Transferring money to USA/non-EU countries

93 posts in this topic

Posted

There is an old thread about this using Netbank via Deutsche Bank, but we don't have an account with Netbank in the US, plus the thread is 4 years old and they just recently changed the transfer conditions for countries outside the EU at Deutsche Bank (our bank), so that even if that once worked, I think that is all different now. Not sure if it is just DB or all German banks, but the fees involved now for transferring are so high! Are there any options other than Western Union? For example, with Western Union, there is a fee of 30 euros for 500 euros and up. Not bad if it is a once an while thing, but we want to make regular, monthly transfers, so this adds up.

Thanks for any feedback!

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Posted

I use paypal on-line to transfer between banks but I do not have a German bank account. It takes 3 business days to transfer money into paypal and 3 business days to transfer it from paypal to another bank account.

Here's some info I found by googling. Probably contact paypal directly it seems. http://www.webmasterworld.com/forum9/5501.htm

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Posted

Never use Western Union if it is not an emergency, the only advantage is that the transfer is virtually instant, but the fees are outrageous. Paypal fees are expensive as well. My best experience is a simple international transfer bank to bank, it might take from 3 to 7 business days but the commission is much lower (but it depends on both banks).

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Posted

Yes, bank to bank was cheaper, but not any more due to some new rules -- that is why I was looking for other options. The issue though is while Western Union has now a cheaper commission, the exchange rates are not good at all: 1.412 for WU vs. 1.4664 DB at the time of speaking, so in the end it is prob. still cheaper to go with bank...(just a pain!).

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Posted

Use XE-Trade as mentioned already and stop your searching..

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Posted

Was just looking at it...but it says you need to transfer the same currency, i.e. from a euros account to a euros account?? how would that work? has anyone actually used XE for transfers?

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Posted

Where does it say that? The service is not only a transfer service its also a money conversion service.

If I want to send 500 USD to the US, I wire their German bank acct. the EUR equiv. and they deliver

the funds to the US as USD. Same the other way. Pay with USD, Funds delivered to EU Bank acct. as Euros.

There is a demo on the site, that uses live data from their service. Try it out, get the hang of it and you'll

understand the process better.

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Posted

The site is difficult to use, but here is what it says:

Do I need to open any new bank accounts?

No. XE Trade works with your existing bank accounts. However, please note that when sending funds to a bank account, that account must be denominated in the same currency as the funds being sent. For example, if you are sending Euro, the destination bank account must be a Euro account.

However, then later under Wiring, it says how much it costs to wire euros to dollars...so I guess the above is not relevant??

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Posted

You are confusing what you send and how you pay. e.g., If you want to send money to USA you are sending US dollars, and you pay with EUR in a German bank account. The account in USA must of course accept US dollars.

Be aware that the sender does not pay commission but the receiver might pay it, the prices are still very competitive.

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Posted

Exactly.. What they are saying is that you can't wire USD to a EUR Acct. and vice versa. It must first be converted, then sent.

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Posted

Ok, thanks, and thank you to everyone who responded. Do you mind me asking if you are actual users of XE Trade for transferring, and if so what has been your experience in terms of service, how long it took to get there with the free transfer options, etc.? pls. feel free to PM if you prefer.

Seems like a good option, although the process seems to require quite a lot of info, some of which I don't have (e.g. online bank statement as identification source--we get them in the mail, but maybe we can get them online), so I will give them a call later before proceeding.

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Posted

if you are actual users of XE Trade for transferring, and if so what has been your experience in terms of service, how long it took to get there with the free transfer options, etc.? pls. feel free to PM if you prefer.

Yes, It takes a week or so to set-up your bank accounts but after that the service is rater fast with its xfers and has very competitive conversion rates.

Seems like a good option, although the process seems to require quite a lot of info

As does anything involving banks/money xfers.

Really, find the Live Demo, and play around with it, after a while you'll be navigating the service like a pro.

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Posted

If the recipient is a trustworthy person who won't overdraw, e.g. a family member, you may want to open a DKB account and give them the card. They can withdraw cash from any ATM without a fee.

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Posted

Sorry, what is a DKB account? Do you mean Deutsche Bank? I think they are affiliated with Bank of America in the US...would that save in costs then?

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Posted

It is a bank. www.dkb.de

They offer a VISA card that allows worldwide withdrawals at no cost.

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Posted

OK, that sounds very interesting...but a lot to read in German! In case any of you already know the answers, is this a bank you can just open an account with online or do you need to go into an office to do so? I could not quickly see this, nor do I see a list of branches...in other words, what are the nuts and bolts of this? THANKS!

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Posted

It is an online bank, they have/had a couple of offices in the south. You can do everything from the comfort of you home, you only need to go once to any post office to prove identity. The whole package is at no cost and you get an EC card and a VISA card.

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Posted

I regularly use XE Trade to send money to the US (from Australia). It's substantially cheaper than Paypal, and the money takes about the same amount of time to get there. It only takes a couple days to set up your account.

As for providing your bank statement, you should just be able to log onto your bank account online and download a pdf copy of your bank statement. If you can't for some reason, then I'm sure they'll take a scanned copy.

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Posted

I've successfully used www.moneycorp.com to exchange GBP into Euros & have them sent to my German bank on a number of occasions.

They advised my to transfer some more a few weeks back when the pound was at 1.185 - fool me for not following their advice :(

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Posted

I use XE Trade from time to time. It takes about 5 days end-to-end to send money from the US to Germany. No fees from either the bank in the US or Germany and the exchange rates are very competitive.

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Posted

Dear TTowners,

How can I move funds from my German bank account to my American one? I signed up with XETrade but now realize that their services only offer the alternative to this situation, moving funds from the U.S. overseas unless I am somehow vastly uninformed as to what to do. This may very well be the case. Any thoughts or suggestions? Thank you in advance!

[adminmerge][/adminmerge]

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Posted

If nothing else you can use XE to send a wire transfer, which is available for everything. I think the trouble comes with making EFT transfers from Germany to elsewhere. Someone else here might have a better idea how it works, but you can always call them, they have toll-free numbers you can call.

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Posted

Go to your bank and tell them to do an Ueberweisung. If you want the money to arrive fast, have it done per SWIFT, otherwise let them do it just the plain old way. Your bank will know the steps necessary, but be aware they charge a healthy (for them!) fee for this service.

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Posted

Dear TTowners,

How can I move funds from my German bank account to my American one? I signed up with XETrade but now realize that their services only offer the alternative to this situation, moving funds from the U.S. overseas unless I am somehow vastly uninformed as to what to do. This may very well be the case. Any thoughts or suggestions? Thank you in advance!

you are vastly informed as to what to do. i use XE trade to regularly transfer € from my german bank account to my $ american one. now sure how you would transfer $ from a german bank account to a $ american one. or maybe i am daft?

also, try searching a bit. there are some great threads on this topic with very detailed information about your alternatives.

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