irishfinanceguy
Registered User
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- 162
Perhaps use wise, rates seem most competitive. I would consider a “tester” amount to see what the process is like and then ship the rest after.
I’m amazed that someone getting €100,000 could be so bothered by a potential €140 charge that they’re willing to take on potential counterparty risk with one of these alternative providers.I was using revolut to transfer previously but many of the companies dont work with revolut's new IE IBANS including E-Trade. It's been suggested to me to use WISE as the fee's AIB/BOI will charge will be considerable when you factor in the terrible rate they are using. I think it works out something like 10-14Euro more per 10,000 because of the rate difference.
unless i am way off its a lot more than 140 euro, more like almost 10 times that.I’m amazed that someone getting €100,000 could be so bothered by a potential €140 charge that they’re willing to take on potential counterparty risk with one of these alternative providers.
Madness.
Someone else referenced a €14 differential between providers per €10,000.unless i am way off its a lot more than 140 euro, more like almost 10 times that.
exactly the same experience for a 6 figure mortgage deposit in a foreign currency. Wise worked out perfect in my case too. Very competitive rates & fees too.I had the same concerns re. Revolut and large amounts of money from reading posts on here.
Can't speak to Transfermate, but I went down the Wise route. Had no problem in sending a 6 figure amount to Wise (after a few low figure transfers) then moving to my € account and then to my Irish current account. Wise just asked me what the purpose was for these funds, in my case it was a house purchase.
As per other posts, no doubt there is a better more cost effective way of doing this and avoiding retail exchange rates.
Just thought I'd share my Wise experience.
In case anyone isn't familiar with it, using Wise you can create a USD account that has a US bank account number. It is useful for sending and receiving money to/from US entities. I transfer money into my Wise Euro account (for which you can also get account details, in this case an IBAN and BIC), and then the appropriate amount gets automatically converted to USD when direct debits (from Computershare, for automatic share purchases) are withdrawn from the USD account.
I did that years ago but it was a us dollar account with a Canadian bank. Then a year or so later I wanted to move it to a US dollar account in the US, but I couldn't do it directly i would have to convert it to Canadian dollars to transfer it to us then back to us dollars again in US. Thought it was a bit ridiculous but maybe just an issue with that bankI wonder if it's possible for you to open an US$ account in Ireland? Get the money paid into it first and then take your time deciding what to do.
Brendan
Can you explain this in a bit more detail? In my Wise account I have Euro balances and USD balances, and I could also store balances in other currencies. If I receive a transfer from someone into the US bank details associated with my USD balance, it goes into my USD balance. I can leave it in the USD balance, send it to someone else (in USD or another currency), or transfer it to my Euro balance (or another currency if I open a Wise balance for that currency).Wise don't give you a USD account. They give you USD bank details that allow you to send/receive money. Its a subtle difference but an important one. Especially if you are to hold large sums there.
yeh sorry i made a mistake type, it would be 10-14€ per 1000.I’m amazed that someone getting €100,000 could be so bothered by a potential €140 charge that they’re willing to take on potential counterparty risk with one of these alternative providers.
Madness.
Maybe look into getting one of the premium Revolut cards with an Irish IBAN and transferring the USD in there ?
Could I transfer US$ from Etrade into my Interactive Brokers account and then FX this to Euro at the low Interactive Broker rate?Wise charging 0.37% exchange fee.
Interactive Brokers charge 0.2%.
I was due a decent chunk of foreign currency recently and gave the sender my Revolut account details and the transfer wouldn’t work.Used to work, but does not work with the new Irish IBAN!
That should work okay. I have done lots of FX exchanges. You can make withdrawals in euro, sterling or dollars. The only extra charge is if you make more than one cash withdrawal per month. There is a fee of about 1euro for extra monthly withdrawals.Could I transfer US$ from Etrade into my Interactive Brokers account and then FX this to Euro at the low Interactive Broker rate?
Looking for an alternative to Revolut as it no longer works with the Irish IBAN.
If you are going to be doing it regularly, so IBKR might not be a solution, and don't want to wait for Revolut's IBAN to get into the system, then Wise seems like the best choice to me.Looking for an alternative to Revolut as it no longer works with the Irish IBAN.
Good advice, thanks.I have read posts (elsewhere) by people saying that Interactive Brokers' currency exchange is intended to facilitate investments using other currencies, and that if it is clear that you are just using it to transfer money in, exchange it, and then transfer it out again, without any investment activity, that you will eventually get a warning from them.
If you are going to be doing it regularly, so IBKR might not be a solution, and don't want to wait for Revolut's IBAN to get into the system, then Wise seems like the best choice to me.
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