OFX vs Transferwise - Best Option For 2020

Most economical way of paying off student loan from overseas.

I searched through this subreddit and was surprised to see this hasn't been discussed at much length (or I am bad at searching).
I am living overseas in Canada and am being charged 3.5% interest on my student loan balance so I'd like to now start paying it off ASAP.
From what I can see there are a number of possible methods for paying off a student loan from overseas:
I put together a quick table summarizing my options, calculated at 07:00 EDT - 9/8/20. Some things to note:
Method Fee Send Amount (CAD) Recieve Amount (NZD) Notes
TransferWise $8.79 $891.60 $1,000.00
Western Union $0.00 $908.30 $1,000.00
Orbit Remit $0.00 --- --- CAD Not Available
XE $0.00 ? $1,000.00 Website Down
OFX $0.00 $887.67 $1,000.00
Credit Card $0.00 $896.33 $1,000.00
Credit Card $12.72 $909.05 $1,000.00 IRD Convenience fee included (1.42%)​
Direct Debit $0.00 $904.10 $1,000.00
I have a few questions:
Thanks!
submitted by middayjester to PersonalFinanceNZ [link] [comments]

TransferWise for foreign currency management

Has anyone here used Transferwise (https://transferwise.com/) to deal with foreign currencies? I'm living in the US but frequently get wire transfers in Euros and my bank (BoA) is devouring a huge chunk off the top. My most recent transfer (received payment) was about 10k euros on 8/31 and I lost like $500 of it because it's being converted at like 1.12 when really the euusd rate hasn't been below 1.17 since early august. I called BoA to ask why this discrepancy exists and they said it's due to the rate that the sending bank gives them, which I understand, but that means I have to contact the foreign bank and deal with them which is just annoying and I know they won't change it anyway. I checked on the sending bank's site and it seems they are sending at a rate of about 1.1533 which is closer to the real rate but still about $200 lower than it should be. Looking at Transferwise it seems to imply I can create an account and for a small conversion fee, get much closer to the real forex rate which would mean an extra $300-500/month depending on the size of the payment.
Has anyone used this and if it's not a good solution, how can I keep more of my money? Both sides (receiving and sending) are being shifted significantly from the actual market exchange rate (right now for example the BOA side is converting at 1.1214 for EUR -> USD and costs 1.2449 to go from USD -> EUR...The foreign sign is like 1.15 to go EUR->USD and 1.20 going the other way. Closer, but still not good. The current market rate is actually 1.1856 as we speak).
submitted by sailingsignal to personalfinance [link] [comments]

Withdrawing USD Funds from Philippine-Based Paypal Account Using TransferWise Borderless Account

