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Getting the best rate on foreign wire transfers

Wells Fargo stagecoach shooting Native Americans (Jacksonville, Oregon)

Wells Fargo stagecoach shooting Native Americans (Jacksonville, Oregon)

@xe @WellsFargo

A couple of my more popular posts have been Wells Fargo International Wire Transfer still stinks and Beware of banks ripping you off on foreign currency wire transfers!.

Seven years have passed since that first post and more than six years have passed since the second post. Have things changed? Yes. They have gotten worse!

I had to wire DKK to my landlord in Denmark for this summer. Wells Fargo online quoted me a rate 3% off from the market rate, and the wire fee has gone up from $25 per transfer to $35 per transfer. The net result was going to be a cost of $2,165 for my rent. I called Wells Fargo to try and get a better rate and was put on hold for half an hour. At that point I hung up.

I then went to xe.com and within 15 minutes I had transferred the same amount in DKK (from my Wells Fargo bank account no less!) to my Danish landlord for $2,087.

Conclusion: you can waste your time and money with your bank, or you can use one of several online services that will transfer your money for you for less.

2 Responses to “Getting the best rate on foreign wire transfers”

  1. 1
    acase:

    A few hours after posting the above I received a notice from xe.com saying they canceled my account because they think it’s fraudulent!?!

    So I tried again with https://transferwise.com/u/a5ccc The cost? $2,071, an even better deal. Stay tuned for the results.

  2. 2
    acase:

    Update: xe.com sent the wire even though they said they canceled it! It took less than two days. The transferwire also went through in two days.

    I recommend https://transferwise.com/u/a5ccc They had the best communication, cost the least, and their website was quicker to deal with than xe.com

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