VO-BB - A VO Family Forum Index VO-BB - A VO Family
15 Years and Counting!
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

International banking

 
Post new topic   Reply to topic    VO-BB - A VO Family Forum Index -> Research and Development
View previous topic :: View next topic  
Author Message
Monk
King's Row


Joined: 16 Dec 2008
Posts: 1150
Location: Nestled in the Taconic Hills

PostPosted: Fri Sep 14, 2012 6:34 am    Post subject: International banking Reply with quote

I've done some searching here, and see that many people have used wire transfers in the past without too much issue.

My question is, is it worth getting an account with a bank with more of an international presence, I.E. Wells Fargo or HSBC to attempt to cut down on transfer fees?

Presently, my bank, as lovely as it is, wanted $50.00 to deal with a check from Canada, our wonderful neighbors to the North, (What happened to NAFTA?!) and most recently, I did a small job for someone in Germany, they wanted to wire me money, and the fee's took out a good chunk of it.

I'm all for my local bank and all that, but big fees for an electronic transfer? Sheesh.

Any thoughts?
_________________
Company, villainous company, hath been the spoil of me...

www.monksvoice.com
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Bish
Triple G


Joined: 22 Nov 2009
Posts: 3459
Location: Lost in the cultural wasteland of Long Island

PostPosted: Fri Sep 14, 2012 9:01 am    Post subject: Reply with quote

Before I moved to the US, I was with HSBC in the UK, so when I came over I opened an HSBC account here. There is a definite advantage to me when working with the UK... I can offer the client the opportunity to pay into my UK account in GBP, and I take care of the transfer. My accounts are linked via HSBC's "Global View", which allows free and easy transfer between the two countries.

This is a particular situation that works for me and I'm lucky that I can give the client the option of UK or US. That being said, HSBC definitely has an international outlook (even my local village branch knows there are other countries in the world) and I've used them for years with no issues about transatlantic transfers (in both directions) ... probably much less hassle than my local "National Bank of Long Island".
_________________
Bish a.k.a. Bish
Smoke me a kipper... I'll be back for breakfast.
I will not feed the trolls... I will not feed the trolls... I will not feed the trolls... I will not feed the trolls.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
ccpetersen
With a Side of Awesome


Joined: 19 Sep 2007
Posts: 3702
Location: In Coherent

PostPosted: Fri Sep 14, 2012 9:16 am    Post subject: Reply with quote

Monk, In addition to getting a bank with an international presence, make it clear that international money transfers, etc. will entail an additional transfer fee that the client pays. We do that with our international clients and it works pretty well.

ccp
_________________
Charter Member: Threadjackers Local 420
Back to top
View user's profile Send private message
Bruce
Boardmeister


Joined: 06 Jun 2005
Posts: 6871
Location: Portland, OR

PostPosted: Sat Sep 15, 2012 6:08 am    Post subject: Reply with quote

Every bank is different, and I'm thinking if there's a currency conversion that can raise your cost. I've got Canadian and UK clients who use their own U.S. dollar accounts for transfers so that may be why my rates have been only about $20.

It's probably worth a call to a few banks near you and ask what they charge for an international wire transfer.

B
_________________
VO-BB Member #38 Enlisted June, 2005

I'm not a Zoo, but over the years I've played one on radio/TV. .
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Bish
Triple G


Joined: 22 Nov 2009
Posts: 3459
Location: Lost in the cultural wasteland of Long Island

PostPosted: Sat Sep 15, 2012 10:01 am    Post subject: Reply with quote

As I was checking my figures, another payment from my favourite Italian production house popped into my account (just a little one). I can now confirm the following...

HSBC is charging me a flat $15 for an incoming international wire transfer. This will lead to the following changes with how I do business with this particular customer.

I will no longer require 50% up front and 50% on completion for the big jobs. They have always volunteered this and I've accepted it. I've worked with them a few times now and payment in arrears is just fine.

The work has become steady, so I will no longer bill them individually for the smaller jobs, but rather wait until there is an amount where $15 becomes a "relatively minor cost of doing business".... say, around 1% or less.
_________________
Bish a.k.a. Bish
Smoke me a kipper... I'll be back for breakfast.
I will not feed the trolls... I will not feed the trolls... I will not feed the trolls... I will not feed the trolls.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
melissa eX
MMD


Joined: 20 Oct 2007
Posts: 2596
Location: Lower Manhattan, New Amsterdam, the original NYC

PostPosted: Sun Sep 16, 2012 8:03 am    Post subject: Reply with quote

I wouldn't discount small banks. I dumped my credit union when it was bought by another and all of a sudden became just as bad as a big commercial bank when it came to fees.

I found a small local bank - not a credit union - with just a few branches and aside from no fees for business or personal checking etc. they charge just $10 for incoming wire transfers - domestic & international.

Shop around.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Bish
Triple G


Joined: 22 Nov 2009
Posts: 3459
Location: Lost in the cultural wasteland of Long Island

PostPosted: Sun Sep 16, 2012 8:20 am    Post subject: Reply with quote

I've never had any luck with Credit Unions over here (I've belonged to two)... I found them both archaic and byzantine. However, I'll certainly echo the point about checking the smaller banking entities... some of them seem to be making a definite (and welcome) effort to disassociate themselves from the perceived excesses (and lack of customer focus) of some of the larger institutions.

Bottom line seems to be that if you're paying $20 or more... you're getting shafted.
_________________
Bish a.k.a. Bish
Smoke me a kipper... I'll be back for breakfast.
I will not feed the trolls... I will not feed the trolls... I will not feed the trolls... I will not feed the trolls.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Monk
King's Row


Joined: 16 Dec 2008
Posts: 1150
Location: Nestled in the Taconic Hills

PostPosted: Mon Sep 17, 2012 11:57 am    Post subject: Reply with quote

That sounds right, my present bank wanted $50 for an outgoing wire, and $30 to deal with an incoming.

Time to shop.
_________________
Company, villainous company, hath been the spoil of me...

www.monksvoice.com
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Display posts from previous:   
Post new topic   Reply to topic    VO-BB - A VO Family Forum Index -> Research and Development All times are GMT - 7 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2005 phpBB Group