This is a response to u/sgicruz*'s post:* Best way to receive USD payment into a USD savings account? I created a post since this is a bit long comparison.
If you are transferring large amounts of USD from Paypal (i.e. >USD 2,000 at a time), you are forced by Paypal to withdraw in PHP, since you cannot withdraw USD directly to Philippine-based USD accounts. Instead, you can use the TransferWise Borderless Account. The Borderless Account allows you to hold multiple currencies on the account, and also provides USD US Bank Account details (also GBP, Euro, AUD, NZD) which can receive funds via local ACH (automated clearing house). Paypal can withdraw USD funds via US ACH. (There is a verification step before being assigned bank account details: see footnote at the bottom of my post)*
For comparison, below are three scenarios:
  1. Paypal (USD) -> Local PHP Savings Account (PHP)
  2. Paypal (USD) -> TransferWise Borderless Account -> BDO USD Savings Account (USD)
  3. Paypal (USD) -> TransferWise Borderless Account -> Local PHP Savings Account (PHP)
---------------------------
1. Paypal -> (Withdraw to PHP Bank Account) -> Local PHP Savings Account
Associated fees (sample computation for USD 2,000):
Total fees: PHP 200 (for USD 2,000 sample computation)
(Note: if you use GCash, I think total fee is always PHP 0, subject to wallet and transaction limits)
Exchange Rate (sample for May 8, 2020): 1 USD => PHP 48.9414
Net PHP received thru bank: PHP 97,682.70 (BDO) or PHP 97,882.70 (GCash)
Paypal's PHP-USD buy/sell spread is horrendous at around ~3.0-3.5% compared to the mid-market rate. But this is still a valid option if (1) you are withdrawing small amounts, or (2) you need instant access to cash.
---------------------------
2. Paypal -> (Withdraw to US Bank Account) -> TransferWise Borderless Account -> (Send USD via SWIFT) -> BDO USD Savings Account
Associated fees (sample computation for USD 2,000):
Total fees: 59.60 USD
Net USD received thru bank: USD 1940.40
If your ultimate goal is to get the funds in PHP, we can try exchanging the USD to PHP via BDO
Exchange Rate (sample for May 8, 2020): 1 USD => PHP 50.0000 (BDO USD Buy rates)
Net PHP received thru bank: PHP 97,020.00
There are a lot of fixed fees, so this will only be economical for large amounts of USD (probably >USD 3,000). In addition, BDO's PHP-USD buy/sell spread is around ~0.5-1.0% compared to the mid-market rate.
Paypal withdrawal to US bank account takes around 1-2 banking days, while SWIFT transfers take around 1-5 banking days.
---------------------------
An alternative is to send PHP directly from TransferWise. This is cheaper than Paypal or even the USD route described above. This is because TransferWise's exchange rate uses the mid-market rate, and they have transparent fees. In addition, TransferWise -> Local PHP Savings Account settles in minutes, as opposed to the SWIFT USD transfer above (which can take anywhere from 2-5 banking days).
3. Paypal -> (Withdraw to US Bank Account) -> TransferWise Borderless Account -> (Send PHP via ACH [this means Bancnet]) -> Local PHP Savings Account
Associated fees (sample computation for USD 2,000):
Total fees: USD 47.01
Net USD for conversion: USD 1952.99
Exchange Rate (sample for May 8, 2020): 1 USD => 50.4800 PHP
Net PHP received thru bank: PHP 98,586.93
Paypal withdrawal to US bank account takes around 1-2 banking days, while TransferWise USD-PHP ACH (Bancnet) settles in minutes.
---------------------------
*To receive your own USD bank account details, you're required to "Add Money" at least GBP 20 or its equivalent (maybe USD 25). This is their verification requirement. I recommend adding money using Visa/Mastercard Debit Card: TransferWise has around 4.5% fees for the Debit Card Add Money option, so it's going to cost around ~PHP 60 in fees. I recommend using CIMB ATM card if you have, since they currently (as of May 8, 2020) do not charge forex conversion fees. If not, any Visa/Mastercard debit card will do (including BDO Visa ATM cards).
---------------------------
TLDR;
For relatively small amounts, withdraw directly from Paypal to PHP bank account. Best choice is Paypal -> GCash (no inward remittance fee).
For larger amounts, withdraw USD from Paypal to TransferWise Borderless Account, then send PHP via ACH (Bancnet) to Philippine PHP Savings account.
But if you want to keep the amount as USD: withdraw USD from Paypal to TransferWise Borderless Account, then send USD via SWIFT to Philippine USD Savings account.
submitted by wdjose to phinvest [link] [comments]

Moving USD/CAD funds and the implication of capital gains taxation

Hello, US Citizen living and working in Ontario.
I have both a Canadian bank account and my original US bank account that I still use when I'm travelling/spending money in the US. I'd like to replenish my US-based bank account with more funds using Transferwise if the power of the loonie increases against USD. But I don't want to bother with that if I need to pay a capital gains tax on it. When does/doesn't moving CAD between USD count as an 'investment'?
I have noticed the big banks here in Canada often offer chequing/savings accounts in US dollar funds. Has anyone used these? I presume you move your CAD from your primary account to the USD account. But, what if you move the funds back from the USD account to CAD? Does Capital Gains taxation apply here?
tl;dr: When does converting currency get considered as FOREX trading? Where's the line drawn?
submitted by ChanceFlower to PersonalFinanceCanada [link] [comments]

