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#19842 Banks with free incoming international wire transfer

Posted by marcos on 14 August 2006 - 01:42 AM in Bank lists by feature

A workaround to incoming wire transfer fees, that works with pretty much any bank is to use xetrade.com's service.
You place a foreign excange trade at very competitive rates (about 1% away from interbank rates), you pay electronically at the currency of origin and receive electronically (ACH) for free in your US bank account. No minimum, no fees, they make their money from the spread of the currency. I've used it plenty of times to transfer GBP from UK bank account to USD in the US and it's by far the cheapest solution I've found.
Unless you have a US-dollar denominated account held outside of the US, I think that even with free international wire transfers, you will not be better off, because any bank will charge you more than xetrade for the currency conversion.





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