Forums / Property Investing / Help Needed! / Cheapest way to send cash overseas?

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  • Profile photo of JustAllanJustAllan
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    @justallan
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    Hi! Does anyone know a cheap way to send cash overseas? Citibank want $25, Paypal goes on percentage… There must be something better!

    Allan.

    Profile photo of Steve McKnightSteve McKnight
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    @stevemcknight
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    What about Western Union?

    Most newsagents are agents…???…

    Cheers,

    Steve McKnight

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    Profile photo of JustAllanJustAllan
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    Thank you Steve, I’ll check that out now. Anyone else have any suggestions? I owe someone in the USA several hundred $. The last time, I used Paypal – who took a huge chunk of it.

    Allan.

    Profile photo of JustAllanJustAllan
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    Originally posted by SteveMcKnight:

    What about Western Union?

    Most newsagents are agents…???…

    Cheers,

    Steve McKnight

    I just phoned Australia Post – they said:

    Sending from $301-$450 = $43 charge
    Sending from $451-$600 = $50 charge

    I don’t think I want to know much more above that. [eh]

    Hm… Other suggestions anyone?

    Profile photo of 1Winner1Winner
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    $25 ? Go for it! I don’t think you will find anything cheaper, are you sure?
    Western Union is the most practical way by far, but not cheap. Interesting how on their website there is no way to find out the fees they charge.

    If you owe money to someone, the cheapest way is probably to deposit in their credit card account. Zero fees. If you know someone who has a shop and EFPTPOS, and you had his Credit Card (hipotesis) you could reverse money into the card again at zero cost.

    May God bless you
    and prosper you.
    Marc

    Profile photo of GeronimoGeronimo
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    Or send a personal cheque, costs bugger all but takes forever(about 2-3 weeks to clear).

    A friend in the UK sent a cheque for a reasonably large amount to himself in pounds and I think it cost $3 this side to process. Not sure the other way round.

    Brendon


    Acute Mortgage Reductions
    http://www.acutemr.com.au
    [email protected]

    Profile photo of BrownleeBrownlee
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    St George is $20 if you transfer funds through the internet … a very easy process … I am sure other banks provide cheap online overseas transfers like St George

    Profile photo of itchyfeetitchyfeet
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    My Brother transfers a lot of money overseas with his business and he swears by Travelex (www.travelex.com.au). I think the thing to watch is not how much they charge you up front, but the exchange rate they use. You can lose 10% of your money if you go through a normal bank (compared to the international money market rates).

    Cheers,

    ItchyFeet

    Profile photo of magpie_2magpie_2
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    Check with your bank before you send a cheque, some charge $10 – $20 to clear cheques banked overseas. Also, your friends bank may charge a fee also to deposit the cheque. I currently pay an account overseas by ringing up and getting it charged to my credit card here. Perhaps you could pay for something your friend owes. Get an exchange rate quote on the day, being careful to get the correct rate, as it makes a difference whether you are sending the money or receiving it on any given day. Magpie

    Profile photo of SantefeSantefe
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    Sorry mate

    There isn’t a cheaper way. I have been sending money overseas for the last two years and have shopped around. You must also shop around for a good rate. You will be surprised at the differences.

    Profile photo of elveselves
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    @elves
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    It depends on how you want to send it, eg telegraphic transfer or bank cheque….
    westpac costs from 15 to 30 adn then fees most likely apply at the other end.

    Cheers

    ” a blind man may see what a sighted man may not”

    Profile photo of JustAllanJustAllan
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    @justallan
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    Just bringing this thread to the top… I found this site:

    http://www.yowcow.com

    Now I’m not 100% certain, but it seems genuine. It’s 50 cents (US?) to send any amount. I’ll have to look into it some more, but I thought there might be some people here also interested.

    People we know in the USA were told by their bank it would cost $75 if a cheque was not written in US dollars. I pay people directly with my visa card in the USA all the time and that costs nothing. So even $20 as mentioned earlier in the thread is criminal as far as I’m concerned.

    If anyone has experience with yowcow – good or bad – please let us all know!

    Allan.

    Profile photo of ezy.home.loans23320ezy.home.loans23320
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    @ezy.home.loans23320
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    oo oo I will take it for you but it may take a while for me to find your friend As I am going on a trip to spain depending how much you have I could travel the world.[buz2]
    oh to find some one silly enough to trust me…it would be tooo EZY

    Profile photo of MyydralMyydral
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    @myydral
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    This may sound like a ridiculous idea, but why not just send the actual, physical cash? Use a “sorry to hear you are sick” card or similar, someone would not expect to find money in a card like that. I am thinking nefariously here.

    Does a money order, through the post office for $2.50 ( I think ) sent from Oz to the US work?

    Hope this help

    “Looking forward to the day when I can tell the boss where to go”

    Profile photo of ezy.home.loans23320ezy.home.loans23320
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    @ezy.home.loans23320
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    Post Count: 144

    [buz2]oh goodness send the cash through the mail thats as silly[jester] as my idea of you giving it to me.lets hope you dont take our suggestion to seriously.
    sorry[blush2] if I offended any one, its EZY

    Profile photo of stormbizstormbiz
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    @stormbiz
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    Allan,

    I would highly recommend http://www.stormpay.com as a payment processor (my user name is an indicator of my bias here though).

    I thought I needed to jump in on the ‘yowcow’ suggestion though. I can tell you that there are many processors popping up as you can now buy your own payment processing script for under $30. They all lack any kind of security and are not registered in the US. Stormpay and Paypal are basically the only two!!

    Stormpay does like Paypal charge a fee but it will at amounts under $500 be competitive with the banks. Free credit card funding and zero withdrawal by cheque will help out though.

    The P.O. idea was probably the best cost option though (although slowest). A money order from Japan here I know its the cheapest way to do it back to OZ. I actually use Lloyds myself now as I’m sending to myself and need it to go directly into my account and the overnight deposit is better than hoping my parents don’t take off for a 3 week holiday AFTER I send the funds (LOL).

    The cash in an envelope is definately the cheapest, although I have never done over $50 (and I thought it was illegal??)

    I think it’s a good idea to search for the most cost efficient way, but you will need to face the reality, banking costs money … the more risk you wish to take on and the more time to get $$$ from A to B are your considerations.

    Good luck with it!!

    David

    Profile photo of Michael RMichael R
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    @michael-r
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    If you want a secure and efficient method of payment, simply wire the funds from your bank to the recipients – which I assume is the $25 fee you referred too.

    However, depending on which bank in the United States, the recipient will incur a fee of US$10-30.00 per transaction.

    If you send a personal check, it may not be accepted by the US bank – again dependent upon which one is depositing the funds. Many banks over here are privately owned and have policies re: accepting foreign personal/business checks.

    If you send cash – not a smart idea – you should convert to US currency, or it is possible the funds will be worth less when [if] they arrive.

    As for tranferring funds to another parties credit card – I understand this cannot be done in the United States.

    The time you have spent finding a cheaper alternative has probably cost you more than $25 in lost income.

    — Michael

    P.S. PayPal does not charge any fees for sending money, or receiving money – if a personal account. They do charge a 2.5% spread “above the wholesale exchange rate” which is significantly less than the other options discussed.

    Profile photo of Michael RMichael R
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    @michael-r
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    “I pay people directly with my visa card in the USA all the time and that costs nothing.”

    Unless I am missing something here, in order to pay anyone with a credit card, they must have a “merchant account”.

    The only other method, aside from conventional means, when using a credit card is PayPal or a similar service.

    — Michael

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