Sending 5 figures abroad

[lucsch]

Hi everyone,

Hoping to send around €40k from Ireland to my US bank account. Current going rates at banks like AIB or BOI are $40-41k meaning they’re cutting about 1-2k in commission which is a bit mad IMHO.

Any good and reliable service where I can send this money to my US bank account?

I’ve heard about Wise and they seem to have great rates but I’ve also heard of people accounts being locked for months when sending a large amount

Another option I know and use is MoneyGram, which has very low fees but the monthly transfer allowance is €10,000. Would making multiple accounts allow me to send up to the 40k I’m hoping to do or any other way to get around it?

Any other suggestions?

PS I am obviously aware of reporting to the IRS.

Thanks.

 

[ecsid]

@lucsch

I’ve heard about Wise and they seem to have great rates but I’ve also heard of people accounts being locked for months when sending a large amount

I have heard this story, too.

I have moved an aggregate of over 100k EUR over the last ~7 years using Wise, and never had an issue. Wise don't allow you to use your personal account for business purposes, and obviously the T&C's don't allow illegal activity. You're not going to get locked for transferring your own money.

 

[lucsch]

@ecsid Perfect. I will try speak to Wise before I send the money anyway so that there is no issue just in case. But that’s very reassuring to hear though thank you

 

[rpwolfgang]

@lucsch When you set up your account with them, remember to get a referral for a bonus

 

[bmfl]

@lucsch Currency Fair

 

[mufasa]

@lucsch I recently sent a similar sum through Wise with no issue. They asked me to confirm what I use the account for and what they should expect in terms of normally money movement. It was very easy and didn't delay the process for me.

 

[121zla]

@lucsch Atlantic Money will do it for a few €. I send large amounts € to £ and it's a fixed fee of £3 regardless of transfer size. You'll have to provide verification like ID for such a large amount

 

[aanto88]

@lucsch Transferwise! Unless you want to lose about €800 in fees and exchange rates.

 

[annieopie]

@lucsch wise is straightforward, but the best rates are using ibkr and funding that. you can then transfer to wise directly using free wire service.

 

[gloriouschild]

@lucsch The commission rate you posted might be incorrect if you are calculating it based on the percentage the bank charges. There is always a maximum cap the bank can charge on transfer fees which you can inquire from your bank. Perhaps give a call and ask the operator for the exact fee. Revolut has been the best for me for any transfer if you are looking for an alternative.

 

[lucsch]

@gloriouschild I was using the online calculator AIB has it was telling me for 40k eur I’d get 40k usd… guess I will have to check it out in person

 

[gloriouschild]

@lucsch You may get better rates on Revolut. I’d say check both and then make your decision. Goodluck

 

[anonymous123456]

@lucsch Revolut worked for me convert to usd and send via Swift very similar fees than wise
The is the 2 only solution I found

 

[biogeek]

@anonymous123456 Don’t get me started though. I live in Ireland, my partner is in Northern Ireland. So we’re constantly sending money to each other in € and £. The cheek of banks creaming an income for themselves off the top

 

[anonymous123456]

@biogeek Paid 30GBP to send 30K GBP from ROI to UK - not too bad (off course it isn’t a SEPA within Europe in Euro) - still better than BOI / AIB / PTSB. But agreed this is frustrating to leave even one cent to these banks …

 

[biogeek]

@anonymous123456 Oh 100% I still think you should be allowed to send money to your partner and back etc… to cover meals, fuel etc… without a corporation taking their cut. They’re not a third party in the relationship like. If they want to be a third in the relationship they need to contribute, I’m not a sugar daddy I’m broke

 

[confusedandoutoflove]

@lucsch ofx or wise.

Avoid currency fair at the moment. Lots of weird issues with transactions.

 

[thatmimosagrove]

@lucsch Revolut with one US based person (you if you are already established in US) and one Irish person (your family member). Euros into Irish persons Revolut for free send to US person for free, pay once to convert whole thing to usd and then US person domestic ach transfer to us bank account free

 

[biogeek]

@lucsch What about transferring it to your revolut and changing it to US currency? Is that cheaper?

 

[lucsch]

@biogeek I’m a bit weary using Revolut, have heard horror stories of accounts getting locked up for months