Bank wire

[est]

I do frequent very large wire transfers overseas ex: China, turkey….and pay hundreds of dollars in fees. What’s the best bank or method to use to minimize the fees? Thanks

[Definitions]

Chase private client?

[sillypainter]

I do frequent very large wire transfers overseas ex: China, turkey….and pay hundreds of dollars in fees. What’s the best bank or method to use to minimize the fees? Thanks

I use a bank that has zero fees as long as it's in USD. PM me for details.

[ExGingi]

I do frequent very large wire transfers overseas ex: China, turkey….and pay hundreds of dollars in fees. What’s the best bank or method to use to minimize the fees? Thanks

Fidelity Cash Management is no charge for wires. As long as you're sending USD you won't pay a penny.

[est]

Wow seems like a lot of ideas. I will look into these. Thanks

[ExGingi]

Wow seems like a lot of ideas. I will look into these. Thanks

And kindly report back on what you chose and why.

[moe8555]

Fidelity Cash Management is no charge for wires. As long as you're sending USD you won't pay a penny.

Is this easy to open for all?  Are there any minimum balances or required activities?

[ExGingi]

Is this easy to open for all?  Are there any minimum balances or required activities?

Open to US residents only.

No minimums and no fees. Business accounts cannot be opened online. Download application, complete, sign and send hard copy.

[mushkovits]

Chase private client?

limited to 4 free wires per month

[ExGingi]

Open to US residents only.

No minimums and no fees. Business accounts cannot be opened online. Download application, complete, sign and send hard copy.

Also, business accounts cannot add standing wire instructions online. One can call in for a wire transfer, or submit paperwork to establish standing wire instructions. Once standing wire instructions are established wires can be initiated online.

[AsherO]

Also, business accounts cannot add standing wire instructions online. One can call in for a wire transfer, or submit paperwork to establish standing wire instructions. Once standing wire instructions are established wires can be initiated online.

That’s annoying. I guess if recipients are often the same then it’s not as big a deal.

[vaksler]

I do frequent very large wire transfers overseas ex: China, turkey….and pay hundreds of dollars in fees. What’s the best bank or method to use to minimize the fees? Thanks

are you sending local currency or usd?

[est]

are you sending local currency or usd?

Usd

[ExGingi]

Usd

As mentioned above. Fidelity will do that for free. It can be done over the phone, or (somewhat of a PITA) complete a form and get a medallion signature guarantee (unless you can get to a Fidelity brick-and-mortar branch, in which case you can skip the medallion guarantee) and send it in to have instructions saved to your account, after which you can initiate wire transfers online.