Ask MetaFilter questions tagged with money and transfer

Most cost-effective way of transfering money from UK to US

moiraine — Thu, 22 Oct 2009 12:30:39 -0800

Need to transfer modest amounts of money from UK to a US bank account every 2-3 months. What would be the most cost-effective way to do so? I am working in the UK. I need to pay off study loans in the US, with the first loan installment due in a couple of months. I intend/ need to transfer between anywhere between $500 to $2000 to my US bank account regularly, say every 2-3 months.

The most cost-effective way that I know of would be to take out the money in the UK, change at the Post Office (with 0% commission rates), and physically the money to the US, and place it in my bank account there. This, of course, assumes my plane ticket is paid for and I am not robbed (I have done this before, and I was fine, but I don't want to do a regular basis).

Wire transfer appears to be the second cheapest method, and I am happy to pay the wire transfer fees (~20 pounds, depending on the bank). However, I understand that the bank have non-competitive exchange rates, which are hidden costs of the transfer (~50 pounds will be 'lost' in the exchange).

I considered making regular transfers from my Paypal UK to my Paypal US account. This would be extremely convenient, but there are hefty commissions -- about 5%, and I think more is taken off from the receiving end (?)

Anyway, I was wondering whether people had any personal experience with wire transfer and non-competitive fees. Any additional ideas are also appreciated. Would appreciate if there were no comments like, "But if you just paid a little more, you could save yourself the hassle!" as I am willing go through a fair amount of hassle just to pay less fees.

I have family in the US who are probably willing to cash in a check for me every month, if this makes any difference.

Is going to school in the fall really that good? Dilemma [feeling rushed]

Nighthawk3729 — Thu, 06 Aug 2009 21:04:27 -0800

Isolation but saving a few thousand dollars and some time but rushing the college experience and moving on before I can figure out what I want to do or take it slow? I'm going into my 4th year at a 2 year community school, I've been trying to figure out what I want to do, I didn't want to rush through school and get a degree without trying things, but I sit here now with a decision to make.

The gist of the decision is that I can do the second half of my 4th year, or I can save $6,000. I personally don't want to start school during the spring session, I've heard that so many more people come in during the fall semester and that is when most people begin to band together. My first semester at my current school I became really isolated and unhappy to say the least, I got straight C's, that has smashed my GPA from the beginning, I'm a good student, B+ all the way.

I don't even know what school I want to go to for sure, I was assuming I could look around for the next few months and then apply, but my financial backers don't want to give me money to stay another year of what they think is a waste. I'm caught, I don't know what to do, pay the 6,000 or try and figure out a school and become isolated again, again, really wanted to come in during the fall. I want that go into college for the fall feel, it just feels important to me. I'm also really worried of having a huge debt I've got to pay off for the next few year and having that over my head, I hate the idea.

I've had alot to deal with, my dad had a hemoragic stroke and we've all been pitching in to help, my grandmother lives with us, I've been taking care of them basically. On top of that, we've been doing renovations for my kitchen. I've had to deal with these for the past 2 and a half years, I've been less then focuses, I'm still trying t figure out what I can do for a career.

I'm really lost and hoping someone can offer some advice.

So, Isolation but saving a few thousand dollars and some time but rushing the college experience and moving on before I can figure out what I want to do or take it slow?

What is the fastest way to transfer money from one US bank account to another?

Eggbert42 — Mon, 06 Jul 2009 06:43:22 -0800

I need to transfer a large some of money from a relative's bank account to my account at a different bank as fast as possible - how? A relative is giving me a large sum of money for mortgage purposes, and for various reasons I need it in my bank account as fast as possible (same day, ideally).

He banks at a large regional bank and I bank at a large national bank. From what I can tell, my options are wire transfer or withdrawing cash from his bank and depositing at my bank.

My understanding is that wire transfers are fast, but how long will it actually take to hit my account? Cash transfer would obviously be instant once I make the deposit, but I'm not keen to carry this much money on me, even just between banks.

UK check in US account?

sdn — Sun, 05 Jul 2009 08:23:14 -0800

I want to deposit a UK check (written for £) into my bank account. Will this be a problem? Will they hold it for a ridiculous period of time? I assume they'll charge me a conversion fee, but how much? (I searched my bank's website and found nothing, thus I ask Mefi.)

Cheapest method to send $30k to Dubai UAE?

lupefiasco — Sun, 29 Mar 2009 19:51:43 -0800

Simple question: what is the cheapest method to send $30k from the USA to Dubai, UAE? Any advice or experience is greatly appreciated! Options I have considered are - Paypal - Western Union - Moneybookers

Cheapest way of transferring money (UK) to a foreign bank

jonesor — Tue, 13 Jan 2009 09:46:43 -0800

What is the cheapest way of transferring money to a foreign bank from a UK bank account? In this case I want to transfer funds from a UK account to an account in the Sultanate of Oman.

