol
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bayareainvestor
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Re: Best bank for frequent travel friendly international wire transfers?

Post by bayareainvestor » Sun Jul 30, 2017 1:35 am

Answer depends on what countries you visit and how often and how much money is needed. There are services like Ria Money Transfer, Xoom (offers a lower exchange rate), Western Union, Remitly etc. Also, if you don't have account in recipient/foreign country, you have to use your business associates.

NOTE: Wire transfers by design are non-reversible, yes, they can't be undone like regular ACH/online transfers. I have learned it hard way :)
“If you buy things you do not need, soon you will have to sell things you need.” -- Warren Buffet

*3!4!/5!
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Re: Best bank for frequent travel friendly international wire transfers?

Post by *3!4!/5! » Sun Jul 30, 2017 1:51 am

I've used ofx.com several times.

EZ James
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Re: Best bank for frequent travel friendly international wire transfers?

Post by EZ James » Sun Jul 30, 2017 2:11 am

For transfers under the monthly limits of $2,999 I use Western Union for $2.99 or Lucky Money for $3.99. The latter will give door-to-door service in many areas for no extra fee.

In 2014 I made 80 wire transfers over a one or two month period through Citibank. Each transfer was $10,000 to $11,000. The fee was $30 but is now $25. On the first couple transfers I got calls from the bank wanting to know my reasons for the transfers. I told them I was distributing an estate to heirs and would be making about 78 more for the same reason. The phone calls ceased.

In about five cases the transfers went sour through no fault of Citibank but yet they let me re-submit and reimbursed me for the failed wires.

That's mighty friendly service IMO.

Of course they all make a profit on the currency rate but if the conversion can be made at a better rate by the recipient you can specify that USD be sent.

EZ

GeoffD
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Re: Best bank for frequent travel friendly international wire transfers?

Post by GeoffD » Wed Jun 05, 2019 3:56 pm

Diogenes wrote:
Sun Jul 30, 2017 1:14 am
in_reality wrote:Haven't use them but what about https://transferwise.com

Fee seem to be about 1% for currency transfer or $1.30 if not transferring.

There is a list of supported currencies and countries on the site.

There is a USD limit of $10k after which they say they have to ask questions... but they yearly limit is $250,000 or $1,000,000 for a business.

So I think you'd get online and transfer money from your US bank to tranferwise US, and they send money from their bank account in whatever country.

Not sure how you send yourself money though unless you have a bank account overseas.
+1 for TransferWise. I use them every month to move money to pay expenses for my overseas residence. Been doing it for awhile. Always get the mid-market rate on the exchanges, and fees are low. Also, as the funds are transferred into my foreign account in local currency, I avoid back-end fees. The money first moves via simple domestic transfer to the TW account in the U.S. so it is not identified as a foreign transfer. They have a great app, and once I use that to start the process they pull the money from an isolated U.S. account that I keep in the States. They also give an estimated arrival time for the funds which varies by country, but for me has usually been about 3 business days.
Bump an old thread rather than start a new one. I need to do a transfer to a Santander Spain account for a house rental. I've rented from this person before so there's no fraud risk. It looks like I can use a credit card on TransferWise so I have recourse if something goes wrong. The fee for 1500 euros is about US$75 and I get $25 of that back on a 1 1/2% Capital One card. Has anyone done this? I could do better using my Citi 2% card but it nails me with fees if it's an international destination even for US dollar transactions. I discovered this years ago with Skype. What bank do they use for the credit card transaction?

It also looks like you can get a debit card from them. I'm wondering if this is my work-around for chip+pin kiosks in Europe where my US chip+sign credit cards won't work and by US bank ATM/debit card has crushing transaction fees. Has anyone done this?

SrGrumpy
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Re: Best bank for frequent travel friendly international wire transfers?

Post by SrGrumpy » Wed Jun 05, 2019 4:04 pm

I used Transferwise as well, and it was pretty easy. If you know someone who already uses it, they can send you a promo code that save you some fees.

