Help optimizing large transfer from U.S. bank to EU bank

[goodchristianguy]

I need to move about $300,000 from my Ally bank account in the U.S. to my EU bank in the Netherlands. I have used Wise before, but for such a large transfer they want to take $1300. It doesn't matter if I do a transfer or first convert before a SEPA transfer.

I did have an IBKR account which I forgot to fund (oops) and they closed it. Have requested they re-open it but not sure how long it will take and I need this money transferred no later than next week.

Would love it if someone who has done this before could walk me through the steps.

Thanks!

 

[metrolimousines]

@goodchristianguy SEPA transfers are usually free, so you'd only be paying for the currency conversion from USD to EUR on Wise. How much is the conversion?

 

[goodchristianguy]

@metrolimousines Thanks. What are the steps though? Do I add US funds to my Wise account, then convert, then what do I do from there? I haven't used Wise to pay "myself" from one account to another before.

 

[syra]

@goodchristianguy Open an IBKR account, do conversion in it yourself and wire it out to your EU account.

 

[goodchristianguy]

@syra I did open one in the U.S. but have had issues from the beginning with security/identity verification stuff. Wasn't worth the hassle and now I just tried logging in and see I'm locked out.

 

[kellip171]

@goodchristianguy wire it

 

[goodchristianguy]

@kaytiedid Thanks. I was trying to avoid that big Wise conversion fee of $1290. Is there no other option besides IBKR? I had an IBKR account but they closed it when I never used it or funded it (oops).

 

[kaytiedid]

@goodchristianguy No other obvious option. Either wise or use a broker like IBKR

 

[pitrell]

@goodchristianguy For such big transactions I would pay this $1300. You might be sure that Tax Office and AML (both US and Netherlands) will take a look at your transfer and you want to make this transaction to be as transparent as possible.

 

[goodchristianguy]

@pitrell Good point. I did call IBKR and it won’t work with them anyway. Forgot they have a 44-business-day hold on any funds being moved to a different than they came from.

 

[bangmegafan]

@goodchristianguy That fee is really small considering the sum. Nothing is free.