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Thread poster: xxxncfialho
best way to transfer money from europe to us (euro > dollar)???
xxxncfialho  Identity Verified
Local time: 12:48
German to Portuguese
+ ...
Jun 14, 2006

hi everyone,
i am searching for the best (ok cheapest) way to transfer money from a euro bank account to the united states (dollar account)
any suggestions?
i have no credit card and dont want one
thanks,
natália


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Patricia Lane  Identity Verified
France
Local time: 13:48
French to English
+ ...
transfering funds Jun 14, 2006

Hi Natalia

you might want to look into www.xe.com
their rates are reasonable and the forex rates offered very good.

kind regards,

Patricia


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Claudia Iglesias  Identity Verified
Chile
Local time: 07:48
Member (2002)
Spanish to French
+ ...
Ask the banks Jun 14, 2006

You need to know the name of both banks.

First, the easiest way, ask the Eur bank for the transfer fees. If they are too expensive, try the second solution: ask the US bank for their European contact or intermediate bank (usually they have one in one EU country, mine has it in Italy). Usually it's another bank (intermediate). This information is sometimes difficult to get, if the person says they don't have any intermediate bank, ask to talk to somebody else.
Ask the US bank how much it will cost. Most of the time it only costs the price of the European transfer (cheap or even free sometimes). The US bank might need an explanation about the origin of the founds.

Claudia


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xxxncfialho  Identity Verified
Local time: 12:48
German to Portuguese
+ ...
TOPIC STARTER
But.... Jun 14, 2006

But sounds as if it would not work for an euro > us dollar transfer or am I wrong?

However, please note that when sending funds to a bank account, that account must be denominated in the same currency as the funds being sent. For example, if you are sending Euro, the destination bank account must be a Euro account.

Thanks,
natália



Patricia Lane wrote:

Hi Natalia

you might want to look into www.xe.com
their rates are reasonable and the forex rates offered very good.

kind regards,

Patricia


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xxxsarahl
Local time: 04:48
English to French
+ ...
Not sure I understand... Jun 14, 2006

If you transfer funds from your account in Portugal, in euros, to a bank account in the US, the funds will be converted into dollars by the receiving bank. That's the way it always worked for me. My bank handles the conversion and charges me a fee.

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xxxncfialho  Identity Verified
Local time: 12:48
German to Portuguese
+ ...
TOPIC STARTER
Sure... Jun 14, 2006

my bank also does it, but it is expensive...



sarahl wrote:

If you transfer funds from your account in Portugal, in euros, to a bank account in the US, the funds will be converted into dollars by the receiving bank. That's the way it always worked for me. My bank handles the conversion and charges me a fee.


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Luisa Ramos, CT  Identity Verified
United States
Local time: 07:48
Member (2004)
English to Spanish
+ ...
Regardless Jun 14, 2006

The bank assesses the charge for the transfer, not for the conversion; so the account will be charged regardless of whether the transfer is euro to euro or euro to dollars.
If payment is deposited to an account in the US and you withdraw the money with a credit card in Europe, the bank in the US will charge you a fee as well (on top of what is lost because of the conversion). I do not know if it is the same the other way around but I suppose it is; banks' business is to make money.


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xxxncfialho  Identity Verified
Local time: 12:48
German to Portuguese
+ ...
TOPIC STARTER
bank fees Jun 14, 2006

my bank charges about 30€ minimum for such a transfer.....anybody knows how much it would cost transfering money through credit card?
thanks,
natália


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Patricia Lane  Identity Verified
France
Local time: 13:48
French to English
+ ...
i believe it works both ways Jun 14, 2006

Natalia,

I believe it works both ways. You can email them all your questions, they respond promptly and are very helpful.

And they are much more reasonable in cost than an international bank transfer and the rate they provide for the forex is better than any bank I've seen either in EU or the US.

It can't hurt for you to email them. You might be pleasantly surprised.

Patricia





Natália Fialho wrote:

But sounds as if it would not work for an euro > us dollar transfer or am I wrong?