Korea to US money transfer

docmccoy — Sat, 25 Oct 2008 00:29:44 -0800

What is the best way to transfer money from Korea to U.S.? My sister is in Korea teaching English. The last time she transferred money into her US account it costs her about $2k to send $2500. How does she get around this problem. Sorry I don't know any more details.

Swallowed by the BoA behemoth

Saucy Intruder — Tue, 05 Aug 2008 11:55:51 -0800

Question for Bank of America checking account holders re: electronic bill paying. I need to make a monthly direct deposit to my mortgagee's non-BoA bank account. The mortgagee is not set up to receive automatic transfers through BoA's online bill pay system. How do I accomplish this without making a wire transfer (which involves walking into a branch each month and paying $20 for the privilege)?

The only solution I can come up with is to have BoA cut a check directly to the mortgagee's bank, and specify in the memo field the routing number and account number. I suspect, however, that this is not terribly secure or dependable. Any thoughts?

Sending Dollars from India

Non Prosequitur — Thu, 24 Apr 2008 03:45:59 -0800

I'm wondering how to send a check in dollars to someone in the States from a bank account in Indian rupees (for a low sum like $200). Essentially I'd like the equivalent of what, out there, would be mailing a money order. (I'm just ruling out the notion of sending a personal check in rupees and hoping their bank would take it and deposit the dollar value?)

Do bank wire transfers sometimes convert currencies so if I have the payee's routing number and so on it may work? (My mom has a special account with a dollar balance so I'll check with her bank--they let her deposit international currencies but withdraw only rupees.)

Long shot: can traveler's checks function as a psuedo-money-order?

Any ideas welcome.

Questions about tranferring money overseas

gfrobe — Mon, 17 Mar 2008 06:39:56 -0800

Need to transfer a large amount of money from US to UK and have a few questions about currency brokers and taxes. I'm going to be transferring 100k from a US savings account to a UK saving account and want to be sure I get the best exchange rate. Should I use a currency broker for this rather than my regular bank? If so, can anyone recommend a good reputable broker?

Also, what are the tax consequences of a transfer like this? Will I have to pay UK taxes on the money I'm bringing into the UK?

Is there an international money transfer service with an API that supports transfers to Vietnam, Sri Lanka?

tnoetz01 — Thu, 21 Feb 2008 13:24:02 -0800

I'm designing an online application for a large number of users, and I'm looking for an online service to automate payments to international destinations using some sort of API or batch process. The service needs to support transfers from the U.S. to India, Sri Lanka, and Vietnam. Since PayPal doesn't yet support transfers to Sri Lanka or Vietnam (only from), it's not an option.

Give them the money faster!

vocpanda — Thu, 10 Jan 2008 19:32:27 -0800

What's the safest way to send money from US to a city in Romania by tomorrow? Due to a family emergency, we need to send a few thousand dollars to Sinaia, Romania from US by tomorrow night.

We did a quick research and found Western Union & MoneyGram but wanted to see if there's a safer, faster alternative. If not, should we use Western Union or MoneyGram?

The fees are not a concern for us as much as making sure the money gets there in time.

Advance thanks!

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

freddymetz — Tue, 06 Nov 2007 04:35:39 -0800

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?

Help me get my money out of Japanese bank account from Canada

mariokrat — Wed, 26 Sep 2007 18:16:11 -0800

Help me get my money out of a Japanese bank account. I'm in Canada, and have no plans to go to Japan in the near future. Is there a good, cheap way to transfer money to me? I have an account at the Bank of Tokyo-Mitsubishi UFJ, or whatever it is called now, that doesn't have an overseas bank card on it. Every two months or so, I have need to pull out $1000 or so out of this account to use in Canada. I have had access to another account that does have an overseas bank card, so I've been transferring money from the main account to the other with internet banking and then withdrawing the money here with the overseas card I have. I'm about to lose access to the overseas account, for various reasons, and I'm looking for an alternative way to pull money out of the main account.

I've done some research, and most suggestions are to use xetrade or Western Union, but both of these options seem to require me to be in Japan to make the money available for transfer. I've looked into opening an account online with another Japanese bank, or issuing an overseas card for my main account, but both of these seem to be difficult.

I'm looking into paypal as an option, but there seem to be many people against this.. Is there a good way to do this, or should I resign myself to leaving the money sitting until I return to Japan some day?

Transfer funds internationally - fast!

TrashyRambo — Tue, 04 Sep 2007 19:06:07 -0800

What's the fastest way to transfer money from a British bank account into an American (Honda car dealer's) account? I have identified a car in the US (where I am). I have the money in the UK (where I used to live). I don't have a US bank account but need the car right away. How can I send the money?

How best to transfer American dollars for use in Glasgow during a year abroad?

cowbellemoo — Thu, 30 Aug 2007 20:33:29 -0800

Is this [AskMe post] the best way to use American funds for living expenses in Glasgow? What other options are available? I'm asking for a dear friend who deserves the peace of mind that closure to this question would give.

