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How did you move your money when you went abroad?

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LynzM Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-13-08 01:52 PM
Original message
How did you move your money when you went abroad?
We've been working on saving up for our move in August. Unfortunately, we're saving in dollars and having to make some major payments in Euros before and after we move (relocation costs, apartment down payments, etc.)

I'd like to start transferring money into Euros now, so that we don't lose any more money as the dollar continues to fall against the Euro. Anybody have any thoughts to share about how you did this? "Offshore bank account" sounds sketchy, but I've seen some banks where you can just hold savings in Euro, as long as you have a minimum amount to put in (which I think we do, for some of them). PayPal lets you exchange currencies, but I'm not sure whether I trust them to hold that much of my money, you know?

If you moved internationally, how did you handle this aspect of it? I don't think we can get a bank account in Germany until we're physically there...
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Patriot Abroad Donating Member (242 posts) Send PM | Profile | Ignore Sun Mar-23-08 12:14 PM
Response to Original message
1. Do you have an employer lined up for August?
They might be able to assist you in opening a local account, but I would suspect you'd have to go into the branch to do so . . . Once you've got this set up, you can start doing wire transfers from your current bank.

Banks love getting a pound of flesh out of you with the exchange rate. Used to break my heart whenever I transferred funds.
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FunkyLeprechaun Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 04:35 AM
Response to Original message
2. My parents transfer money over from the states to the UK
When I'm living here. I still have my American bank card (it's handy for when I go to America, as the ATMs charge you for using a different bank card).

I don't know how they transfer the money over. I gave them my UK bank account # and I assume they gave it to my US bank and they transfer money over. I think they do charge to transfer money over though.

I think you can open a bank account in Germany. You may have to be there physically, as I was when I was interviewed for my UK bank card. In my experience, I had to bring a proof of address (I had a UK driver's licence) and other things. The one thing that really annoys me is the fact that I have a "Cash Card" not a debit card, I've asked my bank repeatedly for a debit card as it would make my shopping easier (I have to seek out an ATM machine everytime I need to use my card). It's because I don't have a job that transfers the money to my account, WTF. (I do have a job, but the job is cash-on-hand)

Good luck with your banking.
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BooScout Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-04-08 06:03 PM
Response to Original message
3. We used XETrade
http://www.xe.com/fx /

We have used it both ways.......UK to US and US to UK. A lot of expats use XETrade.

You are sooooooo gonna take a hit transfering dollars to Euros or Pounds right now and anytime soon.
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bbrown Donating Member (1 posts) Send PM | Profile | Ignore Wed Sep-17-08 08:46 PM
Response to Reply #3
7. TransferMate v Xetrade
Ive used both and Transfermate.com seem to be faster and offer better rates. XE say they dont charge anything but charge wire fees. All in, transfemate were cheaper.

Either way best to always compare with you bank to be on the safe side
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davidpdx Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-05-08 09:03 AM
Response to Original message
4. You might be able to get an account in the US
That you can open in EUROS and switch your money now and keep it in the US. If you have a HSBC bank that might be a good start.

I live in Korea and moved here to teach with about $400 in my pocket. My concern is the reverse, I want to get my money into dollars before the won appreciates against the dollar. I keep joking about just exchanging the money and stuffing it under the mattress. Talk about old school.

D
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Qanisqineq Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-07-08 01:10 AM
Response to Reply #4
5. hello!
I live in Korea, too.
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davidpdx Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-10-08 02:20 AM
Response to Reply #5
6. Awesome
I hope you were able to vote in your state primary. Just mailed my ballot back a few weeks ago for Oregon's primary on May 20th.
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