Hi guys and girls,
I need send some around 15k USD to US firm.
What would be the cheapest way to do so? Which financial institution or fintech app should I use to transfer funds with minimum costs and good security?
Sending Funds to US
arctan on 18/11/2021 - 11:47
Comments
haha I am not sure the security
Paypal
Paypal only works for personal account right?
Transfer wise
Thanks, Let me look into them
Some might say Revolut, similar to Transferwise.
If you set up an account now you can get $60, which might save you a little bit more.
Thanks and I will look into it.
I have used Wise, CurrencyFair and OFX. OFX is easy to use for transferring fund to an overseas account and supports more currencies. However Wise (and Revolut and Airwallex) do much much more including having a banking interface to accept transfer in and keep the fund in specific currency (similar to PayPal).
Go to any of those links above (corresponding deals on OzBargain), checkout their referral bonuses, and scroll down to "Related Stores" for other similar companies offering forex functions.
Thanks I will look int OFX and Wise first.
Let me know if you have referral link for OFX.
Crypto?
Sign up for an exchange, do the KYC ID stuff, buy $15k of BTC and then send. Cheap transfer fees, but value fluctuations might be an issue.
Also depends if the receiving company is setup for crypto as well; if they aren't you won't have this option, obviously
They dont accept crypto, yet.
Another recommendation for Wise/Transferwise. Used it to transfer money while I was working in the US.
OFX has been good for me, speedy transfer (instant in most cases), not like some other providers.
Do you have the referral link for $50 itune gift card?
The cheapest way to Tx USD is over the Lightning network.
It cost less than 1 cent, is the most secure way to Tx and it's in real-time.
I wish they take the crypto as this makes everything easier
They all will someday, soon!
It is the future of money.
I used Currency Fair several times a few years ago, and found them good.
Veem is a good option also
I use World Remit. They are fast, safe and have reasonable charges.
Your bank can do a wire transfer
Ask them how they would like to receive it. Best possibly for that amount is to wire through a bank. Look at PayPal even.
I’ve used Transfer wise and found them to be good
Hi, I think Transferwise is now known simply as Wise. We have an account with them, and we regularly use it for sending (and receiving) "substantial" sums to/from family in the UK and Ireland. In my experience it is an excellent, relatively inexpensive, and highly efficient service. The currency exchange charges are very reasonable. Normally the transfer is completed in less than 24hours. The app is very simple to use and well-explained…..and, no, I'm not a shill for Wise!!
never use paypal fees are too high. transfer wise is only good for small amounts. for large transfers shop arround for the best rate then deduct fees and compare. ie instarem.com and CurrencyFair
Recently I had to send a few grand to South Africa for a 60th birthday. Because it was going to SA I was extra vigilant. I looked at ORX and other well known fintechs, their fees and sign up requirements. I noted their published rates and then the rates they quoted. They were quite different. I then went to my bank the CBA. It's rates were very good. Better than than the fintechs. Fees were negligible. Time taken from payment to receipt 24/48 hours. No hassles at all save one. You need to set an international transfer limit and $15 K will attract attention from the bank and APRA but that's no too hard. For me the bank was best for time taken , rate, fees and paperwork. The latter is important. With ORX or similar you will be treated the same as opening a bank account.
Just tried Wise and it does not work with US swift code. Not sure why as I thought you have to use swift code for all international funds transfer.
Looking into XE.com and OFX now.Fintechs like Wise don't use SWIFT to make the payment. They take your AUD locally (or GBP, NZD, etc) and then make an ACH deposit into the destination account using the USD that was paid to transfer money from the US. You'll need the routing number and account number, that's all. For some providers you might also need the FedWire institution code.
Tie it to a trained pigeon and get it to fly to the US>>>