How To Transfer Money to a U.S. Account

Rataan

I need to make a payment of approximately 2,000 euro to a U.S. account. The account holder has given me two options, either a wire transfer directly into the recipient’s bank account, or a cheque payment. I cannot use PayPal or Western Union or anything like that. I’m wondering what is the most cost effective way of transferring the money.

I have found conflicting information on the web saying that an international wire transfer could cost up to 31.50 euro. My bank account is with PTSB, if that has any bearing.
If I were to pay by cheque, I’m assuming it would have to be the dollar equivalent of 2,000 euro, so a dollar draft would be required? This would take longer to clear, but would it work out cheaper?

I’m hoping that somebody on Boards can answer these questions for me, as this information is not easy to come by on the bank or post office websites!

Hayden Pennyfeather

I would recommend using Transferwise. I've sent you a PM with some details.

dobsdave

bigkocman wrote: »

I would recommend using Transferwise. I've sent you a PM with some details.

Why not post the details so others dont have to ask the same question?

OP, there are various sites that do this for you, my last transfer from US to Eur took 3 days.
Transferwise, currencyfair, transfermate are the three main ones I use.

Hayden Pennyfeather

dobsdave wrote: »

Why not post the details so others dont have to ask the same question?

OP, there are various sites that do this for you, my last transfer from US to Eur took 3 days.
Transferwise, currencyfair, transfermate are the three main ones I use.

I included a referral link - which are not allowed to be publicly posted as far as i know.

As i mentioned I use Transferwise. Was working in the UK for a number of months so i set up a UK account and used Transferwise to transfer between my UK and Irish accounts. The main benefits are obviously the good rates and lower fees, but also the ease of transfer. I often completed a EUR to GBP, or vice versa, transfer within the one day. This is down to being able to send the money using your debit card.

Referral bonus, for three people, of £50 cash ain't bad either!

Rataan

Thanks for the info, bigkocman. I had a look at the FAQ section on Transferwise’s website and it states: “Please note: We find that brokerages and intermediary banks are unable to accept our transfers, nor further accredit the USD to another USD account. They usually expect transfers via Federal Wire (not ACH transfer- the system we use). Moreover, they often have a "no third-party wires" policy.”

I am trying to transfer money into a U.S. shares brokerage account, so I'm assuming that this would apply to me. As I stated earlier, the account holder has given me two options, a wire transfer or cheque payment.

CapriSunFun

I need to move money from my EBS account here to my new Bank of New Zealand account (I'm moving in 3 weeks) I tried to transfer it via online banking but it said I entered invalid details.
Would currency fair or one of those other sites be a better option for me?
I was going to just move my money into my boyfriend's AIB account then have him transfer my money to my Bank of New Zealand account, would that have high transfer fees?

Thanks

dobsdave

Rataan wrote: »

Thanks for the info, bigkocman. I had a look at the FAQ section on Transferwise’s website and it states: “Please note: We find that brokerages and intermediary banks are unable to accept our transfers, nor further accredit the USD to another USD account. They usually expect transfers via Federal Wire (not ACH transfer- the system we use). Moreover, they often have a "no third-party wires" policy.”

I am trying to transfer money into a U.S. shares brokerage account, so I'm assuming that this would apply to me. As I stated earlier, the account holder has given me two options, a wire transfer or cheque payment.

What about the other sites I mentioned? do they use the same system?
Failing that pick up the phone to your bank branch and talk to someone there.

Rataan

I contacted the U.S. broker, into whose account I need to transfer the funds. They do not accept any kind of third party payment service. The funds have to come directly from my own personal account. I’m guessing it’s probably for money laundering reasons.

That means that my only option is to make a transfer through my bank. I phoned PTSB, and they say it only costs 50 cent for a Swift international transfer, but if there is a problem with the details supplied by the beneficiary and the payment gets “stuck”, then there is an additional 31 euro charge. If it only costs me 50 cent, I won’t complain. I will probably get screwed on the currency exchange, so it would have been nice to use the services mentioned by dobsdave and bigkocman, but alas, I can’t in this instance.

Rataan

Just thought I’d add a follow-up to this post, in case it is helpful to anybody else down the line who needs to make this kind of payment. It does NOT cost 50 cent to make an international transfer. The PTSB phone operator that I spoke to obviously did not know what he was talking about! I called into my branch last week and made the payment. They informed me there that it costs 31.50 EUR to make a Swift international transfer (regardless of the amount being transferred), and the guy I spoke to over the phone was talking through his hat!