Question about buying ETFs in euros and IB brokerage fee

So I opened an account with IB, but they seem expensive when it comes to trading european currencies: like 6euros minimum fee when buying stocks.
MY question is, when buying an ETF for example IWDA or VWCE - these are in Euro, but they track USD stocks. When purchasing these ETFs via IBKR, would I be paying the fee for US stocks, meaning the low min. 1dollar per order?
Also, another questoin with IBKR - since my funds will be in pounds and euros, when buying for example an American Stock, will the forex be done on its own, or will I have to do it on my own? Are these online brokers generaly ripping you off when you exchange from EUR to USD ? Should I rather use Revolut or transferwise to change some EUR to USD and then transfer it to my IBKR account in order to purchase USD stocks?
Thanks in advance guys!
submitted by alexdd88 to eupersonalfinance [link] [comments]

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submitted by GiuliettaShop to Popify [link] [comments]

Best banking setup for receiving US-source income in Canada?

Apologies if this has been asked before; I've researched a bunch of different options and finding information online is pretty frustrating. Thought I'd source the hive mind instead of spending n minutes on the phone with reps who probably won't tell me anything useful anyway...
I'm earning USD but living and spending in Canada.
Currently I have TD chequing, TD USD daily interest, and TD Bank (US based) chequing. I get $USD deposited into the TD Bank (USA) account, then I get free wire transfers to the TD (CA) USD account. After that... well, it seems my options for converting that USD to CAD are limited. I could transfer to the TD chequing account and eat the 2.5% foreign exchange fee, but I'd rather not, because this is my primary income and it would be a significant chunk of change. I could visit a TD ATM, withdraw cash, and change it at the local currency exchange at good rates, but I'd also rather not have to make that trip and carry around large amounts of cash on a regular basis. TD also charges monthly and transaction fees - not significant in the big picture, but I kinda resent paying fees for shitty banking services that don't even do what I want.
Does anyone have a set up they are happy with?
Things I've considered:
Basically I need to:
And I would prefer not to spend $50/mth in wire transfers and assorted banking bullshit. Am I out of luck?
submitted by xianny to PersonalFinanceCanada [link] [comments]

The 10 most popular ways to send and receive worldwide

Now more than ever, increasing commercial globalization has lead to boost the number of online buyers and sellers. Consequently, it has transformed the process of fund transfer remarkably. Now, we have digital money transfer facilities that are much faster, reliable and flexible. They have been designed precisely for the contemporary needs. This article is authored to put an honest list of the top ten most popular ways to send and receive money worldwide. In many online ways of sending and receiving money is convenient than the conventional.
Take a look on the most beneficial hence popular way to send and receive money worldwide:
PayPal: When it comes to popularity, PayPal would be most popular online payment system. The website offers a reliable way to send and receive funds across the world.
Western Union: This could be the oldest yet fastest Money Transfer Service Provider. With the 150 years of experience, Western Union is still popular as it was decades ago.
Transferwise: With the notable presence in 59 countries covering 504 currency routes, Transferwise is among the most celebrated money transfer websites.
MoneyGram: This USA based online money transfer company holds a significant amount of online payers and payees. The company is internationally acclaimed for the most popular integrated payment system.
Payza: Payza is an India based online payment company that let the users deal with 25 worldwide currencies. Moreover, the company is popular in South Asia.
Neteller: Another fastest and reliable Money Transfer company Neteller is popular for the convenient online fund transfer. The company was founded in 1999 and since then it has become one of the favorites of its kinds.
Epay.com: Fortunately, the contribution of Epay.com for tailored payment services for the BTC trading platfrom ,Forex trading plaform and merchants across the globe is significant. Epay.com allows its users to deal with a plethora of ecurrencies. Moreover, most of their services are cost-effective.
Xoom: Actually, Xoom is powered by PayPal, but it has become one of the popular money transfer service Providers. Xoom is currently available in 52 countries.
On finding the most reliable way of sending and receiving money, you cannot afford to ignore the most affordable one. It would be much beneficial when one get both of them in a single bucket. When it comes to proving most reliable and affordable Money Transfer Service then Epay.com will be on the top list.
With the 1~3 % of withdrawal or deposit fees, epay.com is the affordable and secure money transfer service provider. Create a free epay.com account.
submitted by quepiao to currencytrader [link] [comments]

