Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Ask HN: How do you transfer money internationally?

news.ycombinator.com

Post reply on HN
Print view View original

61–70 of 78 posts

Re: Ask HN: How do you transfer money internationally?

#61

Post by bryanlarsen »

cik wrote: post #21

I have the same exact problem - living in Canada, with the same conditions. The reality is that it depends on the client, but here's what I do. 1. RBC has a USD account for $9/month. It's the cheapest in the country. For clients who insist on paying by ACH or cheque, that allows me to take USD inbound and hold them as needed. 2. I use a money changer (persepolis work, as do several on King Street) simply because the…

Is that for a linked account? I'm currently paying $0.50 per month for my CIBC USD account.

Re: Ask HN: How do you transfer money internationally?

#62

Post by mr_november »

bryanlarsen wrote: post #61
cik wrote: post #21

I have the same exact problem - living in Canada, with the same conditions. The reality is that it depends on the client, but here's what I do. 1. RBC has a USD account for $9/month. It's the cheapest in the country. For clients who insist on paying by ACH or cheque, that allows me to take USD inbound and hold them as needed. 2. I use a money changer (persepolis work, as do several on King Street) simply because the…

Is that for a linked account? I'm currently paying $0.50 per month for my CIBC USD account.

$9 is for a USD business account - your $0.50 is likely for a personal account.

Re: Ask HN: How do you transfer money internationally?

#63

Post by coherentpony »

kcorbitt wrote: post #38
namenotrequired wrote: post #31

I'm honestly happy with Transferwise.com. You can get a free transfer with an invitation link, here's mine: https://transferwise.com/u/5d78

I'm living in the UK and am paid in USD in the US. My wife and I investigated a bunch of options on how to bring the money to the UK as cheaply as possible and this was the best one we've found so far.

Hmmm, this person" rel="nofollow">https://news.ycombinator.com/item?id=8137337> seems to have trouble doing exactly what you're doing. I wonder what the difference is.

Re: Ask HN: How do you transfer money internationally?

#64

Post by marcosdumay »

mseebach wrote: post #49
marcosdumay wrote: post #42

Have you tried asking your bank manager? Yes, there'll be fees, and it's not as interesting as bitcoin. But it's not a hard thing to do.

He probably has, which is why he's now asking for a cost effective solution.

Does he want to transfer it in $10 transactions or what?

Even here in Brazil, where external commerce is completely disincetivised, my bank asks $50 a transaction (the most expensive one).

Re: Ask HN: How do you transfer money internationally?

#66

Post by [deleted] »

throwaway_32948 wrote: post #53
ashray wrote: post #39

Earlier quoted context omitted.

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 rea…

[deleted]

Re: Ask HN: How do you transfer money internationally?

#67

Post by maaku »

Xophmeister wrote: post #35
maaku wrote: post #26

Bitcoin. When that is not an option, I use a bank that has zero foreign transaction fees, and refunded ATM fees. First Republic Bank's ATM refund account, in my case.

BTC seems a bit volatile as a vehicle for transferring between currencies. I personally would want something much more stable if I were transferring any significant amount. If it was just on the order of holiday cash -- and it was convenient to find buyers and sellers -- then maybe, but it seems a lot of trouble to go to!

Volatility means that sometimes you make money on the float as well.

Re: Ask HN: How do you transfer money internationally?

#69

Post by ashray »

throwaway_32948 wrote: post #53
ashray wrote: post #39

Earlier quoted context omitted.

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 rea…

Interactive Brokers is your own brokerage account, they are a regulated broker that offers Forex in addition to the other stuff (stocks, options, etc.).

I'm not 100% sure on the fees but they are not even close to 0.3% for forex. It's pretty much around $2 for most trades (their example covers: USD 50,000 daily volume for EUR = USD 2.00). Here are the details of the fees: https://www.interactivebrokers.com/en/index.php?f=commission...

I think the reason IB charges are so low is because they deal with very large customers (banks, trading houses, etc.).

Re: Ask HN: How do you transfer money internationally?

#70

Post by fractallyte »

chroman wrote: post #60

I use Paypal + Payoneer.

I used Paypal once (UK -> Canada). The rates were better than any bank could offer, and I have a verified account. The transfer - not a large amount - went without a hitch.

But then a week later, out of nowhere, my account was suddenly 'limited', with the requirement that I send a copy of my passport and latest bank statement to the US. I enquired and got a canned response.

I have not complied. Two years later, my account is still locked, and there is no way to shut down my account. Never used Paypal since; and I never again will. I hate them intensely.

Post reply on HN