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Thread: Money transfer provider

  1. #1

    Default Money transfer provider

    hello
    I'm about to start my own business. And I need your help about choosing right money transfer providers for money transfers from Europ to US , with the best offer, lowest fee etc.

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    Quote Originally Posted by dara11 View Post
    hello
    I'm about to start my own business. And I need your help about choosing right money transfer providers for money transfers from Europ to US , with the best offer, lowest fee etc.
    Money Gram, Western Union

  3. #3

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    I would keep away from WU and MG. I am very certain you can find newer starups with much lower fees and better efficient services. transferwise.com and worldremit.com for example might be better and cheaper alternatives.

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    I found B2B Pay, and it seems very interesting to me, but I would like to know if somebody has experiences with this money transfer provider.

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    What do you mean "money transfer"? For me it's pretty easy. I either send them an invoice which they pay, or we can do a wire transfer.
    Not understanding the issue. Why do you need a special service? What amounts are we talking about?

  6. #6

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    my business is mostly between Europe and US and I loose a lot of money in transfer and fee from one bank to another is very high. We are talking about bigger amounts and payments are in Euro so when I exchange it in US dollars I loose a lot of money

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    Quote Originally Posted by dara11 View Post
    my business is mostly between Europe and US and I loose a lot of money in transfer and fee from one bank to another is very high. We are talking about bigger amounts and payments are in Euro so when I exchange it in US dollars I loose a lot of money
    I'm still not getting it. 1 Euro is worth $1.16 U.S. If you're billing people the converted amount, where are you loosing money? Are you in Europe billing American customers, or in America billing European customers? Are you talking about transferring money from your own EU bank to your own U.S. bank?
    How often are you doing this and why?

    I bill customers in other countries and don't seem to lose any money other than normal processing fees. What ever the amount is I get it in U.S. dollars.

    Maybe if we had more information. I'm just not understanding your specific situation.

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    Quote Originally Posted by Harold Mansfield View Post
    I'm still not getting it. 1 Euro is worth $1.16 U.S. ...
    I think I know what the OP is getting at. It all depends on the banking system and where the conversions are taking place. It could very well be that the OP is running into the exact same thing I have been when paying bills in US funds.

    As of today, the posted Can>US exchange is $0.7837. This, in theory, means I get $0.78USD for every $1CDN. In reality, the real exchange rate that I would pay is closer to $0.65USD for every $1CDN (a difference around $0.13 per dollar exchanged). I should also mention that this is a sliding scale as when the Can/US exchange is closer to parity ($1CDN=$1USD) the spread is closer and when the posted exchange is lower (CDN lower than US) the spread is greater (worst I paid was $1.51CDN for every $1US while the posted Can>US exchange was $0.685 giving a difference of almost $0.20 per dollar exchanged). At one time the relationship between our currencies was linear while now it is a crap shoot as to what the real exchange is.

    If what I outlined above is what the OP is seeing, I hope you find a better solution. I've been looking for almost 2 years now and still haven't found anything worthwhile.
    Brad Miedema
    Fulcrum Saw & Tool

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    But if you're billing to account for the exchange rate, why aren't you getting the full amount? For instance, when I bill someone with Pay Pal/Braintree, it doesn't matter what currency they're paying in, their going to see and pay a total the is the equivalent. Fees are the normal fees. Same with wire transfers, they see and pay the equivalent in their currency. If it's $7k U.S. that's what they're paying and that's what I get.

    So where in this exchange am I losing money?

    So now I have the money in my account. Full value. So now I'm transferring the money to a different bank in a different country?
    Why am I doing that?

    Sorry guys sometimes I need the really slow, remedial explanation.

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    See bold parts below. I see this exact thing weekly and has probably cost me an extra $25-30K not counting lost opportunity costs nor interest in the last 20 months. Shoot, a $2600US air compressor ran me close to $3600CDN and that was with a posted $0.80 rate ($1cdn=$0.80US). If you can figure out the math, let me know because I'm stumped.

    for money transfers from Europ to US
    The OP is exchanging his home funds for US funds. It doesn't appear that he is losing out on what he is collecting but on what he is spending.
    Brad Miedema
    Fulcrum Saw & Tool

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