Using TransferWise to transfer money to Crypto.com - YouTube PayPal to TransferWise - Cheap International Money ... How To Send Money Internationally Overseas With ... The TransferWise multi-currency account: how it works ... transferwise - transferwise money transfer  ارسال المال ... TransferWise Money Transfer  How To Use TransferWise ... How To Withdraw Money From TransferWise Account Tutorial ...

About TransferWise; New Multi-currency account New New Multi-currency account New. Multi-currency account. Receive money from 30+ countries. Send at the real exchange rate, and spend with a TransferWise debit Mastercard®. Pricing; See how it works; Business Business. TransferWise for Business However, we return once more to “horses for courses” because business owners in the US must choose the Global Currency or Borderless accounts, since WorldFirst has no US presence. And what if Xero integration is an absolute must? If that’s the case, then you’d again be choosing between a Global Currency or Borderless account while you wait on WorldFirst to roll out this functionality ... Multi-currency account. Receive money from 30+ countries. Send at the real exchange rate, and spend with a TransferWise debit Mastercard®. Pricing; See how it works; Business Business. TransferWise for Business. A free international business account to send, spend and receive in multiple currencies with the real exchange rate. Business pricing; Open API; Mass Payouts; TransferWise for Banks ... TransferWise does offer multi-currency receiving accounts and debit cards for the individual. But OFX can offer a more personalized service through their personal account managers. TransferWise would be perfect for sending smaller sums of money often. OFX caters to larger transfers of money by working with individuals needs and timing of transfers. OFX. Winner. VISIT ofx.com. Business Benefits ... OFX vs Transferwise - Best Option For 2020 OFX Currency Transfer. OFX is an online international currency transfer provider for eCommerce and Amazon sellers or anyone sending money across borders. With no maximum transfer limit and a minimum of $1000, OFX is one of the cheapest international currency transfer service providers for your business. You convert one currency to another using the exchange rate between those two currencies. For example, an exchange rate of 1 US dollar to 2 euros means you convert 1 USD to 2 EUR and 2 EUR to 1 USD. It’s about how much one currency is worth in the other, use our currency converter to find out. With a TransferWise account you pay a small fee to add money to your balances and convert between currencies in your account. There's a small fee to send money from your account to a bank account. We never, ever inflate the exchange rate. It's free to open your TransferWise account. It's also free ...

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Using TransferWise to transfer money to Crypto.com - YouTube

In this tutorial, we look at the cheapest way to transfer money from one account to an international account. We look at how you can transfer your funds from... How To Withdraw Money From TransferWise Account Tutorial __ Try Transferwise using my code and we’ll each get a bonus! https://transferwise.com/invite/i/anth... How To Send Money Internationally Overseas With TransferWise Tutorial __ Try Transferwise using my code and we’ll each get a bonus! https://transferwise.com/... https://transferwise.com/ transferwise - transferwise money transfer how to use transferwise (2020) the transferwise debit card Get a Free Money Transfer Here https://meticsmedia.com/transferwise In this video I explain why a transferwise money transfer is so much cheaper than the... The TransferWise multi-currency account lets you keep money in more than 50 currencies, and convert between them at the real exchange rate whenever you need.... Since every app user has an individual bank number, your name and IBAN is all you need. TransferWise knows the BIC/SWIFT automatically. If you wish to sign u...

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