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<div class="moz-cite-prefix">On 11/22/2023 4:23 PM, Jim Larsen via
E-trademarks wrote:<br>
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<p class="MsoNormal"><span
style="font-size:11.0pt;font-family:"Arial",sans-serif">I just
started using XE.com for U.S.->foreign transfers. No
(separate) wire fee. Indeed, the entire cost of the
transaction is built into the exchange rate. Example: I
recently sent payment to a Canadian firm. Spot rate was </span><span
style="font-size:10.5pt;font-family:"Noto Sans",sans-serif;color:black;background:white">1
USD = 1.3405 CAD. Â My calculations suggest this is about
2.9% worse than public spot FX price (average of about 1.38
that day). So, similar to credit card fees for most
services for domestic transactions. Customer service (on my
admittedly low volume so far) was excellent. I had several
calls setting things up and they were very helpful.</span></p>
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<p>For our firm, the big need in money transfer service providers is
not only sending, but also receiving. Receiving a foreign bank
wire is expensive at many bricks-and-mortar banks. We used to use
Wells Fargo to receive bank wires and there was a fee (a gouge fee
of a minimum of $25 and sometimes $37). So one of the great
benefits of Wise is that we can receive a Swift wire from overseas
and the fee we pay is only $4.14. <br>
</p>
<p>Does XE.com provide an inexpensive way to receive a Swift wire
from overseas?</p>
<p>There have been sort of three phases in this money transfer
service provider world over the years. The first phase was
bricks-and-mortar sending and bricks-and-mortar receiving. The
second was the sort of upstarts like Afex and Reusch and
Travelex. The third is the fintech world such as Wise.</p>
<p>In the first phase, everybody knew what to expect, namely gouges
at both ends.</p>
<p>In the second phase, there was the sort of unexpected breath of
fresh air in the special case where both the sender and receiver
happened to use the same money transfer service provider, namely
that neither the sender nor the receiver got charged any fee. <br>
</p>
<p>In the third phase (today's fintech service providers) we have
all really gotten used to the notion of the money transfers being
free of charge and instant, when both sender and receiver are
using the same company. There are patent firms that we regularly
do work with in Poland and in Netherlands, that use Wise (as we
do) and we are spoiled by the no-fee nature of the transfers. <br>
</p>
<p>Which raises my question. I guess you are a customer of XE.com
for money transfers, right? Does XE.com provide a way for you to
receive money transfers? Doe XE.com provide a way for you to
receive Swift wires inexpensively (in the neighborhood of $.14)?Â
<br>
</p>
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