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Email this11:41 am
October 2, 2019
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Greetings, I am new to the forum so please do excuse me if I am posting in the wrong section.
I am looking for an account that will allow me to receive deposits in Euros as well as make deposits (wire transfer?) to a bank in Germany. Which account would you suggest for this?
11:54 am
May 15, 2007
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I have used OFX to send money to Germany and TransferWise to receive money in Euros. I wrote about both of them here: https://www.highinterestsavings.ca/2018/08/transferwise-vs-ofx-comparison-cad-usd-transfers/
5:08 am
October 2, 2019
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Peter said
I have used OFX to send money to Germany and TransferWise to receive money in Euros. I wrote about both of them here: https://www.highinterestsavings.ca/2018/08/transferwise-vs-ofx-comparison-cad-usd-transfers/
Thanks for the reply. That helps a ton! I see HSBC has a Euro denominated account, but the charge $40-$60 for a wire transfer to Europe. Do you know if there are other similar, but maybe cheaper, options?
7:16 am
May 15, 2007
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The point of third-party services such as OFX and TransferWise is that you save significantly on currency exchange services with little or no transfer fee. They are able to do this because they have bank accounts in each region so that each end of the transfer is local (from the sender and to the receiver). They perform the transfer between regions internally. The catch is that you have to do a currency exchange to get the money in or out.
To be specific, TransferWise gives me a Euro-denominated account at a European bank. This means I am able to receive local Euro transfers from Europe. OFX doesn't offer this local-to-Europe account (yet) but I found it cheaper to send money out from Canada, converting Canadian dollars to Euros in the first place.
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