Cheapest way to send funds to Europe
Oct 23rd, 2007, 04:08 PM
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Cheapest way to send funds to Europe
Does anyone know the cheapest way to send a fairly small amount of Euro to Europe? Not a complicated issue, we're just trying to get a couple hundred Euro to a family member who lives in Ireland, without expensive wire transfers or making her run to a Western Union location (she's done a lot for us already recently)
We thought a money order in Euro and just mail it. But we're surprised to find that our bank, a large chain, doesn't do int'l money orders and the Post Office does Bolivia, Japan, etc. But not Europe! (huh??)
Anyway, ideas welcome.
Oct 23rd, 2007, 04:22 PM
#2
"<i>Not a complicated issue,</i>" Shouldn't be, but it is.
There really isn't a good/cheap way to get funds from the States to Europe. Few banks do it, and the ones that do charge high fees, plus the recipient will probably also have to pay fees to have the money deposited in her acct. Even risking mailing € TC's will likely result in her having to pay her bank to accept them.
There really isn't a good/cheap way to get funds from the States to Europe. Few banks do it, and the ones that do charge high fees, plus the recipient will probably also have to pay fees to have the money deposited in her acct. Even risking mailing € TC's will likely result in her having to pay her bank to accept them.
Oct 23rd, 2007, 04:26 PM
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I was going to suggest the € TC. As janis stated, she probably will have to pay fees to cash it but it still might be the cheapest way.
Does she live in a city with an AmEx office? I wonder if they will charge her to cash it. I would ask that question of AmEx.
....Oh heck, just take it to her peronally. I would take any excuse to visit Ireland again.
Does she live in a city with an AmEx office? I wonder if they will charge her to cash it. I would ask that question of AmEx.
....Oh heck, just take it to her peronally. I would take any excuse to visit Ireland again.
Oct 23rd, 2007, 04:34 PM
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No matter how you send it, the recipient is going to end up paying about $25 to receive it (unless you choose to absorb that fee yourself, which you can only do in certain types of transactions).
The cheapest way is through an international draft. That will cost you $5-$10 on your end, and you'll have to mail it and she'll get it about a week later (and pay as I mentioned above, unless you opt to absorb those costs.
Another option is to purchase traveler's checks in euros and mail them. Again, she'll pay on her end ( you won't have the option to pay for her to receive them).And you'll pay a bad exchange rate for the TCs.
A wire transfer will cost anywhere from $15-$60, and again she'll pay to receive the money unless you volunteer to pay that.
There are no good choices that I'm aware of. It might actually be easier to mail her a check in US dollars and have her get her bank to cash it (for a fee of course) and deposit the euros in her account. Send more than the equivalent of 200 euros though.
The cheapest way is through an international draft. That will cost you $5-$10 on your end, and you'll have to mail it and she'll get it about a week later (and pay as I mentioned above, unless you opt to absorb those costs.
Another option is to purchase traveler's checks in euros and mail them. Again, she'll pay on her end ( you won't have the option to pay for her to receive them).And you'll pay a bad exchange rate for the TCs.
A wire transfer will cost anywhere from $15-$60, and again she'll pay to receive the money unless you volunteer to pay that.
There are no good choices that I'm aware of. It might actually be easier to mail her a check in US dollars and have her get her bank to cash it (for a fee of course) and deposit the euros in her account. Send more than the equivalent of 200 euros though.
Oct 23rd, 2007, 04:35 PM
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Not that I'm suggesting that you do this but FWIW, we regularly slip a C Note (or two) into an ordinary letter we send to family in Germany.
They easily convert the $ to €s.
As Janis has said, it's difficult and it's the chance we take. Nothing's been missed (yet).
They easily convert the $ to €s.
As Janis has said, it's difficult and it's the chance we take. Nothing's been missed (yet).
Oct 23rd, 2007, 04:46 PM
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Thanks everyone. I think you've pretty much confirmed what we were finding. She lives in a small village a ways outside of Dublin, so not a lot of services out there, except the BoI. Just thought it was odd that I could run down to the locale USPS and get a money order for Bolivianos, but not Euro. There must be a story there somewhere...
Tuck, that's what I was telling my wife! It's not a huge risk, really, given the amount. I'd probably just go that way.
My wife just called her Mum though in Australia and it turns out M.O.'s in Euros are available there so I think she's now leaning towards having her take some out of our Aus acct and send it from there. I guess that's not too bad a plan. I didn't think of it..
P_M - now there's a good idea! I'd love to. Oddly, what we're paying her back for is the fees for my Irish citizenship, which had to be drawn on an Irish bank. So she took care of it for us. I got my final papers the other day. I'm Irish! (more or less). Now I'm afraid if I go, I won't be comin' back.
Tuck, that's what I was telling my wife! It's not a huge risk, really, given the amount. I'd probably just go that way.
My wife just called her Mum though in Australia and it turns out M.O.'s in Euros are available there so I think she's now leaning towards having her take some out of our Aus acct and send it from there. I guess that's not too bad a plan. I didn't think of it..
P_M - now there's a good idea! I'd love to. Oddly, what we're paying her back for is the fees for my Irish citizenship, which had to be drawn on an Irish bank. So she took care of it for us. I got my final papers the other day. I'm Irish! (more or less). Now I'm afraid if I go, I won't be comin' back.
Oct 23rd, 2007, 05:18 PM
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You might want to look into XETrade (http://www.xe.com/fx). I have not actually used it myself, but I have looked into for transferring money from my German account back to the US. I have seen some other posters recommending it as well.
