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International Money Transfer


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2 replies to this topic

#1 merkur

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Posted 05 March 2005 - 12:30 AM

I have received an inheritance in spain and need to send it back to my bankk in the US. My US bank says they have no fee to receive the monies as long as it is in US dollars. I have a bank in spain but they are slow in telling me what the transfer fee is and the rate of exchange. Of course the rate changes daily but sometimes the banks give you an even lower rate and keep the difference as commission. How can I ensure I am not beeing overcharged??? Can I shop around banks?? Any advice is appreciated

#2 markber

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Posted 05 March 2005 - 05:01 AM

merkur,

I do not have much experience with international transfers but I saw many people recommend XETRADE for this purpose. If we are talking about big amounts (> $10,000), I would personally prefer to do an international wire transfer. In US, a price of international transfer is somewhere between $30 - $50. I do not know how much banks charge for this in Spain. Also, if your Spain bank can not wire money in US dollars, you will need to ask your US bank if they charge any fees for currency conversion.


Mark

QUOTE(merkur @ Mar 4 2005, 06:30 PM)
I have received an inheritance in spain and need to send it back to my bankk in the US. My US bank says they have no fee to receive the monies as long as it is in US dollars. I have a bank in spain but they are slow in telling me what the transfer fee is and the rate of exchange. Of course the rate changes daily but sometimes the banks give you an even lower rate and keep the difference as commission. How can I ensure I am not beeing overcharged??? Can I shop around banks?? Any advice is appreciated
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#3 jrr7

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Posted 07 March 2005 - 04:18 PM

QUOTE(merkur @ Mar 4 2005, 07:30 PM)
I have received an inheritance in spain and need to send it back to my bankk in the US. My US bank says they have no fee to receive the monies as long as it is in US dollars. I have a bank in spain but they are slow in telling me what the transfer fee is and the rate of exchange. Of course the rate changes daily but sometimes the banks give you an even lower rate and keep the difference as commission. How can I ensure I am not beeing overcharged??? Can I shop around banks?? Any advice is appreciated
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Merkur,

Are you sure that the inheritance actually exists and you are legally entitled to it?
Are you sure that the Spanish bank actually exists and is legitimate, and that you are really talking to the people you think you're talking to?

"You've inherited a large sum of money" is a really old con game. The con artists make you believe you've struck it rich, send you all sorts of forged documents, and then start hitting you up for the currency conversion fee, the wire transfer fee, the money export fee, the bribe for the currency regulator, the lawyer's fee, etc. You never see the money and they just keep asking you for more fees.





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