Banking

Best practices for sending money to overseas?

Alison Lewis CEO/Creative Director

May 5th, 2013

We are working with 2-3 international manufacturers and agencies and it requires to send money back and forth from the USA. Anyone know the best and cheapest way to get the money across? 

Cheryl Tom CEO, Founder at Vain Pursuits

May 5th, 2013

If your PO is in the thousands, the cheapest will be wire transfers. This is very common when working overseas so your vendor should be accustomed with the process & have the needed info. (SWIFT...)

Note that there isn't usually recourse (refund procedure) like with a typical cc so make sure that you have procedures in place to guarantee that you are getting what you paid for. QA overseas prior to freight, or COD on landed shipments...lots of ways it can be done. 

I've worked with equipment & apparel mftr in Asia & Australia. Happy to help if you need more info.  

Josh Fischer Building B2B eCommerce Solutions

May 6th, 2013

Here's a link regarding Wells Fargo CEO doing international transfers - https://www.wellsfargo.com/com/treasury-management/payables/electronic/wire-transfers - we definetly use it for international wires. I did one today.

Wells Fargo makes it easy to initiate wires electronically through the Commercial Electronic Office® (CEO®) business portal and the CEO Mobile® service, as well as through non-electronic channels. You can quickly process same-day and future-dated domestic and foreign wire payments in U.S. or foreign currencies, and take advantage of real-time exchange rates.


Alison Lewis CEO/Creative Director

May 6th, 2013

Strange, was on the phone with them for about an hour today and was told they can't do online international. I guess their people don't know much. Thanks!

Steve Upstill Co-founder at RecipePower

May 13th, 2013

I have needed to transfer funds internationally over the years, and for me, the killer app is XETrade (xe.com). You set up source accounts and accounts to transfer to, they do the legwork needed to satisfy Homeland Security, and then it's as easy as Internet banking.

Steve Upstill Co-founder at RecipePower

May 13th, 2013

PS Oh, I should also mention that xetrade's rates are as good as they come.

Josh Fischer Building B2B eCommerce Solutions

May 6th, 2013

Our team uses Wells Fargo's CEO Portal for international wire transfers. Works well, is easy to manage and the money usually transfers in 24 hours. There is a fee associated with each transfer, but the amount depends on your relationship with Wells Fargo (if you have a high level account or not). 

Eric Rogness Technical Product Manager

May 6th, 2013

Wire transfers are generally the cheapest for the sender. However, you may want to consult with your suppliers. In countries where there is a lot of graft, if money lands in their bank account, they can lose 20% or more off the top before they see any of it. In these cases, working with the supplier to accommodate their situation may help bring down their costs (and also their prices) significantly by using Western Union or Ria Transfer. This can be a good way to build long term loyalty, preferential treatment, and reduce costs by as much as 15-30%..

Alison Lewis CEO/Creative Director

May 6th, 2013

FYI: The CEO portal is for local and domestic transfers only. Upon further investigation Well Fargo does not have international wire transfer service to Europe. Unless I go into the bank.