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Currency Conversion and Funds Transfer to Europe

Reverend_ChaosReverend_Chaos Suit Up!Spokane WARegistered User regular
edited February 2012 in Help / Advice Forum
I have made a purchase with a reputable smith in Poland and I need to get payment to him. I have his account information to do a funds transfer. Do I need to convert my payment into Euro's before transferring it to him? I fear that his bank will assign an unfavorable exchange rate if I send US currency. If I do want to convert it does anyone know of a website that would give me a fair exchange rate? I am ufortunately still banking with Wells Fargo and their exchange rates leaves much to be desired, and then they want to charge me a fee to do so - AND then to charge me a fee to deposit the funds into an offshore account. The purchase is $505 US and I don't want to pay a bunch in the way of exchange rates and fees etc. I have contacted the seller to see if he accepts paypal, but if he does not then I need a back up plan.

Thanks!

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    CauldCauld Registered User regular
    You can send a check, but it will take a long time to clear in his bank account (maybe 45 daysish). You can also wire the money, which will charge you a fee. You can ask your bank to convert your money before wiring it, but that may get you an additional fee.

    Honestly, Western Union is a very good option for this kind of thing. If he takes credit cards, just do that (you may be charged a 1-3% fee on foreign transactions on your cc).

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    EggyToastEggyToast Jersey CityRegistered User regular
    Since he's charging you 505 USD, that's what you'd pay. You don't need to convert to Euro on your end, as he's taking the currency conversion into account.

    Hopefully he takes Paypal, as it's by far the easiest way for you to pay him. Otherwise, I'll echo Cauld that a wire transfer is best for this type of stuff, either through your bank or Western Union.

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    Iceman.USAFIceman.USAF Major East CoastRegistered User regular
    You should be ok to just do the transfer from your US account. However there are some banks that have both US and European routing numbers. It allows me to transfer $ from my primary account to my SCU account and then pay someone in a specific amount of Euro.

    Service Credit Union is one of them, I'm not sure what they offer to non-military members. www.servicecu.org.

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