Dollars to euros
November 13, 2016 1:47 AM   Subscribe

What is the best way to convert and transfer dollars in a US bank account to Euros in a Spainish one? Ideally ASAP, because Trump.

Details: we have bank accounts already in both countries, and are considering getting most of our US savings out before Trump wrecks the dollar or makes weird laws preventing us from doing so. Would also appreciate any advice on where to find information on the tax ramifications of bringing your own savings in to Spain (I.e. would we owe the Spanish government taxes on the money even though it was already taxed by the US government when we earned it.)
posted by aerobic to Work & Money (9 answers total) 5 users marked this as a favorite
You will want to use a forex service. There are several, but historically HiFX has been the best for large amounts.
posted by DarlingBri at 2:09 AM on November 13, 2016

I've been using TransferWise to go between US and German accounts. Pretty easy.
posted by dondiego87 at 3:41 AM on November 13, 2016 [3 favorites]

Seconding transferwise. Might keep some dollars though as a hedge; the euro doesn't look too hot these days, either.
posted by heavenknows at 4:16 AM on November 13, 2016 [1 favorite]

TransferWise here too. Sorry I can't speak to the tax implications.
posted by sldownard at 4:22 AM on November 13, 2016

The taxes you will have to pay will depend in large part on where you are officially a resident and where you are a citizen.

For instance, if you are an American citizen who is a resident of Spain, then both America and Spain are going to tax you on your world-wide income and both countries will calculate your tax burden independent of the other, i.e. you'll be double taxed on it. There are ways to work with accountants to lessen this double-tax burden, but you need to talk to a professional about it.

One other thing to think about: the U.S. requires all American citizens with more than 10,000 euros in a bank account to register that money with the U.S. government, and the IRS and U.S. Customs and Immigration do not look kindly on American citizens who they think are trying to dodge American taxes. That's one reason why Americans who renounce their citizenship have to pay something like $9,000 as a part of the process.

So I would talk to a lawyer, particularly if you're an American, before you move a large amount of money across the ocean.
posted by colfax at 6:07 AM on November 13, 2016 [1 favorite]

I use, XE Trade.
posted by humboldt32 at 6:25 AM on November 13, 2016 [1 favorite]

Zenbanx covers a lot of currencies and you can sign up online and do all transfer with the app.
posted by metaseeker at 8:30 AM on November 13, 2016

Given all of the suggestions for Transferwise, I want to point out that you need to compare services and rates for the amount you want to transfer. Transferwise is currently the best rate for smaller amounts; other services have better rates for large amounts. Like, I paid for a funeral with Transferwise; I paid for a house with HiFX.
posted by DarlingBri at 1:10 PM on November 15, 2016

I just moved back to the US last summer. Few banks abroad will accept US Citizens opening accounts. It causes those institutions to be held to enforce American banking laws. We had a HUGE hassle with this starting a couple years ago. It is even worse moving back, and now we are seriously considering a fast return to Europe.
posted by Goofyy at 4:13 AM on November 19, 2016

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