LOWEST CURRENCY CONVERSION CHARGED DURING SWIFT WIRE TRANSFER

JINAYAKO | Jun 18, 2022 | 26 posts since 2022

IN THE PAST I HAVE DONE CURRENCY CONVERSION FROM GBP TO USD. BANK OF AMERICA CHARGES A REDICULIOUSLY HIGH RATE OF 3%. THE SAME GOES FOR BANK DRAFT CONVERSION CHARGES.

I AM LOOKING FOR A CURRENCY CONVERSION OF 0.5 %. BUT DEFINATELY NOT MORE THAN 1%.

FURTHER, FROM UK THE WIRE TRANSFER CAN COST ME GBP20.THIS IS VERY COSTLY.

I HAVE NEVER USED XE.COM or TRANSFERWISE.COM. I WOULD LIKE TO KNOW THE FOLLOWING: 1) CHEAPEST WIRE TRANSFER COST and 2) CURRENCY CONVERSION COST CHARGED BY CURRENCY TRANSFER COMPANYS. 3) TIME TO RECEIVE THE MONEY..

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Answers

Infinityy | Jun 19, 2022 | 107 posts since 2020

If you're receiving a GBP wire and want it converted to USD, I believe Schwab gives a highly competitive conversion rate.

But you need to make sure the wire is sent correctly, specifically with the "For Further Credit To" field completed with your Schwab brokerage account number.

See https://www.schwab.com/public/file/P-12116714/mkt25455intl.pdf

MidAtlantic | Jun 20, 2022 | 142 posts since 2012

I routinely use Wise and I have found them to be prompt and reliable. There is no margin on the rate (they use mid-market rate) and they charge a modest fee, which depends on the amount being transferred. I use ACH transfer, so no wire charges, and a transaction processed today is normally in my US bank tomorrow.https://wise.com/us/

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