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Show HN: I built a site to compare fees and rates for sending money abroad

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Re: Show HN: I built a site to compare fees and rates for sending money abroad

#61

Post by simtel20 »

Rulero wrote: post #15
ivanstojic wrote: post #7

USA to HRK, only one option - transferwise. Are you sure you didn't build a transferwise clickbait? I know for a fact there are other services that do this transfer.

I have only implemented 3 providers - Transferwise, TransferGo and Currencyfair. I started this project around a week ago and want to gather some feedback as it's currently a proof of concept. I am working on adding more providers. If you have any suggestions please let me know.

In addition to some other suggestions, xoom was bought by paypal a while ago - before transferwise and before they were bought by paypal, they were my go-to for international transfers.

Re: Show HN: I built a site to compare fees and rates for sending money abroad

#65

Post by Scoundreller »

jlizzle30 wrote: post #52

This is great! Would have definitely help me out when I moved to the US. People don't realize the fees banks charge for currency conversion is not the entire story. My bank offered me 'no-fee' CAD to USD transfers but were giving me a 5% worse exchange rate than competitors. Be careful out there!

For larger amounts, look into “Norbert’s Gambit”.

Basically, but a stock that trades in Toronto with CAD, call your broker to move it to the US side, then sell it for USD.

Convert any amount for 2 brokerage charges (2x$10 for me).

Yes, it exposes you to stock market fluctuations for that stock for a few hours or days (depending on your broker), but at least you get to stay in the market instead of the money being “dead”.

Arbitrageurs keep the prices exactly in sync several thousand times per day.

Re: Show HN: I built a site to compare fees and rates for sending money abroad

#66

Post by antigirl »

Rulero wrote: post #15
ivanstojic wrote: post #7

USA to HRK, only one option - transferwise. Are you sure you didn't build a transferwise clickbait? I know for a fact there are other services that do this transfer.

I have only implemented 3 providers - Transferwise, TransferGo and Currencyfair. I started this project around a week ago and want to gather some feedback as it's currently a proof of concept. I am working on adding more providers. If you have any suggestions please let me know.

The UX should display all service providers in the header - on search result page and grey out the ones that are not applicable.

Re: Show HN: I built a site to compare fees and rates for sending money abroad

#68

Post by throwaway9d0291 »

Two issues that I see as someone who frequently sends money abroad:

- I live in a country where Revolut is available so I generally pay nothing for international transfers. Perhaps this could be addressed by adding "country of residence"?

- When I need to transfer money between my own accounts, I often use my Interactive Brokers account as it gives market rate conversions and a free transfer every month. It has inactivity fees but if you happen to keep a large amount of money there, it's "free".

Re: Show HN: I built a site to compare fees and rates for sending money abroad

#69

Post by anotheryou »

Havoc wrote: post #58
afrnz wrote: post #56

Earlier quoted context omitted.

You probably mean the Hawala system that has been around for a few centuries. https://en.wikipedia.org/wiki/Hawala

The fact that it endures long term is probably the most fascinating part. Internet...wars...globalization... ...trust & honor prevails.

well I guess it's a bit less mystical with trust and honor.

Probably you are not trusted with huge transactions at first and there are sanctions against you and your familie und the loss of this job when you break the "contract".

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