Transfer USD to the EU
Feb 7th 2017, 10:40 pm
#31
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Re: Transfer USD to the EU
reply from my WF manager. I'm just copy/pasting here.
"Wells Fargo requires that we positively indentify our customers to protect the bank and customers from fraud risk and to ensure we are also aligned with federal anti-terrorism regulations. The law may not require an in person identification but we must able to say without a doubt we have positively identified that person.
There is an exception process that requires the approval of area management but this will typically only be granted in extenuating circumstances in which a customer has no other options, it is a one-time event, and they have a long-standing relationship with a banker who can identify them.
A few options that may work for her:
- I have had a client tell me they use a PayPal account as intermediary between transfers (i.e. transfer their funds electronically into a PayPal account and then use the PayPal account to send funds elsewhere)
- She can write a check
- She can send wires online, but unfortunately they have a daily limit of $5,000 and rolling 30-day limit of $15,000
- She can see if the foreign exchange company can do an ACH debit of her account"
or open another account........
"Wells Fargo requires that we positively indentify our customers to protect the bank and customers from fraud risk and to ensure we are also aligned with federal anti-terrorism regulations. The law may not require an in person identification but we must able to say without a doubt we have positively identified that person.
There is an exception process that requires the approval of area management but this will typically only be granted in extenuating circumstances in which a customer has no other options, it is a one-time event, and they have a long-standing relationship with a banker who can identify them.
A few options that may work for her:
- I have had a client tell me they use a PayPal account as intermediary between transfers (i.e. transfer their funds electronically into a PayPal account and then use the PayPal account to send funds elsewhere)
- She can write a check
- She can send wires online, but unfortunately they have a daily limit of $5,000 and rolling 30-day limit of $15,000
- She can see if the foreign exchange company can do an ACH debit of her account"
or open another account........
I appreciate your well informed comment to my original post.
Feb 10th 2017, 4:10 pm
#32
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Joined: Oct 2004
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Re: Transfer USD to the EU
I use online Citibank to do my transfers to the UK, have done for many years and it pops up in my Lloyd's account in a couple of days
I guess because I've been with them for near 16 years I pass all the vetting stuff
I guess because I've been with them for near 16 years I pass all the vetting stuff
Feb 10th 2017, 5:54 pm
#33
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Joined: Jan 2008
Location: Jacksonville, FL
Posts: 179
Re: Transfer USD to the EU
I am in the same position with a move to Spain in a few weeks.
We have been in contact with Transfer wise and they have two ways of getting the money to them. One is wire and our Bank , BBVA Compasss, have the same rule that you have to be present. The other allows them to take the nominated amount from my account then transfer to my Spanish account. No wire cost. No upper limit of the amount. I have just tried it out with $1000 and it was no trouble.
We have been in contact with Transfer wise and they have two ways of getting the money to them. One is wire and our Bank , BBVA Compasss, have the same rule that you have to be present. The other allows them to take the nominated amount from my account then transfer to my Spanish account. No wire cost. No upper limit of the amount. I have just tried it out with $1000 and it was no trouble.
Feb 10th 2017, 7:58 pm
#34
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Re: Transfer USD to the EU
I am in the same position with a move to Spain in a few weeks.
We have been in contact with Transfer wise and they have two ways of getting the money to them. One is wire and our Bank , BBVA Compasss, have the same rule that you have to be present. The other allows them to take the nominated amount from my account then transfer to my Spanish account. No wire cost. No upper limit of the amount. I have just tried it out with $1000 and it was no trouble.
We have been in contact with Transfer wise and they have two ways of getting the money to them. One is wire and our Bank , BBVA Compasss, have the same rule that you have to be present. The other allows them to take the nominated amount from my account then transfer to my Spanish account. No wire cost. No upper limit of the amount. I have just tried it out with $1000 and it was no trouble.
I have it covered now
Feb 11th 2017, 6:55 pm
#35
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Re: Transfer USD to the EU
This week I found some banks will allow wire transfer of over $5k without physical presence. Monday I will be divorcing Wells Fargo and move over to Bank of America. I also opened an account in NY with Berkshire Bank. No need for physical presence either.
BoA has a security device called SafePass or something that can be used internationally as to receive the code without a U.S. mobile.
BoA has a security device called SafePass or something that can be used internationally as to receive the code without a U.S. mobile.
Feb 11th 2017, 11:48 pm
#37
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Feb 12th 2017, 12:30 pm
#39
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Feb 15th 2017, 7:20 pm
#40
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Transfer USD to the EU
Yesterday I had a good chat with my Australian (and new US citizen! ) friend about transferring money out of the country. They returned to Sydney and had to transfer the money from the sale of their US house (ie lots and lots of money!!). Wells Fargo were appalling. Now, my friend has worked for an Australian bank for about 30 years and she gave them an absolute ear-bashing when they told her that she would have to transfer the money in batches ( it would have taken a minimum of 6 transactions) and they gave her their exchange rate. She threatened to report them to the banking ombudsman over their restrictive practices and she told them to improve the exchange rate or she would take a cheque straight over to citibank or HSBC. They did, they suddenly changed their minds about the number of transactions and gave her an improved exchange rate which meant that she would now get $11000 (yes!!) more on the exchange.
Her advice to any of us facing WF in this kind of situation is to do exactly what she did. Threaten ombudsman and ask them to prepare a check for the full amount. If that doesn't work then take the check and go to citibank or HSBC both of whom will transfer large amounts without batting an eyelid.
Her advice to any of us facing WF in this kind of situation is to do exactly what she did. Threaten ombudsman and ask them to prepare a check for the full amount. If that doesn't work then take the check and go to citibank or HSBC both of whom will transfer large amounts without batting an eyelid.
