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I've recently made some larger EUR denominated purchases as well - I ended up just buying the currency through my normal broker (Fidelity), since the rate seeme
by WaxProlix 3y ago
I've recently made some larger EUR denominated purchases as well - I ended up just buying the currency through my normal broker (Fidelity), since the rate seemed good and I wanted to use them for the wire transfers later anyway. I don't recall any particular fees. Did I take an L there or is Wise more or less doing something similar?
- croemer 3y agoThere may well have been fees, you should check. But if there weren't, 99% of the population in Europe (that's where they started) haven't got a broker. Also once you get the currency there might be fees to make international transfers. They started off matching people on both sides, at least that's how the story goes. Estonian expats in UK wanted to buy EUR and vice versa. They're an alternative to high street bank transfers, not a service for semi-professional traders.
- hardlianotion 3y agoWise spreads are competitive with broker rates (better for most of the larger transactions (including a house purchase) I made with them) and their fees are presented to you in app while you are arranging the transaction.
- croemer 3y agoOh wow, a house purchase is a lot of money!
- matwood 3y agoI also used Wise for a home purchase. The other upside is they give you an IBAN which lets you transfer money anywhere in EU at zero cost. The process is ACH from your US bank to Wise, then convert to Euros, finally transfer IBAN to IBAN. There might be a better way, but it was the least expensive and easiest method I found.