Cheapest way to send/receive money oversea

[Bonita]

Any idea how?The bank charges high processing fees 1/8% and Western union 10%.I don't trust Paypal.Citibank you need to open an account with them and deposit isn't cheap.Any good recommendation and ideas?Thank you in advance.

[Strong Eagle]

Check out www.xe.com. They amy have what you need.

[emiko08]

well, maybe sending through mail is the cheapest T_T;; but you have to trust the postman!! maybe you can send by registered mail??

[Guest]

who are you sending money to?

i haven't used these services, but take a look at these sites:

www.paymate.com.au
www.bidpay.com

Also, if you are sending to a relative overseas. Consider opening a second savings account that you can deposit the money into, and mail the ATM card to your relative overseas. Then via the phone give them the pin number.

Flat fee for cirrus is $5 (which is a service linked to most ATM's), regardless of the amount withdrawn (although there's usually a $1000 limit per withdrawal).

To deposit money into your newly opened account, use internet banking or phone banking on your main bank account and just transfer it.

[brifusg]

well, maybe sending through mail is the cheapest T_T;; but you have to trust the postman!! maybe you can send by registered mail??

oh, my God! This is an very interesting idea I've ever heard...

You should never try this!

[sth]

Loads of factors to consider here. Where will you be sending the money to? If the currency you're looking to buy is fairly illiquid, or is a 'minor' currency (for example Indian Rupee), then you will pay a premium. Also, transfers through the banks, etc. is like a direct transfer, so you'll pay for that convenience. Another thing is that providers usually add a spread on the currency quote, which means you not only pay the commission to do the transfer, but you also pay by getting a worse rate on the currency.

Previously, I've either used a stockbroker with physical delivery currency capabilities to transfer the money directly into my foreign account, or I've opted for a bank draft cheque (drawn in the foreign currency), drawn in my name, which I then post.

My advice would be to keep an eye on the exchange rate that your provider will be charging you. You don't want to get screwed on the exchange rate.

[Bonita]

I've been receiving and sending money from Japan on a regular basis and has been using EMS(register mail)but recently Singpost lost that item.I've found out that there's a DBS branch in Tokyo and I could open 1 here but will they charge me a bomb?Currencies will be exchange at bank rates right?