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cheapest way to send money in Euros from US to Germany?

Discussion in 'Other Off Topic Forum' started by Pantdino, Dec 20, 2008.

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  1. Pantdino

    Pantdino Formula 3

    Jan 13, 2004
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    Jim
    #1 Pantdino, Dec 20, 2008
    I bank at Washington Mutual. About 2 years ago I wired 12K Euros (about $16K at the time) from my account which provides for free wire transfers. At that time the difference between the Interbank Exchange Rate I found on line and the rate they gave me (which I will term the spread) was 1.3%, which seems fair.

    The last time I wired money to Germany it was only like $700 and the spread was 6.1%. When I called WaMu they said the breakpoint is $10K-- anything below that has the same spread / exchange rate.

    I will need to wire about $7K probably in January, and I really don't want to pay WaMu roughly $420 for the service.

    What other ways are there to get money to a private party overseas that are cheaper?

    I suppose one way would be to wire USD if the bank of the receiving party has a better exchange rate, but it would also introduce another variable outside of my control.

    Thanks,

    Jim
     
  2. agup48

    agup48 Two Time F1 World Champ

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    #2 agup48, Dec 20, 2008
    Last edited: Dec 20, 2008
    I honestly don't know, but I have a question, where are you sending money to? If it's a relative, or someone you know and can trust, you can try to set up an account in their bank, and make a transfer directly. Don't quote me on this, I have no experience in this, it's just a suggestion. :)

    Try Paypal. Don't know if there are any fee's though. Do some research.
     
  3. Darolls

    Darolls F1 Veteran
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    #3 Darolls, Dec 20, 2008
    Hmmm, doing the 'Laundry', are we!? J/K

    Handle the transaction via 'LOC'.
     
  4. Pantdino

    Pantdino Formula 3

    Jan 13, 2004
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    #4 Pantdino, Dec 22, 2008
    Sorry, but I don't know what LOC stands for.
     
  5. Darolls

    Darolls F1 Veteran
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    #5 Darolls, Dec 22, 2008
    'Letter of Credit'.
     

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