I'm a Spanish student studying in the US. I need to know what is the best bank to receive wire transfers from Spain in Euros. Right now I'm in Bank of the West, but they charge me maintenance fees and also an average of $60 per every transfer that comes from Spain. Do you guys know of any bank that is good for this kind of operation? THANKS!
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posted: Oct. 30, 2012 @ 7:09p
Maybe you can check for some local credit unions. Receiving international wire transfer is free for the credit union I am with.
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posted: Oct. 30, 2012 @ 7:48p
haoniukun said: Receiving international wire transfer is free for the credit union I am withbut there is still a fee assessed by the correspondent bank
posted: Oct. 30, 2012 @ 7:53p
It's free to receive incoming wires with the Performance Spend from PNC. It might only be one per month, I'm not certain.
posted: Oct. 30, 2012 @ 7:56p
Thanks for the answers so far! Also, if the account doesn't have any kind of maintenance fees, that would be awesome. I would only use this account to receive the money, nothing else... Thanks!
posted: Oct. 30, 2012 @ 8:02p
The Performance Spend is free with $1500 minimum balance or direct deposits of $1000+ per month. I think my Ally pushes count as DD so you might be able to make it work
posted: Oct. 30, 2012 @ 8:06p
Well, I'm not sure that would work because I can have $5000 from a wire and $0 the next day, so...
posted: Oct. 30, 2012 @ 8:11p
It's an average balance so if you left it a few days it might work.
posted: Oct. 30, 2012 @ 8:14p
I'll check it out then. Thanks! Any specific credit union I should check out too?
posted: Oct. 30, 2012 @ 9:41p
you have to find a european bank that can hold euro currency
posted: Oct. 30, 2012 @ 10:34p
unimeg said: It's free to receive incoming wires with the Performance Spend from PNC. It might only be one per month, I'm not certain. It's not free for international wire transfer.
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posted: Oct. 30, 2012 @ 10:35p
what about ACH payments?
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posted: Oct. 30, 2012 @ 10:41p
charles schwab is free for intl wire transfers but the directions are a bit funky but it only accepts USD so if you can convert it to usd in spain and then transfer it schwab works well
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posted: Oct. 30, 2012 @ 11:33p
I have a (free) Charles Schwab account and did transfer money from Germany to the US. They have an account in Germany you can just transfer into so no fees at all for the transfer itself. There was already the same question and I did post my reply there and you will also find some other answers as well:
Spain is also part of Sepa so the transfer from your account there to the Schwab account in Germany should work well. The money did arrive very fast too.
posted: Oct. 31, 2012 @ 10:05a
haoniukun said: unimeg said: It's free to receive incoming wires with the Performance Spend from PNC. It might only be one per month, I'm not certain. It's not free for international wire transfer.
Shoot, good catch.
posted: Nov. 2, 2012 @ 1:21p
PNC Virtual Wallet for Students includes one free incoming wire per month, international is OK. Ally and Fidelity mySmartCash are two other options.
posted: Nov. 2, 2012 @ 2:43p
Even if transfer is free, you're going to be screwed on currency conversion. I'd go with interactivebrokers. First 3 months are free, then $10 per month. But wire transfers and ACH incoming/outgoing are free and you currency conversion rate is Forex spot.
Senior Member - 7K
posted: Nov. 2, 2012 @ 3:06p
Is the OP looking to hold the money in EUR?
The IB route is a little less straightforward but would work. I think they even have lower fee thresholds for students. Keep in mind the OP would still need a bank account in addition to the IB account. They don't do checks/ATMs.
I have a moneybookers account, but I don't know all the details about it. The interesting thing is that they provide a routing number, which we all know what that is. But in addition to the routing number they also offer a Swift Code for money transfers. Its my understanding that swift codes are used for international transfers. I don't know much else, transfer limits, fees, etc etc. But it might be worth checking out (no pun intended "checking" ha ha) and see if it fits your requirements.
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