Cheapest Way to Send Money to US?

Lancerx on 04/08/2018 - 19:24

Hi all, what's the cheapest way to send money to US?

Around $2k USD at a time at this stage.

Thanks!

Financial

Comments

  • hashtagbargain on 04/08/2018 - 22:34

    I've used transferwise and like it. Best rates around. Close competition is westernunion. YMMV.

  • akanub on 04/08/2018 - 23:19

    $5 flat fee with paypal I believe

    • Lancerx on 05/08/2018 - 14:07
      +1

      Their exchange rate is atrocious

  • Diji1 on 05/08/2018 - 00:50
    -1

    Cash in mail.

  • werdnanostaw on 05/08/2018 - 10:01

    1. Oz resident family or friend;

    2. non-Oz resident family or friend; or

    3. non-Oz resident person or business?

    A. If 1. get them to get Citibank (CB) Debit Card or if 2. you get one and send it to them. Transfer money to CB account and they pull it out of fee free ATM.

    B. If 3. ask them to get CB bank account. I believe CB to CB international transfers are free (check!) but who knows what FX rate they use (check!).

    I have done 1. with friend in UK.

    C. Before we set this up we used CurrencyFair and that worked well for low cost.

    https://en.wikipedia.org/wiki/CurrencyFair

    It appears that CF is better than TransferWise.

    https://irisharoundoz.com/blog/2018/06/17/currencyfair-vs-tr…

    I suggested an elderly friend (who I have never met) of friend use B. or C. to transfer pension from Canada to Oz. I don't know whether they implemented this. He was / is using bank to bank transfer and paying horrendous flagfall + percentage fees plus rubbish FX rates. He was doing this each month so I suggested that at least he transfer funds in longer period batches, say every 6 months, to reduce flagfall costs.

    He was going to bank teller and pulling out large amounts of cash. I understand he is now using contactless card to pay for groceries so he doesn't need to visit bank so often and when he does he uses ATM. Not bad for a 90 year old.

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