Paul
Paul
Oct 23rd, 2007, 06:31 PM
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I was going to suggest the same thing - couldn't you deposit money in an American account and let her withdraw it with an ATM card.
If she doesn't have one, perhaps you could open an account and then mail her the ATM card.
I opened an account at a local credit union for the sole purpose of being able to use an ATM in Europe for lower fees than our normal bank does.
I have a separate account that I opened so that a friend could access money. I opened the account, but then gave her the ATM card.
Most credit union accounts have low minimum balances.
Debbie
If she doesn't have one, perhaps you could open an account and then mail her the ATM card.
I opened an account at a local credit union for the sole purpose of being able to use an ATM in Europe for lower fees than our normal bank does.
I have a separate account that I opened so that a friend could access money. I opened the account, but then gave her the ATM card.
Most credit union accounts have low minimum balances.
Debbie
Oct 23rd, 2007, 07:30 PM
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Hey StCirq - I do remember now. You and I had a tangent on someone else's thread once, I think, about dual citizenship. Back when we were just requesting the paperwork. We hope to follow in your footsteps one of these days. Maybe not the Dordogne, but at least the same continent.
teacherCanada. I guess I sort of did too. Well, she's an Aussie, but with Irish citizenship since birth. Guess it's a bit late to mention it, but up until the end of last year, you could submit for citizenship through being married to a citizen. Changed after I applied at the end of 2006, and now you have to take up residence.
On the original topic, more thanks to everyone. I don't see settign up an American bank account just for this. If she were a daughter away at school or something, maybe. I'll check to see if she has a Paypal account but I'll probably just try to slip it in her mailbox (long distance). For her, it's one of those "ah, don't worry about it" things, so she probably wouldn't ever cash out at an ATM, but we just want to pay her back all the same. Great people. Very first time I met them, they practically insisted we move in for the week. So it's just a family thing, not so much like a "transaction" or anything. Just thought it was going to be a lot simpler, lol. Something along the lines of that we were just picking the wrong bank for a money order. Ah well, we'll probably just send it from Oz and then she can't quibble when she finds it in the post.
teacherCanada. I guess I sort of did too. Well, she's an Aussie, but with Irish citizenship since birth. Guess it's a bit late to mention it, but up until the end of last year, you could submit for citizenship through being married to a citizen. Changed after I applied at the end of 2006, and now you have to take up residence.
On the original topic, more thanks to everyone. I don't see settign up an American bank account just for this. If she were a daughter away at school or something, maybe. I'll check to see if she has a Paypal account but I'll probably just try to slip it in her mailbox (long distance). For her, it's one of those "ah, don't worry about it" things, so she probably wouldn't ever cash out at an ATM, but we just want to pay her back all the same. Great people. Very first time I met them, they practically insisted we move in for the week. So it's just a family thing, not so much like a "transaction" or anything. Just thought it was going to be a lot simpler, lol. Something along the lines of that we were just picking the wrong bank for a money order. Ah well, we'll probably just send it from Oz and then she can't quibble when she finds it in the post.
Oct 23rd, 2007, 10:57 PM
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1. Most Irish post offices are Western Union outlets. If there's a BofI in your relative's village, there's bound to be a post office, and it'll almost certainly have the computer terminal to handle Western Union. No need to run miles.
2. Don't know about BofI, but most UK banks charge surprisingly little for handling foreign cheques in major currencies (a definintion which does indeed include AU$): usually about £10, which is probably cheaper than any other option except:
3. The easiest solution is to do what cousins of the Irish have been doing for the past 150 years - stuff a few bills in your own currency in a letter. No-one's going to bother opening it, and if your relative's got a BofI branch handy, it'll turn them into real money. Or, if you've a bureau de change nearby, stuff the relevant amount in € notes in a letter.
The days when a letter from abroad meant cash, which meant temptation for Irish postmen, are long gone - though even then, the postmen never stole the cash. These days, they're usually begging letters from distant cousins in the New World who can't understand why their ancestors chose to move to a somewhere so much poorer than Ireland and want help getting an Irish passport.
2. Don't know about BofI, but most UK banks charge surprisingly little for handling foreign cheques in major currencies (a definintion which does indeed include AU$): usually about £10, which is probably cheaper than any other option except:
3. The easiest solution is to do what cousins of the Irish have been doing for the past 150 years - stuff a few bills in your own currency in a letter. No-one's going to bother opening it, and if your relative's got a BofI branch handy, it'll turn them into real money. Or, if you've a bureau de change nearby, stuff the relevant amount in € notes in a letter.
The days when a letter from abroad meant cash, which meant temptation for Irish postmen, are long gone - though even then, the postmen never stole the cash. These days, they're usually begging letters from distant cousins in the New World who can't understand why their ancestors chose to move to a somewhere so much poorer than Ireland and want help getting an Irish passport.
Oct 24th, 2007, 09:14 AM
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PayPal is what I'd do too.
that said...I've sent US post office money orders to Ireland before!! can't recalll though if they were in Euros or if I just sent them in USD (it was a few years ago)and the pereson recievinig them just converted them to euros at the bank or credit union or wherever.
that said...I've sent US post office money orders to Ireland before!! can't recalll though if they were in Euros or if I just sent them in USD (it was a few years ago)and the pereson recievinig them just converted them to euros at the bank or credit union or wherever.
Oct 24th, 2007, 11:56 AM
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Inquire at your local PO about registered letters. I have been using that service for ten years and never had anything go astray. I am suggesting you mail Euros via Registered mail. A more secure service will be 'insured'.
