Best way to do an international wire transfer from the US?

In My Humble Opinion
1

I need to send some money to a Japanese bank account to pay for some schooling. I figured it would be fairly easy, since when I contacted my credit union (the only place I have an account) they said they could do it and gave me a list of what they’d need (which I had).

But after arriving, I found that they needed more information than they’d said (they wanted the address, etc., for an intermediary US bank since “we’re too small to do it ourselves”) and also used a fairly exorbitant exchange rate (they wanted about $300 above the “real” rate). I might be able to find the info they want, but that doesn’t seem any cheaper than Western Union, which I’ve always heard is a really expensive way to send money.

Western Union OnlineFX looks like it has reasonable rates/fees, but is also seems awfully involved (and slow) for a one-time transfer. But maybe that’s the way to go?

I’d be grateful for any suggestions.

2

Wiring money is insanely difficult - I’ve done it twice (once for a house, once for a car) and both times it took forever and got screwed up anyway. And it’s deadly expensive on top of that.

Is there really no other way to get the money there? Is there a bank with a Japanese affiliate that can handle it as a direct transfer? Can you FedEx a cashier’s check? Use a credit card?

3

Wiring money is always expensive. It’s a last resort.

Do you have any trusted contacts in Japan you could send funds to via Paypal?

4

FWIW, my experience is different. I do wire transfers from a U.S. bank to an overseas bank, for a $25 flat fee, and receive the funds almost immediately and at the best available exchange rate. They do require a detailed authorization to be faxed and perhaps confirmed by telephone.

If your bank won’t do something like this, perhaps you have a friend whose bank will, on his behalf at your request.

5

Sadly, wiring’s the only way. Japanese banks charge fairly hefty charges for taking credit cards, so a lot of places there don’t take them (my local bar did take cards, for example, but the owner would rather wait weeks for someone to come back and pay than have them use a card.)

Bank transfers (which can be done from any ATM) are a pretty typical way of paying for things. The Japanese bank I have to get the money to actually has a few branches in the US, so presumably they’d be able to act intermediaries if I go that route. But I’d like to find something cheaper :wink:

The Paypal suggestion is good, thanks. I’ll have to see if any my friends there use it.

6

Do you have a brokerage account? I don’t know for sure, but if they can’t help you directly I would hope that they can at least give you good advice as to how best to go about it.

7

I’m assuming that you use a real bank. :smiley:

I’ve heard BoA and Wells Fargo are good of this, but you have to have an account. That’s a good idea. I’ll ask around.

8

I have BofA and transfer money to Germany fairly regularly.
I believe regardless of the amount you send, it is a flat fee of $25-$30 to transfer money from my US account directly to the German bank - and it arrives there in Euros.

Easy and quick and do it online.

9

I did the same when I had a Chase account and needed to pay an overseas B&B owner who refused to take credit cards. I think the fee was $45, and the whole thing could be done online in about 30 seconds.

I’ve never tried these guys, but it looks intriguing. If you try them, please let us know how it goes.

10

I am not affiliated with HSBC, but I used to have an account with them and almost wired some money overseas once. Here’s a page with details. They make it sound straightforward.