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Thread: Quick note on sending money to Europe

  1. #1
    RBW Member bowzer is a jewel in the rough bowzer is a jewel in the rough bowzer is a jewel in the rough bowzer is a jewel in the rough bowzer is a jewel in the rough bowzer is a jewel in the rough bowzer is a jewel in the rough bowzer's Avatar
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    Quick note on sending money to Europe

    Having just ordered my rEvo and run into some problems getting funds transferred I thought I would share the little I learned.


    To purchase a rEvo I had to convert dollars to Euros and place them in Paul's bank. I use a Credit Union for my banking. I didn't expect them to be able to transfer the funds, but they said that they could. They started the paperwork and used the web to find the current exchange rate. Paul had provided all the necessary information for the funds transfer, but my credit union wanted a "U.S. Processing Bank" and a routing number. They also suggested that I send more than the amount requested as, while they didn't charge fees, the other banks would charge an unknown amount... Long story short. It turns out that the CU really can't transfer funds outside the country. It depends upon intermediaries to do the actual transfer. It funnels money in one end of a pipe and an unknown lesser amount comes out the other end. Not what I wanted.


    Next day I opened an account at a commercial bank. They have a rule about not doing wire transfers unless the account is at least 30 days old. I assume this is a DEA/BATF idea. Luckily I had a copy of the purchase order with me which got me past this roadblock. When it came time to fill out the transfer paperwork, the initial exchange rate I was given was $1.51 per Euro (it was trading at $1.28 to the Euro). After some questioning the bank official made a phone call and got a rate of $1.35. At that point I showed him the $1.28 quote I got from my CU the day before. I managed to get the rate down to $1.32 a savings of about $200.


    Lessons:
    You can negotiate the rate and bringing a quote from another bank helps.
    If your bank asks for a “US Processing Bank” you may want to try another bank.
    Bring a copy of the sales agreement/order as it may get you past “imperial entanglements.”


    good luck

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    Re: Quick note on sending money to Europe

    Quote Originally Posted by bowzer  View Original Post
    Having just ordered my rEvo and run into some problems getting funds transferred I thought I would share the little I learned.


    To purchase a rEvo I had to convert dollars to Euros and place them in Paul's bank. I use a Credit Union for my banking. I didn't expect them to be able to transfer the funds, but they said that they could. They started the paperwork and used the web to find the current exchange rate. Paul had provided all the necessary information for the funds transfer, but my credit union wanted a "U.S. Processing Bank" and a routing number. They also suggested that I send more than the amount requested as, while they didn't charge fees, the other banks would charge an unknown amount... Long story short. It turns out that the CU really can't transfer funds outside the country. It depends upon intermediaries to do the actual transfer. It funnels money in one end of a pipe and an unknown lesser amount comes out the other end. Not what I wanted.


    Next day I opened an account at a commercial bank. They have a rule about not doing wire transfers unless the account is at least 30 days old. I assume this is a DEA/BATF idea. Luckily I had a copy of the purchase order with me which got me past this roadblock. When it came time to fill out the transfer paperwork, the initial exchange rate I was given was $1.51 per Euro (it was trading at $1.28 to the Euro). After some questioning the bank official made a phone call and got a rate of $1.35. At that point I showed him the $1.28 quote I got from my CU the day before. I managed to get the rate down to $1.32 a savings of about $200.


    Lessons:
    You can negotiate the rate and bringing a quote from another bank helps.
    If your bank asks for a “US Processing Bank” you may want to try another bank.
    Bring a copy of the sales agreement/order as it may get you past “imperial entanglements.”


    good luck
    Great tips!

    One question comes to mind, could you not have used a credit card for the transaction a lot easier?

  3. #3
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    Re: Quick note on sending money to Europe

    rEvo has PayPal but for such big amounts you'll be paying extra high percentage.
    I did my transaction through Citibank and just paid $10 as we have many big name banks here. They just follow the exchange rate of the day.

    Davy

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    Re: Quick note on sending money to Europe

    Quote Originally Posted by Davydive  View Original Post
    rEvo has PayPal but for such big amounts you'll be paying extra high percentage.
    I did my transaction through Citibank and just paid $10 as we have many big name banks here. They just follow the exchange rate of the day.

    Davy
    When you want to convert a larger amount into foreign exchange, you may request a "wholesale" rate. It shaves a few dollars in your favor.

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    Re: Quick note on sending money to Europe

    Do you american guys not have services like HiFX?

    Foreign Exchange, Currency Exchange & International Money Transfer Specialists | HiFX plc

    I use them for on-line bank transfers worldwide, decent rates, fast turn around. I believe UK only, but perhaps something exists for USA?

    Matt.

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    Re: Quick note on sending money to Europe

    I just sent my down payment to Paul
    What a pita, 1hour to figure how to do it
    45 dollar charge, rate was 1.32 (week ago)
    Had my instructor on the phone with them.
    At Chase bank you would think they would know
    How to do it.

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    Re: Quick note on sending money to Europe

    Quote Originally Posted by bmwgsboy  View Original Post
    I just sent my down payment to Paul
    What a pita, 1hour to figure how to do it
    45 dollar charge, rate was 1.32 (week ago)
    Had my instructor on the phone with them.
    At Chase bank you would think they would know
    How to do it.
    yes, sometimes it's difficult..

    problem is ofthen that the US based bank has no experience wiring money out of the country

    in Europ it's so easy, and completely free of charge: just using the standardised system with IBAN and BIC

    and why not CC? well your choice: 45 dollar, or 4% on the invoice total?
    Last edited by paulraymaekers; 20th January 2012 at 12:08.
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    Re: Quick note on sending money to Europe

    Quote Originally Posted by paulraymaekers  View Original Post
    yes, sometimes it's difficult..

    problem is ofthen that the US based bank has no experience wiring money out of the country

    in Europ it's so easy, and completely free of charge: just using the standardised system with IBAN and BIC

    and why not CC? well your choice: 45 dollar, or 4% on the invoice total?
    Good point!!!
    Do you take cash???

  9. #9
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    Re: Quick note on sending money to Europe

    Quote Originally Posted by paulraymaekers  View Original Post
    yes, sometimes it's difficult..

    problem is ofthen that the US based bank has no experience wiring money out of the country

    in Europ it's so easy, and completely free of charge: just using the standardised system with IBAN and BIC

    and why not CC? well your choice: 45 dollar, or 4% on the invoice total?
    What about Debit Card?

  10. #10
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    Re: Quick note on sending money to Europe

    Just a quick note re sending money to Europe - please send as much as you can. I think they need it....

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