IHateCasinos
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Re: Best bank for frequent travel friendly international wire transfers?

Post by IHateCasinos » Wed Jun 05, 2019 7:22 pm

+1 for Transferwise.
ablsolutely fantastic. I have done >$100k through them many times. A genius idea!

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Interpolfanclub
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Re: Best bank for frequent travel friendly international wire transfers?

Post by Interpolfanclub » Mon Dec 02, 2019 3:05 pm

Bumping this. Need to send some money to Panama. Looks like some votes for transferwise. Anyone got others?

GeoffD
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Re: Best bank for frequent travel friendly international wire transfers?

Post by GeoffD » Mon Dec 02, 2019 3:43 pm

Interpolfanclub wrote:
Mon Dec 02, 2019 3:05 pm
Bumping this. Need to send some money to Panama. Looks like some votes for transferwise. Anyone got others?
I used it to transfer 1.500 euros. I didn’t fully trust it so I told it to use my CapitalOne credit card as the source of funds. The transaction was treated as a cash advance on my credit card. I paid some interest, $6.81, for a few days before I could zero out the card balance and a fairly stiff $52.54 cash advance fee. They tried to charge more interest on my next statement but I called and got that waived. So don’t do it that way....

HawkeyePierce
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Re: Best bank for frequent travel friendly international wire transfers?

Post by HawkeyePierce » Mon Dec 02, 2019 4:13 pm

In the scenario where you use a credit card to fund a payment through TransferWise, I don’t think you’ll get any fraud protection against the ultimate recipient from your credit card company. As far as they’re concerned, the merchant was TransferWise. Unless TW messes something up I would not expect to succeed with a chargeback should the vendor of the rental house or whatever fail to follow-through.

GeoffD
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Re: Best bank for frequent travel friendly international wire transfers?

Post by GeoffD » Mon Dec 02, 2019 4:19 pm

HawkeyePierce wrote:
Mon Dec 02, 2019 4:13 pm
In the scenario where you use a credit card to fund a payment through TransferWise, I don’t think you’ll get any fraud protection against the ultimate recipient from your credit card company. As far as they’re concerned, the merchant was TransferWise. Unless TW messes something up I would not expect to succeed with a chargeback should the vendor of the rental house or whatever fail to follow-through.
It was TransferWise I didn’t trust, not the end recipient. It’s not a US company. If something goes badly, I can’t take TransferWise to small claims court.

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asset_chaos
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Re: Best bank for frequent travel friendly international wire transfers?

Post by asset_chaos » Mon Dec 02, 2019 6:53 pm

GeoffD wrote:
Mon Dec 02, 2019 4:19 pm
HawkeyePierce wrote:
Mon Dec 02, 2019 4:13 pm
In the scenario where you use a credit card to fund a payment through TransferWise, I don’t think you’ll get any fraud protection against the ultimate recipient from your credit card company. As far as they’re concerned, the merchant was TransferWise. Unless TW messes something up I would not expect to succeed with a chargeback should the vendor of the rental house or whatever fail to follow-through.
It was TransferWise I didn’t trust, not the end recipient. It’s not a US company. If something goes badly, I can’t take TransferWise to small claims court.
While transferwise is a UK company---London has by far the largest foreign exchange markets---it seems to have a physical presence in many countries. E.g. my bank details to receive US$ lists the address TransferWise, 19 W 24th Street, New York 10010, which google maps resolves to a building in New York city; transferwise seems to be on the 9th floor. Likewise, my Australian dollar part of the transferwise account lists a physical address close enough to my house that I could ride by if I wanted; it's a warehouse turned into an "entrepreneurial co-working space", whatever that is. I'm not a lawyer, but I suspect that since transferwise has a physical office in the US, that you can indeed take them to small claims court if you want.
Regards, | | Guy

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