Welcome to Discount Currency Transfers
On this page we are going to show you how to save big when sending or receiving foreign currency from other countries. Not only that but you can register to get your free guide for sending and receiving money from overseas. We're going to show you in plain English how the banks are preying on customers poor math skills, and how you can avoid these fees for the rest of your life.
WELLS FARGO CAUGHT RED HANDED
Wells Fargo finds even more customers that it overcharged. Note that this overcharging is ON TOP OF the standard 8% rate they will charge you if you buy/sell foreign currency when doing a foreign transfer. This is hidden to you because they will only display ONE SIDE of the transaction, thus obfuscating the spread.
But it isn't just one case and it isn't just one bank. FXantitrustsettlement.com names 15 banks caught illegally manipulating market prices and overcharging customers.
So how much am I really losing by using the big banks?
Basically, if you need to send money to Mexico, Europe, or anywhere outside the U.S. - if you are using a bank be prepared to spend 8% on your transfer. So if you are sending $100,000 you will pay on average $8,000 in FEES. The way they hide this from you is they only show you one side of the spread. Let's say the EUR/USD is 1.1022 / 1.1023 - if you want 100,000 Euro you should pay $110,230 USD - but if you use Bank of America you will pay $118,010 a difference of $7,780. The reason customers pay this huge fee is they do not understand that it's a fee, because they are not shown both sides of the market, if they were - they would see a huge spread which is in some cases greater than 14% wide. See the below misleading calculator where they show you only one side of the spread (NOTE: If we reverse calculate this trade example, the bid would be 1.0245.)
This is how the banks present the transfer
Watch this explainer video how we save you money
The spread the banks charge varies, the average is about 15% total or 7% per side. You're only paying half the spread when you convert, and the other half if you convert back. But what's misleading they don't show you both the buy price and the sell price at once, because if they did then you might ask why the difference is so great!
So what's the solution?
DiscountCurrencyTransfers.com offers you the ability to send and receive money to/from more than 200 countries in 40 different currencies at near spot rates using your existing bank. You don't have to open a bank account, just an account with our licensed Money Transmitter. You only have to do it once and you can make as many transfers as you want. The benefit of working with us is that we'll help you every step of the way.
See the process compared to the banks
Frequently Asked Questions
How are you able to beat the banks?
The banks are simply overcharging customers, and betting that customers are not smart enough to learn about other options, or how the foreign exchange markets work.
Why do the big banks get away with overcharging?
Almost every year they are sued and pay settlements to victims and continue to overcharge customers. From their perspective, it's still a good business if they can make $25 Billion and pay $3 Billion in fines, so it's good for their shareholders.
Do I need a license to do this?
No. Our transfer service is licensed in most US states, so we need to verify that we are licensed to do business in your state.
Do I need to open a bank account?
The first step in the process is to contact an account representative that will answer all your questions. You provide the transfer agent access to your bank account and authorize them to withdraw the local currency in the amount that you want to transfer. This business is called "Money Transmitter" and is regulated on the state level.
Coming Soon - Learn Foreign Exchange trading course...
Why are there no fees?
We are compensated through the bid/ask spread. While it's 90% cheaper than by using traditional banking fx systems, there's still enough there for us to eat from.
What are FX Spot rates?
The spot market is where banks trade foreign currencies in between each other, and the actual difference between the buy rate and the sell rate may be as low as 1 pip, or 1/10,000th of a figure. So if the EUR/USD is 1.2323 the '3' is a pip. The fact that the banks markup this spread by more than 1,000% makes their egregious behavior even more obscene.
Is there any risk to doing these transfers?
The FX markets constantly change, in the moment you do your transfer we lock in the best possible rate. It may change in 15 minutes for better or worse, but once your rate is locked in it's done.
How long does it take the recipient to receive the money?
This can vary by location, it can be as quick as a few hours and as long as several days. Payments ultimately are sent traditionally by wire, our advantage is not in the transmission of money but in the rate of exchange in between the two currencies.
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DISCLAIMER: This website is advertising for a licensed Money Transmitter. We are not allowed to do business in certain US States, including but not limited to South Carolina. To see if we are licensed in your state, please fill out the form and contact us.
We can bring money into any state in the U.S. Our restrictions are only for U.S. residents living in states where we do not have a license. If their business HQ is located in a state we are not licensed in we cannot transfer for their business. If their home address is in a state we are not licensed in, we can transfer personal funds.
FL, GA, NC, NJ, WI, WA, RI.
Pending States: TX, CA, NY, SC.
All of Canada except Quebec.
All of Europe
All of Australia
Japan / Thailand / Parts of Africa
Other countries with stable currency are a case by case basis. It is usually easy getting money in, but some government controlled currency is very hard to get out. Today they can say yes, tomorrow they can say no.