At least here in Brazil the best way is to convert the USD to Bitcoins and sell it in the local market, however not every company is willing to do so.
When there is no such option: Wire transfer
Ask HN: How do you receive USD for work abroad without getting ripped off?
11–20 of 37 posts
Re: Ask HN: How do you receive USD for work abroad without getting ripped off?
#12I've used Paypal because it was very simple to setup, until I realised how much I was losing, then I setup a bank to bank international wire, which took some time because most account managers I have talked had no idea how to do. It still takes some fees, but a lot less compared to Paypal.
Wire transfers always seem to take so long. How long do they take for you?
Re: Ask HN: How do you receive USD for work abroad without getting ripped off?
#13At least here in Brazil the best way is to convert the USD to Bitcoins and sell it in the local market, however not every company is willing to do so. When there is no such option: Wire transfer
Is it safe to use Bitcoin?
Re: Ask HN: How do you receive USD for work abroad without getting ripped off?
#14Earlier quoted context omitted.
Paypal's cheapness varies by country, here in Costa Rica they only work with one bank who charge 0.5% per transaction with a generous $11 minimum fee.
Does PayPal also charge their international fee and currency exchange fee? https://www.paypal.com/cr/cgi-bin/webscr?cmd=_display-xborde... https://www.paypal.com/us/webapps/helpcenter/helphub/article...
The bank fees are separate and on top of PayPal's, moving money to/from PayPal can only be done through their website instead of PayPal's and they collect their fees that way.
Re: Ask HN: How do you receive USD for work abroad without getting ripped off?
#15I've used Paypal because it was very simple to setup, until I realised how much I was losing, then I setup a bank to bank international wire, which took some time because most account managers I have talked had no idea how to do. It still takes some fees, but a lot less compared to Paypal.
Wire transfers always seem to take so long. How long do they take for you?
Wire transfers should be instantaneous. ACH transfers take 2-5 days.
Re: Ask HN: How do you receive USD for work abroad without getting ripped off?
#16Re: Ask HN: How do you receive USD for work abroad without getting ripped off?
#17At least here in Brazil the best way is to convert the USD to Bitcoins and sell it in the local market, however not every company is willing to do so. When there is no such option: Wire transfer
Is it safe to use Bitcoin?
No.
Bitcoin is very volatile, so you could lose or gain unknown amounts during the "transfer" (even if it is within a few minutes).
Additionally unlike a traditional wire transfer you cannot prove that you're transferring it to yourself (it is an anonymous currency by design after all) therefore they could come after you for tax (or worse accuse you of laundering).
Wires are a rip-off. However the costs are knowable and there is a very low risk of any misunderstanding from the big G in either country.
I use a company called XE, and to be frank it is a huge PITA. But at least all money is completely traceable/verifiable (the broker is almost too paranoid about fraud, that's why it is such a pain) and the fees are relatively low. It would be very easy to prove with XE that I sent it to myself.
Re: Ask HN: How do you receive USD for work abroad without getting ripped off?
#18Earlier quoted context omitted.
Is it safe to use Bitcoin?
No. Bitcoin is very volatile, so you could lose or gain unknown amounts during the "transfer" (even if it is within a few minutes). Additionally unlike a traditional wire transfer you cannot prove that you're transferring it to yourself (it is an anonymous currency by design after all) therefore they could come after you for tax (or worse accuse you of laundering). Wires are a rip-off. However the costs are knowable…
A friend had mentioned XE to me, it looked like a good option. What makes it a PITA? You mentioned broker but I'm not sure exactly what you mean.
Re: Ask HN: How do you receive USD for work abroad without getting ripped off?
#19Earlier quoted context omitted.
Is it safe to use Bitcoin?
No. Bitcoin is very volatile, so you could lose or gain unknown amounts during the "transfer" (even if it is within a few minutes). Additionally unlike a traditional wire transfer you cannot prove that you're transferring it to yourself (it is an anonymous currency by design after all) therefore they could come after you for tax (or worse accuse you of laundering). Wires are a rip-off. However the costs are knowable…
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Re: Ask HN: How do you receive USD for work abroad without getting ripped off?
#20I've got a business bank account with Chase, and they'll do currency conversions and international transfers, via online banking, with a minimum of fees.
They've also got a credit card (Sapphire Preferred, I believe) that has no currency exchange fees, and has both a chip (useful in Europe) and a magstrip (useful everywhere else).
If you set up a local bank account, keep the FBAR in mind.