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Best foreign currency wire transfer service

Our startup (based on Oregon) has a new need to make regular (monthly) international wire transfers to support a new development project. Given the cumulative $ amount of these transfers, our bank's exchange rate makes it a fairly expensive service. I am looking for recommendations for a timely and more competitive foreign currency exchange service. Thanks in advance!

Answers

Topic Expert
David OBrien
Title: Treasury Consultant
Company: EE Treasury
(Treasury Consultant, EE Treasury) |

Dear Anonymous:

There is no direct answer to your question as there are too many factors at play:
**What is the ~USD value of each payment
**Is the currency a frequently traded, high volume major or is it an exotic
**What is the basis for your contention that "your" banks rate is "fairly expensive"
**When cost effective, best practice is to bid out a trade to 2-3 counterparties, how many do you use

If i may, let us tie up some lose ends..................

David

Anonymous
(COO) |

David,
Thank you for your reply!

- Our payments vary in size. Large ones are ~$75k USD (2-3x/year), small ones are ~$2k USD and monthly.

- We are looking for USD to EURO transfer.

- We've compared the exchange rate of our bank to services like Transfermate (which we've never used) and it was a $2k+ difference for the large transaction, which may seem like a small amount of $, but for our small company, it adds up.

- This is a new need of ours.

Thanks in advance for any additional advice or thoughts you may have!

Topic Expert
Keith Perry
Title: Consulting CFO and Business Operations A..
Company: Growth Accelerator
(Consulting CFO and Business Operations Advisor, Growth Accelerator) |

David and Anon,

Any follow-up on this?

KP

Stephen Glenn
Title: Controller
Company: Pierre Frey, Inc.
(Controller, Pierre Frey, Inc.) |

If you are making transfers in the foreign currency, I found American Express provided much better rates than our bank.

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