international money transfer

Aug 26th, 2010, 11:18 AM
  #1  
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international money transfer

In the past I've mentioned that xe.com does offer a money transfer option that is presumably cheaper than any other method. That was simply suggesting a possible alternative to other payment methods. I am now in a situation where I have to transfer large amounts to pay for house repairs. What bothers me about xe.com is the type of information they ask for, not because the request is not legitimate, but because I do not know how secure their site is. In other words, I am reluctant to give my Social Security number and my passport information and my driver's license as verifying information in addition to my last bank statement from which the money would be withdrawn. Has anyone used xe.com successfully to transfer funds?
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Aug 26th, 2010, 11:39 AM
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Maybe PayPal would be better...
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Aug 26th, 2010, 11:45 AM
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Bank Wire transfer, bank draft... are two I've used
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Aug 26th, 2010, 11:58 AM
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The ssn/DL# etc could be required because of the large amount of money. How much are you talking about - there are laws about how much can be exported w/o declaration (I believe $10,000)
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Aug 26th, 2010, 11:59 AM
  #5  
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Bank Wire transfer, bank draft.

My understanding is that the money would be sent in dollars and French banks tend to charge use the highest rate available to change the dollars to euros. Moreover, trying to get any specific information out of them is almost impossible. Crédit Agricole's customer relations is almost non-existent in that regard.
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Aug 26th, 2010, 12:02 PM
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correct to: French banks tend to use the highest ...
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Aug 26th, 2010, 12:09 PM
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Less than $10,000 for the 20% deposit, but ultimately more than $10,000. I have no problems with declaring it; I'll have the estimate and final bill to prove the legitimacy of the transfers. Xe.com requires the information before even specifying the amount to be transferred, and it's identity theft possibility that worries me.
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Aug 26th, 2010, 12:18 PM
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Nope.
Both Bank Wire Tranfers and Bank Drafts are in euros.

For Wire Transfer, need BIC and IBAN of custeomr (bank/branch and acoount info). My bank also requires address of destinee. When I get a trasnfer, I specify up front that I pay all fees. So a deposit is made directly into the destinee's account in euros for exactly the amount you want. Costs...~$40

A bank draft is essentially like a international certified cheque. It is made out to that person, in euros. Money is withdrawn directly from your account. My bank uses an intermediary bank is each different country. Cost ~$6.
I've sent many, only once did the destinee have trouble (in a very samll town).
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Aug 26th, 2010, 02:36 PM
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I opened an account on xe.com in 2007 after reading about it here. I've only used it twice - once to send a wire transfer to Japan and another time an ACH transfer to Paris for an apartment down payment - no problems at all. But these were small amounts - a couple of hundred dollars each time....I think all that info is required as it is just the same as opening a bank or brokerage account....
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Aug 26th, 2010, 02:38 PM
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I used xe.com last month to make a deposit on a rental in Venice. The transfer was fast and efficient, with no problems at all, and an excellent exchange rate.
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Aug 26th, 2010, 10:32 PM
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What does excellent exchange rate mean? BofA has a $25 charge for electronic transfer or bank draft in euros, but its exchange rate is 4.6% higher than the daily average. On the amount I plan to transfer, that is more than pocket change and only 1% less than the VAT I will have to pay on the project total.
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Aug 27th, 2010, 05:28 AM
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I assume, and could be wrong, that a bank would offer a better excahnge rate than companies. Looking at the 'newspaper' rate (that no mere mortal can get' my bank charges about 4% above that. On larger amounts there may be a better rate.
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Aug 27th, 2010, 07:01 AM
  #13  
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that no mere mortal can get

but I get a lower rate on ATM withdrawals and credit card purchases--about 1% above the posted rate.

Mukuru's exchange rate is worse than the BofA.
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Aug 27th, 2010, 07:26 AM
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I would think that ATMs give a better rate than a walk up currency transaction back home.
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Aug 27th, 2010, 07:30 AM
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When I send large amounts to my French bank, I go to my bank here in the States and arrange for an international draft. I negotiate with my bank over the rate, something they're willing to do because I have had multiple personal and business accounts with them over many years. I never get 1%, but often can get them to agree to around 2%. The cost of the international draft itself is $7.00, plus postage.
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Aug 27th, 2010, 08:18 AM
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StCirq,

As you can see from my report of BofA costs, even their international drafts cost far more than what you pay. But if xe.com turns out to be as expensive as BofA, I'll see if the bank will negotiate, although I doubt it.
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Aug 27th, 2010, 09:39 AM
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I would't assume a bank can give a better rate than "companies", as "companies" have less overhead and may make money doing just that one thing, so want more volume and have lower rates. Banks have lots of different kinds of business, and depend on their own customers perhaps using them for things like that as they are captive audiences. Bureaux de change often (or almost always) have better rates than banks for travelers checks in France. Or used to, I haven't tried cashing one at a bank in many years and many wont' do it.
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Aug 27th, 2010, 09:51 AM
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Michael; The cost for international transfers in Euros at BofA is now $35. Recently sent a deposit for our villa in Rhodes. Not sure about the other charges, but we didn't get the current days rate of 1.28 euros. I think my sister was charges at a rate of 1.36 euros, but not sure. Richard
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Aug 27th, 2010, 01:44 PM
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It's $35 if done in person, $25 if done via the Internet; at least that is what I was told in person. 1.36 vs. 1.28 is their going rate, which comes out to a 4.65% charge (I went to http://www.xe.com/ccc/ and entered the corresponding amounts 1000€ for $1362.40 as if this were a credit card payment).
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Aug 27th, 2010, 04:33 PM
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I checked my records - when I made the transfer to Paris in October 2009 - I paid $168.02 for 110 Euro - that day according to xe's historical charts 1 Euro was $1.4713676527 so it cost me an extra 3.8 percent over the wholesale rate.....hope that helps....
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