Best way to send $USD to USA? (currently using PayPal who have changed daily limits)

[Deactivated] on 16/12/2016 - 12:33

So my wife is from the US and we are paying off her University loans, we send about $1000 USD a month as we chip away at it.

I was using Paypal to send it to her US bank account, but they've just changed the daily limit of sending money to the US. Right now it's a max of $250 USD with a $3 fee per day. (Used be much more and fee was the same).
Sending via the bank is pretty expensive with NAB.

I don't mind sending $1000 over 4 seperate days (pain in the ass but meh), which is 4 x $3 so $12 a month.
Anyone know of a cheaper rate than this?

Thanks very much!

Financial

Comments

  • scotty on 16/12/2016 - 12:52
    +1

    Tried those foreign exchange companies? I have used both OFX and CurrencyFair (at least once a month) and both have been great. For OFX use this deal to get fee-free transfer over $250. For CurrencyFair there's also referral bonus that you can use when you sign up. TransferWise is another choice.

  • neil on 16/12/2016 - 14:11
    +1

    Alternatively, check to see if travelers cheques work better. I used to buy them from Westpac via a credit card (good for rewards, cashback). You can deposit these travelers cheques in a US bank account as normal. Also saves you from incoming transfer fees on the US side + with Internet banking with some banks you can just scan the cheque instead of having to mail it over.

  • Kenb0 on 16/12/2016 - 14:46
    +4

    citibank plus account. Free wire transfers to send/receive and as a bonus, their exchange rates will definitely be better than NAB for those kind of amounts.

    • [Deactivated] on 16/12/2016 - 23:10
      +1

      Just opened one of these a few days ago. Very easy online process, and fast processing.

  • hashtagbargain on 16/12/2016 - 15:33
    +1

    +1 for transferwise.

  • scanuck on 19/12/2016 - 02:23
    +1

    Transfer wise

  • djkelly69 on 19/12/2016 - 11:40
    +1

    This is by no means definite, but I thought I had seen on here that Citibank allows you to transfer funds from your AUD bank account to your USD bank account if both are with them?

    So maybe if wife can get setup with Citibank both here and in the US it can be done that way?

    Edit: appears to be called 'global accounts' or similar. Can't confirm fees as link is not working.

  • TimApple on 19/12/2016 - 17:02

    +1 for transfer wise, however, one of the most interesting applications of cryptocurrencies like Bitcoin (BTC) is to transfer money internationally instantly.

    I haven't done my research on this, but you can definitely do something like AUD -> BTC, then transfer BTC -> USD (with mining fee of 0.0001 BTC or around 8 cents). The problem is, from AUD -> BTC and from BTC -> USD is usually around 0.5-1% each way, plus you'll have to take account of the volatility. The transfer will be done instantly but the rate might fluctuate a little bit during the few seconds you're buying and selling the BTC.

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