irishfinanceguy
Registered User
- Messages
- 159
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.
Options for receiving a large amount of USD
- Thread starter Marine1
- Start date
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.
Gordon Gekko
Registered User
- Messages
- 7,379
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.
unless i am way off its a lot more than 140 euro, more like almost 10 times that.
Gordon Gekko
Registered User
- Messages
- 7,379
Someone else referenced a €14 differential between providers per €10,000.
My overarching point is that custody and security trump FX fees when it comes to real money.
This isn’t buying a round of cocktails in Manhattan using one’s Revolut.
basilbrush
Registered User
- Messages
- 155
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amount gets automatically converted to USD when direct debits (from Computershare, for automatic share purchases) are withdrawn from the USD account.
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.
Been using them for well over 10 years without a single issue.
Last edited:
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.
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 bank
basilbrush
Registered User
- Messages
- 155
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).
Last edited:
Wise isn't a bank. The account you have in wise isn't a bank account. All they do is provide you with bank details so you can send or receive USD. Wise takes your money, pools it together with everyone's else money and puts it on deposit or buys short dated government bonds. It is supposed to be completely segregated from own company funds so in the event of an issue, 100% of client funds should be available.
I am not 100% sure but I don't think non us citizens benefit from any federal insurance. Same with EUR funds in Europe as well. No deposit guarantee scheme applies.
There is nothing wrong with any of this and not casting dispersions on Wise at all but if people are going to be leaving large balances with money service providers, they need to be aware that they are not bank accounts in the traditional sense.
I am not 100% sure but I don't think non us citizens benefit from any federal insurance. Same with EUR funds in Europe as well. No deposit guarantee scheme applies.
There is nothing wrong with any of this and not casting dispersions on Wise at all but if people are going to be leaving large balances with money service providers, they need to be aware that they are not bank accounts in the traditional sense.
yeh sorry i made a mistake type, it would be 10-14€ per 1000.
Used to work, but does not work with the new Irish IBAN!
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.
Gordon Gekko
Registered User
- Messages
- 7,379
I was due a decent chunk of foreign currency recently and gave the sender my Revolut account details and the transfer wouldn’t work.
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.
Last edited:
basilbrush
Registered User
- Messages
- 155
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.
Good advice, thanks.