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I got something cool in the mail today 🤓
Any good ETFs to invest Roth into?
5% in the US. Putting in my notice tomorrow!
Rough out here.
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How much you are transferring matters. There are specialist firms that can offer better rates but triple check their registration with regulators. Also confirm what the hold eland requirements will be on both sides. Transferring $100 is one thing, $100k is another matter.
Beyond rates also look at timing.
Lastly, I don’t think that it’s a good idea to exchange currencies out of USD. I’d be okay with Euros but beyond that I’d be hesitant to. You haven’t mentioned but be careful about the local bank and local restrictions, getting money in is usually easier than getting money out.
Subject Expert
Why be hesitant to convert currencies? Doesn't the OP need to convert to spend?
Yes. Good rates and works well for most countries.
Subject Expert
Check the rates on wire transfers. There are some banks that have accounts that come with free wire transfers.
Subject Expert
That's so nice of you to say. :)
How much cash are you talking about? Im retired and live part time overseas. I use Fidelity for both investing, cash management, bill paying, and to support my lifestyle overseas.
While I also have an account with a traditional bank, I primarily use it for the mortgage on my home in the USA plus Zelle when gifting money to my kids, siblings, and neices/nephews.
Back to Fidelity, they do not charge any international transaction fees, refund ATM fees, and have more favorable foreign exchange rates than any bank Ive visited stateside or where I live.
I can withdraw about $1000 USD per day (never tested maximums) and am typically limited to the equivalent of $500 per transaction in my alternate country of residence.
My strategy:
I withdraw about nominal amount of cash for small living expenses, and do most of my spending on an airline Milage card (linked in my phone wallet) which I then use for free or reduced cost trips between USA and abroad.
For larger purchases such as car, Ive wired money from my US bank to a local bank overseas for a nominal fee between $30 and $50 USD for a $50k wire. costs vary by bank so your Milage will vary.
I dont live abroad full time, rather I do just under 6 months a year overseas. My account with Fidelity is still registered to my home address in the USA.
The first time i logged in from abroad, Fidelity had me accept a foreign use agreement to access their website, but other than that Ive not had any problems at all.
Finally, I occasionally check in with my dedicated Fidelity Wealth Management advisor a few times per year. He is aware of my living situation and never raised any concerns.
Yes works fine
It’s good but you have lots of options. Schwab investor checking (bad rates on cash, but can invest in brokerage), interactive brokers, if American, there is a credit union you can use too.
@Columbia: How often are you banking overseas? I would avoid recommending credit unions on the basis that most are local to a specific geographic or metro area and do not have any branches overseas. While they can be used to initiate a wire, youd first need to be a member of said credit unions making them a less attractive option.
In contrast, HSBC has International accounts designed specifically for people moving or already residing overseas. There is also an Expat specific option if you qualify.
If this question is just about Wise. Yes, I have used them quite often with no issues. Pretty reliable.
Use Wise all the time, great rates and reliable. Make sure you do a test transfer of 500$ before you start transferring 100k+
Yes, just used Wise yesterday. It’s great. Only recommendation on top of other suggestions would be to transfer when the exchange rate is good.