However, please note that when sending funds to a bank account, that account must be denominated in the same currency as the funds being sent. For example, if you are sending Euro, the destination bank account must be a Euro account.

Thanks,
natália



Patricia Lane wrote:

Hi Natalia

you might want to look into www.xe.com
their rates are reasonable and the forex rates offered very good.

kind regards,

Patricia


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xxxsarahl
Local time: 04:48
English to French
+ ...
Why don't you shop around? Jun 14, 2006

My US bank charges very low fees for incoming euro transfers. I don't know about the situation in your country, how regulated banking is, but you may want to check the fees of other banks.

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Erika Pavelka  Identity Verified
Local time: 07:48
French to English
Paypal Jun 14, 2006

You could try Paypal. I received payment from a client in England through Paypal and had to pay $40 (the amount was over $1,000). The bonus is that payment is almost instantaneous, but you do need to have a credit card or bank card in your Paypal account in order to do the transfer.

[Edited at 2006-06-14 20:49]


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xxxIreneN
United States
Local time: 06:48
English to Russian
+ ...
19 euros from Italy to US, 30 USD from US to Italy Jun 14, 2006

the money is in place in ~1 hour when sent from US before 11 am and 3-4 business days to US. God bless America:-) For example, you say "I need to transfer 2000 USD". They will withdraw an appropriate amount in euros based on current exchange rate. Or you simply say 2000 euros and US banks will do the rest automatically. They will deposit dollars anyway. The main problem is to convince European bank clerks and managers that local US banks do not use SWIFT, IBAN etc. I lost more than one handful of nerve cells fighting some both directly and through my friends in Europe, trying to explain and showing paperwork proving that ABA, account# and holder's name is all that is needed for any US bank. Now I found the bank in Italy that does the job:-) yet I'm looking into opening an account in Europe- those fights are very irritating and things are done soooooooo slowly in Europe:-).

Paypal speed is very different when 2 ocean coasts are involved - it took 8 business days and 5 dollars + 2.smth percent for currency exchange (UK-US) (~22 dollars out of $876) , and then it takes another 2-3 days to get it to your bank account in the US.

[Edited at 2006-06-14 21:27]


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jkeady  Identity Verified
United States
Local time: 07:48
Member (2007)
German to English
+ ...
Bank recommendation/IBAN problems Oct 1, 2010

Paypal charges 3.9% for overseas transfers, which really adds up when you're dealing with large sums or just a lot of small sums over time.

The only US bank that I've found (at least in my area, which is NYC) that doesn't charge a fee for incoming international wire transfers is TD Bank. I can't say much about their service yet, though, because like xxxIreneN, I have been struggling mightily to convince an overseas client that they can wire me the money without an IBAN. Very, very frustrating. Anyone got any recommendations for dealing with that?


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philgoddard
Local time: 06:48
German to English
+ ...
I use these people: Oct 1, 2010

http://www.currencies.co.uk/
They usually ask what rate my bank is offering, and then give me a better one. This can make quite a significant difference if you're transferring a large amount.


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Didier Devynck  Identity Verified
United States
Member (2002)
English to French
+ ...
You need to know the SWIFT code of your US bank Jan 11, 2011

I have been paid numerous times by clients from the UK and there's never been a problem with the transfer. I also transfer money from time to time from my French bank account to my US account and it works just as well.
You will need:
The name of your bank
The address of the branch where your account is located
The name on the account
The US bank's ABA routing number (just in case)
The US bank's SWIFT code (probably the most important piece of information). For US banks, it fills the same function as the IBAN number for European banks. You can find it online. There are lists of SWIFT codes on the Internet if your bank can't give it to you. Here's an example: http://swiftcodes.org/.
The European bank will charge a small fee for the transfer and the US bank will also charge a small fee for receiving the funds. Bank of America charges $10.00. Not the end of the world. Check with your bank to see what their policy is.


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best way to transfer money from europe to us (euro > dollar)???







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