12/7 What is the best way to transfer funds between accounts in U.S. and
another country (in Europe) without fee or getting riped off
by special conversion rate? The amount is small and just to cover
my expenses when I travel or order internationally, i.e. < $2000.
\_ My dad has a US checking account at B of A. Every month I make
a deposit to his account at a branch here, and he withdraws the
money at a branch in Hong Kong. No transaction fee, but I don't
know if the conversion rate is the same as the standard rate.
\_ I asked at the Bank of America in Hong Kong whether
one can access his US account in HK, the answwer I get
is plain no, as Bank of America Asia supposedly cannot
access account of its parent bank in US. If you are
converting from USD to a foreign currency, you are bound
to pay a conversion fee (3% I think in most banks). You
can open an USD account in a more established financial
houses (like SG), so you can withdraw funds outside of US
much more easily. But for $2000, it's easier to get
travel's checks.
\_Tnx for the reply. However often the need to transfer
money arises and the amount becomes known while I am outside
U.S., not to mention carrying traveler's check is like
carrying cash other than being much safer.
\_ I've heard from a lot of people that ATMs are good,
you get better (minimal but still significant)
fees. Better than changing cash out.
\_ but you cannot deposit foreign currency to your account
from abroad.
\_ Go back and read the stated objective, duud.
\_ Use your credit card. You'll get the best exchange rate
and if you pay it off, the fee will be minimal. No cash
that you need to carry which should eliminate the cost of
foreign->US.
\_ Depends. While I was in Europe this past summer, it was
cheapest for me to just withdraw cash from ATMs: BofA
was tacking a "foreign currency conversion fee" to each
of my CC transactions, while for the ATM withdrawals, I
was getting the interbank exchange rate without any
additional fees. When I lived in Germany, I had my
paychecks direct-deposited to my credit union account
in the US and paid for everything in cash: if my needs
exceeded the daily transaction limit, I planned ahead
and visited the ATM multiple days in a row. If you
want an account at a bank that has a presence on both
sides of the Atlantic, I've heard that Citibank and
HSBC are good choices for US->Europe expatriates,
although I have no experience with either. -- kahogan
\_ which ever route you choose, make sure you don't go to
the foreign currency exchange booth at traverler's spots.
Their rate is horrible. (something like 8%)
\_ That's strange. Maybe my dad makes his withdrawal by writing
himself a check and then cash it at a B of A branch there?
I've never asked him.
\_ The more I think about it, this is a good way for money
laundry.
\_ Yes, this is exactly how my father got money at a BofA
branch in Taiwan. |
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