D
donieh
Guest
Hi Folks,
I would like to get thoughts or some advice on the transfer of money process from Irish account to US account.
To give you some background I have relocated to USA in the past 6 months with my company for 2 and a half years on a project. I continue to get paid in Ireland in Euro so as a result I need to transfer money to my USA account on a regular basis.
I currently have an online international transfer setup between my BOI account and my Bank Of America account and it takes approx 3 days for the dollar amount to appear.
The problem I have is that I am not getting what I believe I expect from the transfer however maybe that is just the process and associated fees.
To aid here is one of my examples:
On 26th Oct I asked for $700 to get transferred from BOI which equated to €516.76 (rate of 1.354). I was charged €5 for this transaction (This €5 is the same no matter how much I transfer)
On 28th Oct I received into my Bank Of America account $672 and was charged $12 for this transaction.
In summary I transferred €516.76 and received $672 (equates to rate of 1.30) and was charged €5 and $12 on top of this. (Again this $12 is the same no matter how much I transfer)
Now on 2 exchange rate websites (Oanda.com and XE.com) the exchange rates for 26th Oct was 1.40 (oanda) and 1.387 (xe) and on 28th Oct it was 1.38 (oanda) and 1.39 (xe). For simplicity purposes I will take the average of these 4 (=1.39) then my €516.76 should've given me $718.30.
This gives a difference of $46.40 from what I actually received ($672)
When I spoke to people in my Bank Of America office they said they were just told to input that amount $672 into the account from JPMorganChase.
So the process I see so far is that:
I ask for specific amount to get transferred and BOI takes a cut from the exchange rate (rate on the day was 1.40 and I get 1.354). They then use JPMorganChase to transfer the money who I would guess take a cut also (or maybe they are the folks who get the €5 fee?)
Then Bank Of America deposit the money. Again I would imagine that they also take a piece of the exchange rate.??
Maybe all of this is reasonable as I am new to it but I would like to get any other peoples opinions or if they have any advice for me to do transfer money more efficiently than this.
Thanking you all in advance,
Donieh
I would like to get thoughts or some advice on the transfer of money process from Irish account to US account.
To give you some background I have relocated to USA in the past 6 months with my company for 2 and a half years on a project. I continue to get paid in Ireland in Euro so as a result I need to transfer money to my USA account on a regular basis.
I currently have an online international transfer setup between my BOI account and my Bank Of America account and it takes approx 3 days for the dollar amount to appear.
The problem I have is that I am not getting what I believe I expect from the transfer however maybe that is just the process and associated fees.
To aid here is one of my examples:
On 26th Oct I asked for $700 to get transferred from BOI which equated to €516.76 (rate of 1.354). I was charged €5 for this transaction (This €5 is the same no matter how much I transfer)
On 28th Oct I received into my Bank Of America account $672 and was charged $12 for this transaction.
In summary I transferred €516.76 and received $672 (equates to rate of 1.30) and was charged €5 and $12 on top of this. (Again this $12 is the same no matter how much I transfer)
Now on 2 exchange rate websites (Oanda.com and XE.com) the exchange rates for 26th Oct was 1.40 (oanda) and 1.387 (xe) and on 28th Oct it was 1.38 (oanda) and 1.39 (xe). For simplicity purposes I will take the average of these 4 (=1.39) then my €516.76 should've given me $718.30.
This gives a difference of $46.40 from what I actually received ($672)
When I spoke to people in my Bank Of America office they said they were just told to input that amount $672 into the account from JPMorganChase.
So the process I see so far is that:
I ask for specific amount to get transferred and BOI takes a cut from the exchange rate (rate on the day was 1.40 and I get 1.354). They then use JPMorganChase to transfer the money who I would guess take a cut also (or maybe they are the folks who get the €5 fee?)
Then Bank Of America deposit the money. Again I would imagine that they also take a piece of the exchange rate.??
Maybe all of this is reasonable as I am new to it but I would like to get any other peoples opinions or if they have any advice for me to do transfer money more efficiently than this.
Thanking you all in advance,
Donieh