Non-banking system overseas funds transfers
 

I have to move money between US, Canada and Europe on a fairly regular basis for investment purposes.

I have always used the banks and just cringed at the fees (usually 0.2%), plus a communication charge of around $15, plus they use a usurious "sell" rate on the actual exchange itself.

There are various methods touted on the Internet professing to offer reliable transfer, including PayPal...has anyone used any of them? Experiences with them?

Dennis

Yes, I have... and they work fine....

Many cultures have money transfer services that live outside the rules of traditional banking

My now ex wife I and I moved funds and bought properties in Tianjin, and NYC
(Queens)

I was hesitant at first, but when I saw that so many of the locals participated.... I agreed to move money that way...Its a trust thing inherent to certain cultures...

Any particular one you would recommend or is it PayPal?

Thanks!

Dennis

Wow .. which bank only charges a fifth of a percent?

Ah, it is not the .2%, it is the rotten exchange rate (usually around 3% worse than you can get elsewhere).

My bank is Bank of Montreal btw.....

Dennis

Xoom.com operates in many countries and will allow someone to pick up at a bank, even if they didn't have an account. Xoom.com is about to be acquired by PayPal.