Transferring money from a US bank account to a german one?

November 6, 2007 4:35 AM

Transferring money from a US bank account to a german one?

I just got my first translation job and i'm having trouble with agreeing on the payment method.
She wants to pay the money to a US bank account but i don't have one.
I have two options:
i could theoretically let her transfer it to the bank account of someone i know in the US.
The problem there would be, how would that person then transfer the money to me, and what charges would be applied?

I use paypal by the way and would like to use that, but the woman doesnt have it.


The second option is, that she would transfer the money directly to my account (postbank germany). What charges would apply then if its even possible?



Also should i demand payment before sending her my translation or after?

posted by freddymetz to Work & Money (9 answers total)

For one-time things like this between trusted parties (ie your friend, not the client), using Western Union or similar is probably less expensive than bank fees. I think it's about $9 per USD $1000.

Also, even if she does not "have" Paypal, she can use it to make a credit card payment to you.
posted by rokusan at 4:50 AM on November 6, 2007

To be more specific, if you have a business or premier account with paypal and send her a payment request (or create a payment form on a web site), she can pay it with a credit card with no paypal account. But you have to initiate it in one of those two ways.
posted by winston at 4:54 AM on November 6, 2007

Ask your bank for your account's IBAN. You're in Germany, it's probably written on your last statement.

She can use this as a target "address" for a bank transfer to you from the US. I dimly recall that BoA charges $25 for the transfer.

If the US bank in question doesn't understand IBAN (some don't), the branch of your bank where your account is held will be identifiable by its SWIFT code -- you can provide both that and your account number to achieve the right result. Again, ask your bank, or look on your last statement.
posted by genghis at 5:43 AM on November 6, 2007

that she would transfer the money directly to my account (postbank germany). What charges would apply then if its even possible?

This the easiest way. Give them your bank's SWIFT address and your account's IBAN number (all European banks have them.) Specify the currency you want the money sent in (Euro or Dollar) and SWIFT system will put it in the German account in Euro. Make sure your customer agrees to accept all bank charges (10-20 Euro depending on your bank.)
posted by three blind mice at 5:43 AM on November 6, 2007

Response by poster: Okay thanks guys! I think i'll let her transfer it to my account using the IBAN number.

How do i find out the charges?
posted by freddymetz at 6:14 AM on November 6, 2007

XEtrade will let you transfer between banks with no fees. XE has been around forever in internet time so they are reputable.
posted by zsazsa at 7:37 AM on November 6, 2007

I have used XEtrade with no problems. They charge a fee for an electronic deposit (but will send a check for free, I believe).
posted by AwkwardPause at 8:40 AM on November 6, 2007

Doing a bank wire transfer will also cost her about $40 US. She is better off wiring the money by way of Western Union or just sending a paper check.
posted by JJ86 at 8:44 AM on November 6, 2007

A paper cheque can result in massive fees at the receiving end. In Ireland my bank claims to charge EUR 6 for the service, which is true only if you ignore the forex-weighted exchange rate they use.

A GBP 500 cheque will get stung to the tune of over EUR50 once they screw you for 5% on the rate and then throw their 'fee' on top of that.

Oh, and all this takes three and a half weeks. Electronic transfers usually complete in 3-5 business days.

Avoid cheques if you can.
posted by genghis at 3:32 PM on November 6, 2007