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Transferring USD from US to Ireland

  • 16-06-2023 7:05am
    #1
    Registered Users Posts: 113 ✭✭


    Hi

    I’m trying to find the most cost effective way to move a large dollar amount from my US bank to Ireland.


    Previously I just transferred usd to my Revolut account and then picked the time to convert to eur.

    with the move to the IE IBAN I’m now in the process of trying to retrieve a whack of missing USD and figure why the transfer didn’t work. Nightmare dealing between the 2 customer service orgs.

    Meantime I need to transfer ! Any guidance on how to best transfer money ? Haven’t used transfer mate in years and I think a lot has changed in this space.


    thanks in advance and if there’s another thread on this please advise. Cannot wrangle search on the ‘new’ boards.



Comments

  • Registered Users Posts: 113 ✭✭Tuttlinghorn


    Thanks @Mr.S

    kicked off the account opening / verification today and got it done whilst in a 'customer service' queue for the US bank.

    3 attempts on phone, endless 'secure messages'. They almost make Revolut look professional.

    here's hoping Wise is better - really appreciate the recommendation



  • Registered Users Posts: 113 ✭✭Tuttlinghorn


    Anyone reading this thread who is considering using Revolut to receive money transferred from a U.S. bank - I strongly advise against it.

    a month later and I’m still trying to receive the USD which couldn’t be traced by Revolut and who also seem unable to respond to a request from the sending bank in the US , to confirm the money was not received. Apparently the messages sent from Revolut are seen as ‘unencrypted’ by the US bank.

    unreal

    I am now being told to just wait another few weeks and it’ll fix itself



  • Moderators, Business & Finance Moderators Posts: 10,364 Mod ✭✭✭✭Jim2007


    If fairness to Revolut, the receiving bank can't trace a transaction that has not arrived, only the sending bank can do that. The next thing is that many US banks themselves do not have access to the international transfer infrastructure, but use a corresponding bank instead and in my experience when things go wrong they really go wrong and part of it is because sending bank does not have full control over their process. So which bank are we talking about?



  • Registered Users Posts: 395 ✭✭willycat


    Wise is awesome, I used it to transfer the USD I got selling RSU from my job, to my EUR bank. It took like SEVEN SECONDS (!) and their comission was suprisingly tiny (like 10 dollars for a $5000 transaction).

    Shoot me a DM if you want a referral to get some free credit towards international transfer fees.



  • Registered Users, Registered Users 2 Posts: 819 ✭✭✭cobham


    Wise ... once you have satisfied them of your bone fides so be ready to upload some documents. Currencyfair does the same but based in Dublin.



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  • Registered Users Posts: 378 ✭✭Joziburg


    Did your money return in the end? Have Revolut sorted the IE Ibans for receiving USD US bank transfers yet I wonder?



  • Moderators, Business & Finance Moderators Posts: 10,364 Mod ✭✭✭✭Jim2007


    The OP has not been on since they made that post. But I would not be at all surprised if they have not managed to get their hands on the cash yet. It will eventually bounce back to the sender, but in the case of US banks that could take months!

    As I pointed out before receiving banks can't track transfers unless the money actually arrives in their system and once it does there is not much that can go wrong other than incorrect details of the clients account. If that happens it will end up in a suspense account, so it's easy for them to check up on it an fix the problem.

    In my experience it's hard to find anywhere worse than the US for fouled up international transfers. It's not a big part of their business and so they don't invest much in it nor train their staff on topic. I have seen some of their systems where the success of the transfer depends on a putting a comment in a text field with the additional data needed to make the transfer and so on. Any time I have to send money via a US bank I always send a small test transfer first to see how well it works.



  • Registered Users, Registered Users 2 Posts: 455 ✭✭moceri


    XE.com is also a competitive platform for currency exchange. I would evaluate this against WISE and REVOLUT and see who offers the best deal. Revolut have a big advantage of allowing you set an auto conversion when the exchange rate hits an optimum rate.



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