Foreign Transactions Fees, currency conversion rates

[Shane Barone]

For those of you who do any business internationally, you will always run across the issue of converting currency. If you plan on moving any amount of money, (with limits of up to 49,999 currently) you should be not being using traditional banks to accomplish this. You will not receive the mid market rate and you will be charged the banks conversion rate, potentially costing you thousands of lost dollars

I personally was victim to this for many years, while earning US dollars and having expenses and bills in Euros. However, a few months ago, I have learned of the platform which allows peer to peer currency conversion. Transferwise only takes a very small fee to conduct the transfers and give you the actual mid market rate. 

I have used Transferwise to transfer sums ranging from 2000 to 40000 USD and have never had any problems and have saved thousands in lost banks fees. One must only have a bank account number in each area where that currency will be held. Highly recommended from this user!

Check out transferwise.com