Currency conversion for an out of country investor

[Gideon Spekterman]

Hey everyone,

I'm trying to get things working for buying my first rental property, and one of my challenges is that I am an out of country investor, which means that the cash that I have for my first deal isn't physically in the states, and it's not in dollars. Basically, I need to transfer a big amount of money to the states, and convert it from the currency we use here (New Israeli Shekels) into dollars.

I was wondering if anyone here at bigger pockets has experience or advice how such a thing could be done safely and cheapest as possible?

[Gideon Spekterman]

Thanks for the advice.

Still didn't open yet a US account because I'm investing with a partner (also lives abroad), and after consulting with a lawyer and CPA it makes sense that my partner and I form an LLC for the property, which means the account I open won't be under my name personally (but we will open an account in the States).

I'm not sure how much I like the idea of moving money through a British bank, doesn't it raise costs adding another mediator in the process? In addition I would assume that they will do a double conversion, first from Shekels to GBP and then to USD.

Wiring money from an Israeli bank to an American bank is safe an easy, the only problem is the fees, that's why I'm looking for a transfer service with lower fees (and preferably one that's a long time running company with a reputation of not disappearing with the money...)