Sending money to U.S.A.

Delta2113

I want to send some money Euro from my Irish Bank Account to my Brother's U.S. Bank Account.

In the past I have used BOI who charge €5 and that's not bad but when my Brother gets the money they have taken from the total dollar amount a $15 incoming fee plus another $25 I think which they say is from an intermediary bank and they cant find out who.

I'm thinking of using CurrencyFair. Is this the way to go?

JTMan

There is also the FX margin fee to consider.

The intermediary bank should be clearly displayed on the wire instruction.

You have the right suggested approach. Use an online currency broker to do the transfer.

Delta2113

https://www.icomparefx.com/ - Irish guy in oz -some good info.

As I said my brother got stung with one clear charge with his American bank $15 but then also an intermediary bank took some money out $25 I think.

Currencyfair to U.S.A. :- On top of a fixed fee $4, there is an additional transaction cost calculated based on the amount you transfer and how you transfer. This fee can range between 0.15% and 0.5% of the amount you are transferring. It is based on how you convert your currency and how many members are in the market place. CurrencyFair will guarantee exchanges and will step in at a cost of between 0.4% and 0.5%, The cost is on average 0.35% per transaction.

dennyk

I've used xe.com to transfer money from my US account to my Irish one. Their exchange rates have been as good or better than my banks, and you can have the money delivered to the destination account via EFT, which does not incur a fee with XE, and shouldn't cost anything on the recipient's end (though this does take a few days to go through, unlike a wire transfer). Unfortunately you have to use a wire transfer to send money to XE from a non-US/Canada account, so you'll still have to pay your bank's wire transfer fee, but you'll avoid the fees on your brother's end at least.