Best/cheapest US bank for initiating international wire transfers online?
February 21, 2008 10:48 AM Subscribe
I think I've determined that the best way to send regular payments from the US to Europe/Asia is simply a wire transfer (but willing to entertain ideas I haven't considered yet). Now the question is -- B of A sucks for online/international wires -- what bank is better?
posted by stephthegeek to Work & Money (13 answers total) 10 users marked this as a favorite
After a long trail of looking at paying international subcontractors via:
- Western Union (they charge it as a cash advance on your CC, plus it's expensive)
- PayPal (eats a lot of fees, especially with the extra 2.5% on top of the foreign exchange)
- Moneybookers (have to either wire money to them, or they eat 1.9% on loading via CC and have low limits)
- Priority Mailing a cheque (slower, too analog, high fees for others to deposit)
I think a wire transfer is both going to be the cheapest, fastest, and easiest for people we're paying regularly. Unfortunately all our business banking is with BofA, which charges $45 and you can't do it online. I've since learned that this is pretty crappy and other banks seem to have better options, so I think we're going to open a second account elsewhere just for this. Plus we're moving back to Canada in a couple of years and it'd be nice to have a way to move money back and forth easily, and it's not looking like BofA is that answer.
Can anyone recommend a bank for this?