Hi, I am leaving the US to attend grad school in Scotland. I plan on opening a bank account in Glasgow with either RBS or BoS. There is no American bank with a branch in the city (there is one HSBC but I was told by an HSBC representative that it is treated as a separate bank in each country; in other words I couldn't access an American account in Scotland.) My question is, what is the best way for me to get my money from America to Scotland? From what I understand, an international wire transfer requires a trip to the consulate in Edinburgh for a stamp. Should I just take a whole mess o cash with me on the plane? Some combination of the two? You'd think internet transfers would be an option in this day and age but that suggestion has been rebuffed by the banks at every turn. Thanks for your help!

I will forward this post to a similar question to my friend. It seems like a good idea, but I don't think either of us have the experience to know if that's the best plan or if it will work in his situation, or if it's unrealistic to expect the same luck.

Will an ATM withdrawl (in Scotland) of American funds (in pounds) avoid punishing transfer fees? What other options are there?

Sending money from US to Germany

kickingtheground — Wed, 18 Jul 2007 20:28:46 -0800

A german friend of mine needs to send me ~US$300. What is a simple and inexpensive way for her to send me the money from Germany to the US? Speed is not important.

Alternatives to the "suitcase full of £50 notes" method

doctorpiorno — Mon, 26 Feb 2007 04:45:35 -0800

What is the best, most cost-effective way to transfer about £9,000 from a bank account in the U.K. to another in Spain? I will be relocating from the United Kingdom to Spain in two weeks. This is a semi-permanent move, and therefore I would like to tranfer the funds in my HSBC current account into my existing Spanish (Caja Madrid) bank account. I have looked at previous AskMe threads for advice, but most of it seems to be quite U.S. specific.

Right now the only option seems to be simply asking my bank to wire the money. While their fees are reasonable, the exchange rate they apply means they get to keep about €150 (vs. the exchange rate quoted at XE.com). It's not as horrible as I had feared, but it still strikes me as kind of cheeky.

I have also considered getting a Lloyds TSB International Account, but they have weird restrictions when it comes to accepting money transfers from third parties into these accounts. This makes it unusable for my purposes, since I plan to become a freelance contractor and those transfers would be my main source of income.

I guess there have to be some British expats in the Hive Mind who have been through this before, so I thought I would ask for your input. Does anyone know of a more cost-effective way to send the money over without much fuss and expense? Any suggestions welcome.

Thanks in advance!

International money transfers between family members

Muu — Sat, 09 Dec 2006 19:58:11 -0800

What's the best way to transfer money from my father's (residing in Japan) account to my own in the US for banking/investing, and what complications may there be? Or, if he's not expecting extreme rates, are there better options he can pursue himself within Japan? Bank rates in Japan has been sitting pretty darn close to 0% for a long while now. I flew back over there for the first time in several years for work, and people that I talked to were simply amazed at the rates some online banks offered (4~5%).

Due to some family reasons, I'm in the US now as a full US citizen, and my father's still working in Japan, citizen status Japan. There's probably at least 200~300k that my father wouldn't be spending right away that he's interested in investing. Would he be able to wire money to my account for me to invest over in the US, and if so, what sorts of taxes & other costs might be involved?

Changing the question around a bit, if my father's only looking for a 3~5% return, do money market funds or other similar entities exist in Japan that can offer such a rate?

International Money Transfers

costas — Wed, 16 Mar 2005 06:55:57 -0800

MoneyFilter: I get paid in the US and I live and work pretty much everywhere (mainly Europe). I've had it trying to transfer chunks of cash between the US and abroad: it's slow, expensive and a pain-in-the-neck. Any electronic/web-based solutions to this that people have been happy with? In the internet age there has to be a better way... lemme summarize the existing options so far, for Google:

International wire transfers: Expensive. Usually ~$80 from my US bank and another ~$50 or so from the destination bank. And potentially slow, depending on the amount (I realize I have to thank Homeland Security for this)

Withdrawal from a US-based account using an ATM card on a compatible ATM network: limited in the amounts you can do, esp. from the US side (typical maximum of $500/day). Add another $1-2 fee from the home bank and $2 or so from the ATM-owning bank, and the incovenience of cash and multiple transactions and there's little difference from that and using a wire transfer.

Cashing US checks: expensivish (cheaper than a wire though) but sloooow...

I remember Citibank used to have a web subsidiary (C2it) that was supposed to revolutionize money transfers, but it's dead now. Paypal seems to position itself in the same niche, but I haven't tried it (yet). Any experiences? any other ideas?

And please note that I am not trying to hide from the IRS or Homeland Security, just want to move money from country A to B as quickly and cheaply as possible...

Transferring money Down Under

MintSauce — Fri, 19 Mar 2004 03:47:48 -0800

International money transfers. I'd like to transfer some money, from the UK, to a family member in Australia. I'd like to do this as quickly and cheaply as possible. Preferably online. Any suggestions? (More inside) I've already looked at Western Union (phone only), Travelex (in person only) and Paypal (5 day wait at the other end).