Cheapest international money transfer

**zb3** · 02-12-2014, 01:02 PM

Hi everyone

I'm looking at opening an account with interactive brokers and was wondering what is the cheapest way of sending money. It seems banks charge at least 20 dollars, a fee I don't want to be paying considering ill probably be sending money to IB probably once a month. What are the cheapest options for sending money and receive money to/from overseas.

Thanks.

**ratkin** · 02-12-2014, 02:01 PM

Originally Posted by zb3

Hi everyone

I'm looking at opening an account with interactive brokers and was wondering what is the cheapest way of sending money. It seems banks charge at least 20 dollars, a fee I don't want to be paying considering ill probably be sending money to IB probably once a month. What are the cheapest options for sending money and receive money to/from overseas.

Thanks.

i joined nz forex
http://www.nzforex.co.nz

**zb3** · 02-12-2014, 05:34 PM

What do they charge ? I'm going to send over nzd and convert it once it reaches interactive brokers as it's cheaper, so I'm not looking for a cheap forex broker, just a cheap international money transfer.

**ratkin** · 03-12-2014, 04:21 AM

Originally Posted by zb3

What do they charge ? I'm going to send over nzd and convert it once it reaches interactive brokers as it's cheaper, so I'm not looking for a cheap forex broker, just a cheap international money transfer.

as little as zero, depending on the amount. Even for very small a ounts the fees are half what they would be using a bank, plus the exchange rates are much better, much closer to wholesale rates.

They very helpful, and phone support is very good.

**David Hardman** · 03-12-2014, 08:56 AM

Originally Posted by ratkin

i joined nz forex
http://www.nzforex.co.nz

+1

Used NZforex (ASX listed OFX) for years. Consistently better rates than the banks. I'd compare IB FX rates vs NZ/Ozforex.

Out of interest what markets are you looking to trade on IB?

**zb3** · 03-12-2014, 09:11 AM

Originally Posted by David Hardman

+1

Used NZforex (ASX listed OFX) for years. Consistently better rates than the banks. I'd compare IB FX rates vs NZ/Ozforex.

Out of interest what markets are you looking to trade on IB?

I had a look they look quite good. I like the fact you pay no fee over a certain amount. Only the US market.

**zb3** · 04-12-2014, 07:02 AM

So IB doesn't accept third party deposits. The deposit must be made from an account in the same name as the IB account. Any ideas anyone ?

**zb3** · 10-12-2014, 10:43 AM

Just thought I'd update this thread in case anyone has a similar question in the future. IB uses Citibank Auckland to facilitate transfers, so no fees are involved. You simply send money to Citibank Auckland, from there you can use the trader workstation to convert to any currency you wish to use for trading.