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Ask HN: How do you transfer money internationally?
51–60 of 78 posts
Re: Ask HN: How do you transfer money internationally?
#52We're in this exact situation. Canadian Company with mostly US clients. We have a USD and CDN account through TD which allows us to deposit checks and receive wires in US funds if needed. From there we use TDFX to transfer funds between the two accounts as needed. TDFX gives pretty good rates on the exchange and there is no transfer fee. For example the spot rate I just got was 1.0916 USD --> CDN
Re: Ask HN: How do you transfer money internationally?
#53If you are converting large amounts and you are comfortable with purchasing and selling stocks online then a viable option is to use Norbert's gambit. This involves buying stock in companies traded on both Canadian and US exchanges, such as TD. You buy on one exchange (in your case on a US exchange), journal over to the other exchange, and then sell on other exchange. With the right online broker, journaling is autom…
Why not just use a forex broker instead? Better rates, lower spreads, and higher liquidity. I would personally recommend Interactive Brokers.
For large transactions, I don't think it's true that rates are lower using a forex broker. In the limit of large transactions, Norbert's Gambit fees approach the bid-ask spread cost, which should be lower than any forex fee.
For example, according to the calculator, converting $100k saves about $350 versus a 0.3% conversion fee. Even converting $10k is cheaper than 0.3%. What are Interactive Brokers fees?
Another reason is that you don't have to transfer your money out of your accounts to a third party. Everything happens within your brokerage accounts.
Re: Ask HN: How do you transfer money internationally?
#54I'm looking for an affordable way to transfer money from Singapore to Germany, but so far the cheapest is sending the money to a VISA or Mastercard. It's fixed S$10 per transfer and it's instant transfer, very handy.
Re: Ask HN: How do you transfer money internationally?
#55Earlier quoted context omitted.
I just tried this yesterday, but ran into a wall: To transfer USD to GBP, you need to get your bank to initiate an international wire transfer. If I could remotely trigger a large international wire transfer from my bank, I wouldn't need a 3rd party service. Living abroad, requests to transfer money are usually met with "just step into a branch and we'll take care of that". But my nearest branch is 2,000 miles away a…
With all due respect, are you sure you're doing it right? The entire raison d'etre of Transferwise is cutting their bank-run international wire transfers out of the loop.
That's how they work everywhere except the US. For us, we have to do a BIC/IBAN transfer to an account in Estonia. (Just re-checked the instructions they mailed me yesterday to verify that's the case.)
If they had a US account you could do with ACH, life would be easy. But they don't.
Re: Ask HN: How do you transfer money internationally?
#56I use CustomHouse ( http://onlinefx.westernunion.com/ ) to transfer money to my Canadian account when necessary. That said, I live in the US so I don't have to transfer a huge percentage of my income, just enough to pay my Canadian student loans and credit card.
I would look at the RBC USD accounts if I were you.
Re: Ask HN: How do you transfer money internationally?
#57I'm honestly happy with Transferwise.com. You can get a free transfer with an invitation link, here's mine: https://transferwise.com/u/5d78
Seconding/thirding Transferwise. No complaints at all. Transfers, which I do monthly from the UK bank account to my Australian bank account, take between 3 and 5 days - usually 3 - and cost me very little - a couple of dollars, if that. You have some control over the currency conversion but I tend to leave it as it is. It's a great service.
Re: Ask HN: How do you transfer money internationally?
#58OT, but may be useful if someone is looking for cheap ways to transfer money within the EU. https://transfergo.com - offers transfers to bank accounts for a fixed fee of 2,5 GBP. It works by issuing local payments, which are much cheaper. You make a local payment to TransferGo account in your country. In turn they use their foreign bank account to make local payment to your recipient.
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Re: Ask HN: How do you transfer money internationally?
#59I do my best to stick to Paypal, since it has the majority of my international financial history it saves me the trouble of reconciling several accounts. If (when) they support Bitcoin/Ether it will be perfect.
Re: Ask HN: How do you transfer money internationally?
#60I use Paypal + Payoneer.