Our startup (based on Oregon) has a new need to make regular (monthly) international wire transfers to support a new development project. Given the cumulative $ amount of these transfers, our bank's exchange rate makes it a fairly expensive service. I am looking for recommendations for a timely and more competitive foreign currency exchange service. Thanks in advance!
Best foreign currency wire transfer service
Answers
Dear Anonymous:
There is no direct answer to your question as there are too many factors at play:
**What is the ~USD value of each payment
**Is the currency a frequently traded, high volume major or is it an exotic
**What is the basis for your contention that "your" banks rate is "fairly expensive"
**When cost effective, best practice is to bid out a trade to 2-3 counterparties, how many do you use
If i may, let us tie up some lose ends..................
David
David,
Thank you for your reply!
- Our payments vary in size. Large ones are ~$75k USD (2-3x/year), small ones are ~$2k USD and monthly.
- We are looking for USD to EURO transfer.
- We've compared the exchange rate of our bank to services like Transfermate (which we've never used) and it was a $2k+ difference for the large transaction, which may seem like a small amount of $, but for our small company, it adds up.
- This is a new need of ours.
Thanks in advance for any additional advice or thoughts you may have!
David and Anon,
Any follow-up on this?
KP
If you are making transfers in the foreign currency, I found American Express provided much better rates than our bank.
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Cash Management