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Author Topic: Transferring money from a European to US bank account  (Read 47564 times)
spinkbottle
Author, Lurkariat of the World Unite: stuff that ain't gonna happen (forthcoming, VDM, 2050) and
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« Reply #15 on: April 14, 2012, 6:19:30 AM »

Well, I found out JP Morgan Chase (the intermediary bank) are the culprit in my missing $30.

[...] My bank here will cut a check in US dollars for me for a small fee ($5 or so). Can't I just deposit that into my US bank account? My credit union is pretty fab and has a smart phone app that I merely have to take a photo of the endorsed check and then they deposit it almost immediately. There must be a flaw in this plan though.

I've been dealing with this sort of thing for 6-7 years, and I think this may be the best solution since your credit union will accept check images. 

I used to mail USD bank drafts in order to avoid the fee from the intermediary bank (which I think is pretty universally JPMC for transfers from here - whether the customer service staff know that when they talk about "no international transfer fees" is really the only difference I've found among various bank brands).  I quit mailing deposits after one postal system or another lost three of them in two years.  It costs more to cancel a lost draft / cheque than to pay the $30-ish intermediary fee, so it started to feel too much like gambling.
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scampster
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« Reply #16 on: April 14, 2012, 6:37:59 AM »

Well, I found out JP Morgan Chase (the intermediary bank) are the culprit in my missing $30.

[...] My bank here will cut a check in US dollars for me for a small fee ($5 or so). Can't I just deposit that into my US bank account? My credit union is pretty fab and has a smart phone app that I merely have to take a photo of the endorsed check and then they deposit it almost immediately. There must be a flaw in this plan though.

I've been dealing with this sort of thing for 6-7 years, and I think this may be the best solution since your credit union will accept check images. 

I used to mail USD bank drafts in order to avoid the fee from the intermediary bank (which I think is pretty universally JPMC for transfers from here - whether the customer service staff know that when they talk about "no international transfer fees" is really the only difference I've found among various bank brands).  I quit mailing deposits after one postal system or another lost three of them in two years.  It costs more to cancel a lost draft / cheque than to pay the $30-ish intermediary fee, so it started to feel too much like gambling.

Thanks. I will give this a try next month and see how it goes.
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When you are a scientist your opinions and prejudices become facts. Science is like magic that way!
zyzzx
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« Reply #17 on: April 14, 2012, 8:00:21 AM »

So how about this as an option? My bank here will cut a check in US dollars for me for a small fee ($5 or so). Can't I just deposit that into my US bank account? My credit union is pretty fab and has a smart phone app that I merely have to take a photo of the endorsed check and then they deposit it almost immediately. There must be a flaw in this plan though.

This sounds excellent, I am jealous of your credit union!
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anorak
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« Reply #18 on: April 17, 2012, 4:03:27 AM »

Coming late to the conversation to say good luck with your smart phone app!  I think that's the best option if it will work.  I have a similar app, which I intended to use for precisely the same purpose, but the image isn't never clear enough no matter how I manipulate the lighting, etc.  This is with a pretty high quality smart phone, too.
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anorak
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« Reply #19 on: April 17, 2012, 4:23:31 AM »

*isn't ever, not "isn't never."  Sorry for the double post.
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scampster
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« Reply #20 on: April 21, 2012, 7:05:47 AM »

Coming late to the conversation to say good luck with your smart phone app!  I think that's the best option if it will work.  I have a similar app, which I intended to use for precisely the same purpose, but the image isn't never clear enough no matter how I manipulate the lighting, etc.  This is with a pretty high quality smart phone, too.

I've been successfully using the app before I moved here, so I think it will be okay. In the worst case, I can scan the check and upload it to the bank website.
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When you are a scientist your opinions and prejudices become facts. Science is like magic that way!
salut
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« Reply #21 on: June 27, 2012, 3:46:57 PM »

I imagine this might be way too late (I just discovered this site…), but just in case it's helpful to someone else… Have you considered using a dedicated currency broker/exchange service? You agree a rate with them in advance, pay them the money in one currency and then they pay the recipient in whatever currency you've agreed. I often transfer money from a euro account to a GBP account this way to avoid the extortionate fees the banks charge (~30-35EUR/GBP per transaction + rubbish exchange rate…) They generally give you a much better exchange rate than the bank (although the company I normally use charges you a small fee if it's less than a certain amount… not sure whether this is standard practice) Obviously it's probably wise to check out the company fairly carefully first, but I'd recommend it from my experiences so far…
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hegemony
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« Reply #22 on: September 16, 2012, 3:07:27 AM »

Salut, can you give us the name of the company you use?  I've never heard of these companies and am not sure how to go about finding one.
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daniel_von_flanagan
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« Reply #23 on: October 11, 2012, 8:33:47 AM »

W/r to currency exchanges, if you are US based you can use xe.com, and from the UK I've heard good things about currenciesdirect.net (haven't used them).  If you use xe.com to transfer money into the US, the wire transfer looks like a domestic one from the POV of your American bank, so depending on the bank the entire exchange might not cost you anything. 

I'm in Europe for an extended period right now, my smartest move before coming here was to open a checking account with Schwab.  When I use my card in ATMs both in the US and in Europe they reimbursed all ATM fees, and the exchange rates I've been getting are quite close to the theoretical best, better than those at the exchanges. - DvF
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scampster
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« Reply #24 on: October 11, 2012, 8:34:56 AM »

Coming late to the conversation to say good luck with your smart phone app!  I think that's the best option if it will work.  I have a similar app, which I intended to use for precisely the same purpose, but the image isn't never clear enough no matter how I manipulate the lighting, etc.  This is with a pretty high quality smart phone, too.

I've been successfully using the app before I moved here, so I think it will be okay. In the worst case, I can scan the check and upload it to the bank website.

This has actually worked wonderfully for me since I have been here. So yay for that!
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When you are a scientist your opinions and prejudices become facts. Science is like magic that way!
anorak
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« Reply #25 on: October 11, 2012, 2:11:34 PM »

Coming late to the conversation to say good luck with your smart phone app!  I think that's the best option if it will work.  I have a similar app, which I intended to use for precisely the same purpose, but the image isn't never clear enough no matter how I manipulate the lighting, etc.  This is with a pretty high quality smart phone, too.

I've been successfully using the app before I moved here, so I think it will be okay. In the worst case, I can scan the check and upload it to the bank website.

This has actually worked wonderfully for me since I have been here. So yay for that!

Great!  Yes, I've since gotten a new phone and I can now use my bank's app without any problem.  I guess it must really depend on the phone, quality of its camera, etc.
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salut
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« Reply #26 on: December 14, 2012, 11:33:20 AM »

hegemony - I use HiFX (they're UK based, but you can register from elsewhere). First used them about a year ago when I moved here and they've been excellent so far...
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