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yeah, you're getting skimmed hard between wire transfer cost and that spread. If you have access to an FX brokerage with reasonable fee, definitely use that. I
by analyst74 8y ago
yeah, you're getting skimmed hard between wire transfer cost and that spread. If you have access to an FX brokerage with reasonable fee, definitely use that.
I personally use Interactive Brokers, one free wire transfer per month, and you can get spot price on your exchanges. Only fees I pay are a couple dollars IB charges on exchanges, and twenty dollars or so my bank charges for receiving wire transfers. Only downside is that they hold the money for 3 months before allowing withdrawal into a different bank.
- delinka 8y ago"...and twenty dollars or so my bank charges for receiving wire transfers." For business accounts or personal? I received a single wire transfer to a personal account two months ago and didn't pay a fee. Maybe I get one free. Maybe there would have been a fee for a business account. But I'm certain I've never heard, until now, anyone mention fees for receiving wire transfers.
- analyst74 8y agoMine was for personal. The bank payment system has myriads of complicated rules/methods determining how they will charge you on a transfer, where the bank is located, wire vs ACH vs direct deposit vs other clearing mechanisms, international vs domestic, individual bank's progressiveness, your account type, etc.