Cheapest Way to Pay a US Company 5K

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networkn

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#136416 26-Nov-2013 14:49

Hi.

So I got this email today saying that if I pay this US Company 5K, in 2 weeks they will send me 15K. I am wondering what the best way to do this is, to attract the best Forex rates and least fees?

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#941091 26-Nov-2013 14:49

Don't worry about Forex fees. Simply pay them 10k and I am sure you will get double the returns.

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#941092 26-Nov-2013 14:49

Yes I am joking about the 5K to 15K thing, but I DO need to get 5K US to a US Company (they are one of our vendors).

heavenlywild

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#941093 26-Nov-2013 14:51

Could Paypal be a possibility? One of the safest and quickest options.

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#941094 26-Nov-2013 14:53

heavenlywild: Could Paypal be a possibility? One of the safest and quickest options.

The fee's are horrible AND exchange rates are bad.

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#941095 26-Nov-2013 14:53

Best forex rates are typically by bank to bank transfer, but it attracts fees, so it's a case of balancing the forex rates vs the fees... for $5k USD you'll probably come out ahead.

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#941098 26-Nov-2013 14:58

It sounds like Telegraphic Transfer may be your best option. If you send the funds in US dollars then you know the exchange rate before you send it.

The only unknown is bank fees occurred between your bank and theirs. I believe it is possible to send the money so that all the fees are billed to you (and the receiver gets exactly $5k) but I don't know how you do this.

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#941100 26-Nov-2013 15:02

Westpac's help says "Other Bank charges will be deducted from the international payment and will decrease the amount received by the payee. In most cases increasing the amount of your payment by NZD 40.00 will be sufficient to cover these charges."

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#941101 26-Nov-2013 15:02

$5k is not a lot of money in the grand scheme of things in the Forex world. So the hassles you take not going through the bank may not be worth the savings.

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#941102 26-Nov-2013 15:03

Western Union should have better rates than the banks.

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#941108 26-Nov-2013 15:09

networkn: Hi.

So I got this email today saying that if I pay this US Company 5K, in 2 weeks they will send me 15K. I am wondering what the best way to do this is, to attract the best Forex rates and least fees?

I have a great Uncle in Nigeria who will do this for you and also send us both $20,000,000 for sh*ts and giggles if you supply your internet banking details, just post your username and password on here and I'll tell him

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#941114 26-Nov-2013 15:21

Onesmart.co.nz card if they can process Mastercard

You can load up to $10,000 NZD, throw a bit more in for their merchant fess and you are done

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#941115 26-Nov-2013 15:23

I do a reasonable volume of US Transactions and spent time there most years. I am wondering about perhaps setting up a US account, or finding a company locally that has US Accounts and maybe coming to some arrangement with them, but it might be too much of a hassle for the volumes.

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#941125 26-Nov-2013 15:34

Not sure about the options, but if one is working in a foreign currency for a while it might be worth while looking into foreign currency accounts.

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#941131 26-Nov-2013 15:38

I used to use the Nat Bank version of this when transferring funds to Japan

http://www.anz.co.nz/personal/travel-foreign-exchange/foreign-currency-deposits/

You convert the money here then TT (as decribed above)

Funds generally clear out of local corresponding bank in the states so fees are usually minimal and can be charged back to you

If you are doing this on regular basis, it is best to talk to your bank.

Clint

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#941133 26-Nov-2013 15:38

A place was recommended to me on geekzone last year, I moved more money than that around succesfully and at better rates than the banks. If you PM me to remind me I'll look them up when I get home.

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