Author Topic: Bank wire  (Read 784 times)

Offline est

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Bank wire
« on: June 26, 2021, 11:59:04 PM »
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

Offline Definitions

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Re: Bank wire
« Reply #1 on: June 27, 2021, 12:47:52 AM »
Chase private client?

Offline sillypainter

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Re: Bank wire
« Reply #2 on: June 27, 2021, 12:51:59 AM »
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.

Offline ExGingi

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Re: Bank wire
« Reply #3 on: June 27, 2021, 03:42:51 AM »
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.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline est

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Re: Bank wire
« Reply #4 on: June 27, 2021, 09:16:21 PM »
Wow seems like a lot of ideas. I will look into these. Thanks

Offline ExGingi

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Re: Bank wire
« Reply #5 on: June 28, 2021, 04:03:11 AM »
Wow seems like a lot of ideas. I will look into these. Thanks

And kindly report back on what you chose and why.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline moe8555

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Re: Bank wire
« Reply #6 on: June 28, 2021, 11:19:19 AM »
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?

Offline ExGingi

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Re: Bank wire
« Reply #7 on: June 28, 2021, 12:14:27 PM »
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.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline mushkovits

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Re: Bank wire
« Reply #8 on: June 28, 2021, 12:33:26 PM »
Chase private client?
limited to 4 free wires per month

Offline ExGingi

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Re: Bank wire
« Reply #9 on: June 28, 2021, 02:02:06 PM »
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.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline AsherO

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Re: Bank wire
« Reply #10 on: June 28, 2021, 07:47:48 PM »
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.

Offline vaksler

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Re: Bank wire
« Reply #11 on: July 27, 2021, 01:53:23 PM »
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?

Offline est

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Re: Bank wire
« Reply #12 on: July 27, 2021, 09:07:50 PM »
are you sending local currency or usd?
Usd

Offline ExGingi

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Re: Bank wire
« Reply #13 on: July 27, 2021, 09:20:15 PM »
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.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan