Paying Debts in your Home Country from US

[lechatnoir 0]

Hey there, does anybody have a loan or something that they still have to pay for back in their home countries? My husband and I are having issues with a bank loan that he has in his home country that we still have to pay for but he has no income going into his bank account there. So, what we have been doing is using paypal to transfer money from my US bank account to his Danish paypal account where he then moves the money into his Danish bank account to pay the bill.

Paypal is being a pain the #### because he's doing transactions on a US IP address on a foreign pay pal account. Also, they are taking like 50 dollars in fees every time we do it. So, the monthly payment that gets into his bank account is coming up short.

Is there an easier way to do this? The whole thing just aggrevates me but I dunno what to do. I know wire transfers are crazy expensive and this is something we have to do regularly. My husband doesn't understand why our banks just can't move money between people's bank accounts. They do that all the time over there... if you know someone's bank account info you can go online to your web bank and just move money to them.

So, is anybody doing this currently and how are you going about doing it?

Thanks.

[canadian_wife 1,791]

Banks can and do frequently move money between accounts in different countries. It's not free but they can do it. Have you called your back to find out how? Also, my Canadian bank, credit card company, and for my student loans, I pay in US dollars and they exchange it for Canadian currancy. Try calling the bank in Denmark - I'm sure they are reasonable (they want their money too).

Good luck

[Krikit 1,163]

The American banks don't yet have the ability to deal with international transactions and web-based transfers that those from other countries are familiar with. I use www.customhouse.com but I am not sure if they offer service to Denmark. There is no charge for electronic transfers (3-5 business days). Wire transfers (same day service) carry a $25 service charge. The UK people use http://www.xe.com/fx/, who are affiliated with Custom House. If you would like a detailed explanation of how it works, click here: Link.

[lechatnoir 0]

Thanks... will check this out... we signed up for an account... but now we have to wait for them to call us... western union is always so annoying to set up accounts with.

[Darnell 8,478]

1. www.xoom.com

2. washington mutual had done FREE WIRE TRANSFERS GLOBALLY on personal checking accounts - but I don't know if they still do, since Chase took em over - but I suggest you inquire in your area in ALL OF THE BANKS for your area - then open account with that bank that has the lowest Wire Transer Fees.

3. expand your paypal usage a bit? try for the 'no fees approach' - a) convert your paypal account to a joint account, add his name B) add his bank into your paypal account (it's allowed, you'll have to call someone if it gets stuck with the initial addition ) c) FUND YOUR PAYPAL ACCOUNT FROM THE US BANK ACCOUNT (No, not a paypal request ) d) SEND MONEY TO HIS BANK ACCOUNT . This will never be instant - will take about 2 weeks, TOPS, to handle each transaction.

4. check with his overseas banks about any 'expat services' or 'overseas user' services.

IMO, xoom.com will be quickest and cheapest solution to yer dilemma.

[Darnell 8,478]

This disturbs me So, what we have been doing is using paypal to transfer money from my US bank account to his Danish paypal account where he then moves the money into his Danish bank account to pay the bill. but yer charged 50 bucks for it? Yer not doing it right, or yer muucking about with currency conversion issues.

A Bank Funding should cost 0 dollars in fees, take up to 5 days (not ever instant ). A bank Transfer (from Paypal to a bank) also does not have any fees. (takes up to 5 days as well ) .

If you are having 'instant clearance' on the funds IN PAYPAL, well, thats not a bank transfer - thats a paypal transaction, and PayPal will charge you up to 2.9 percent .

[lechatnoir 0]

Yes, that is how we were doing the paypal thing before. I have already checked and paypal will not let us have a US account with European accounts and vice versa.

The fees paypal is charging is to receive money. You can send it all you like... but they charge a fee to receive it. If you just have a standard account I believe the fee structure is different but your transaction types that are allowed are restricted.

We signed up with that Custom House thing today... so we'll see how that is.

[Krikit 1,163]

You might be better off with XE. Or Xoom. I don't believe CH will be able to give you free electronic transfers between the US and Europe. At least, they didn't the last time I transferred money to England.... I had to pay the wiring charge. Between Canada and the US it's not a problem. Give them all a call and see.

[lechatnoir 0]

Well we just set up the first transaction with custom house and for an EFT transfer it didn't charge us a service fee.... so, hopefully there won't be any charges for it.

[Hokie97 5]

I'm glad I found this thread. We are hoping to be able pay off all our debts before we move next summer, but best to be prepared. I've transfered money from my bank in the US to UK and the wire fee is $20 which I thought was fairly reasonable since we only had to do it occasionally. The suckiest part is the conversion rates.

Now we just need to figure out what to do with our bank here... Alliance & Leicester. We've submitted a claim for the bank reclaiming, but it won't be sorted out before we move. But I don't think we can keep our account active with no monthly deposits. I'd hate to lose out on the money (if we even get any back) because of it. I'm going to go by there next week to ask in person.

[thedawghouse86 0]

For those Canadians moving to the Southeastern US, switching to Royal Bank has been the best move I have made in this whole fiasco. I have accounts with RBC in Canada and the U.S. They were able to issue me with a U.S. credit card with a large limit on it virtually by me just asking them since my Canadian credit is very good. It takes about 1 second to transfer money between Canada and the U.S. through my bank account.

Western Union is the cheapest bet to transfer money to Canada/U.S. if you're not with RBC.