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Ask HN: How do you receive USD for work abroad without getting ripped off?

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Re: Ask HN: How do you receive USD for work abroad without getting ripped off?

#21

Post by mattm »

waterlooalex wrote: post #18
Someone1234 wrote: post #17

Earlier quoted context omitted.

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.

I also use XE. I think he might be referring to setup. Setting up an account takes a lot of documentation and took a few weeks IIRC. Once it's setup though, things are easy.

Re: Ask HN: How do you receive USD for work abroad without getting ripped off?

#24

Post by seekingcharlie »

therealmarv wrote: post #2

You mean bank transfer fees?! You cannot avoid them unless you also have an US bank account which you won't get if you are not living in the US. Private money transfer is pretty cheap with well known services like e.g. Paypal (I'm guessing this is one of the main reasons Paypal exists, easy and cheap).

You don't have to live in the US to set up a US bank account. You just need to physically be in the US.

That said, I think your resident country needs to have a relationship with the US. I was approved no problem as an Australian, but one of the devs I work with from Ukraine was declined.

Re: Ask HN: How do you receive USD for work abroad without getting ripped off?

#25

Post by mdekkers »

We use transferwise for almost all of our international payments. transferwise rocks. We used to use XETrade, but this isn't available to us where we currently live and work. Our bank(s) hate us for using transferwise, and actually try many different ways to stop us from using it (except for making the process cheaper - funny thing, that)

Re: Ask HN: How do you receive USD for work abroad without getting ripped off?

#26

Post by maguay »

Some banks—such as Thailand's Bangkok Bank—have a US branch just for receiving transfers. That way, you have a US routing number along with your normal local bank account number, and then can get your US pay despoiled just as if it were going to a US account. Fees tend to be lower than manually wiring money each month.

Re: Ask HN: How do you receive USD for work abroad without getting ripped off?

#27

Post by waterlooalex »

maguay wrote: post #26

Some banks—such as Thailand's Bangkok Bank—have a US branch just for receiving transfers. That way, you have a US routing number along with your normal local bank account number, and then can get your US pay despoiled just as if it were going to a US account. Fees tend to be lower than manually wiring money each month.

Thats pretty slick.

Re: Ask HN: How do you receive USD for work abroad without getting ripped off?

#28

Post by waterlooalex »

mdekkers wrote: post #25

We use transferwise for almost all of our international payments. transferwise rocks. We used to use XETrade, but this isn't available to us where we currently live and work. Our bank(s) hate us for using transferwise, and actually try many different ways to stop us from using it (except for making the process cheaper - funny thing, that)

I'm curious, are those payments for work you've done for a US company?

I do love what transferwise is doing, thats awesome that the banks are riled up about it :)

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