What's the best way for transferring money from Europe to the USA and vice-versa?

By best I mean lowest fees and a good exchange rate. To the best of my knowledge banks are usually bad with both. I found several services doing research online but I was wondering if I should "trust" them or not.

closed as off-topic by Chris W. Rea, JoeTaxpayer Jan 18 '15 at 13:23

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  • It depends at lot on the amount your talking about - a lot of currency transfer services require a minimum amount of money to be sent. – Timo Geusch Nov 10 '11 at 23:46
  • @TimoGeusch let's say about 2-3k (EUR or USD) – Gevorg Nov 11 '11 at 0:26
  • There is always the low-tech way: money.stackexchange.com/a/5859/1229 – Muro May 1 '13 at 13:37

The website http://currencyfair.com/ provides a service which gives you both a decent exchange rate (about 1% off from mid-market rate) and a moderately low fee for the transfer: 4 USD for outgoing ACH in the US, 10 USD for same-day US wire. For the reverse (sending money from the US to EU) the fees are: 3 EUR for an ACH, 8 EUR for a same-day EUR wire.

It has been online for quite a while, so I assume its legit, but I'd do a transfer for a smaller sum first, to see if there are any problems, and then a second transfer for the whole sum.

  • thanks! did you ever use this service? How did you like it? – Gevorg Nov 11 '11 at 15:33
  • @Gevorg I registered buy didn't use them yet, as TransferWise.com provides cheaper rates between the Eurozone and UK. To register you need to upload a scan of your ID and scans of two different documents showing your address - these can be bank statements or utility bills. – miernik Nov 11 '11 at 15:38
  • An alternative to Transferwise.com is TransferGo.com – brt Aug 16 '16 at 23:37

PayPal.

Or even Western Union or MoneyGram. Despite their fees, there is a reason those companies are still in business.

protected by John Bensin Aug 7 '13 at 14:09

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