Hi,
I would like to send some money on a weekly basis to an Irish Bank Account from my Australian one. It will be an ongoing debit for the foreseeable future.
Fees are quite high via banks.
Anyone have any solutions to this, it will be the same amount (not too large) each month for my nephew.
Just want to set and forget but not get hammered and fees!
Cheers
So say if I send $500, and by the time they're withdrawing it it will be worth anywhere from $0 to $100000m?
Yup but that’s what you get
But with all the fluctuation and premiums paid to convert BTC to AUD it would be the same fees as the fees paid in exchange rate if going from 1 HSBC account to another which is like $3 for $500 AUD from AUD to USD.
bitcoin
edit: tuzii beat me to it
Btc takes too long you want instant use xrp
I have a monthly payment I make to the UK.
I used my Citibank card (no fees) and set up a regular payment.
I have a monthly software subscription payment direct debited from USA with my Citibank Debit card. Absolutely no fees.
Transferwise?
Maybe use Currency online?
get a ATM fee free debit card.
send to your nephew.
deposit money in to that account monthly
Do you have to inform the bank that you will be "travelling" overseas?
wouldn't hurt. I notice that citibank or 28 degrees (or maybe both) state that you don't have to inform them, but I do anyway. 2 years ago citibank suspended my card when i went to hawaii
Try and open up an account with OFX (formerly Oz Forex) Ltd. Ring them and see first if they have a solution. They will be helpful. I have used them a handful of times and they beat the banks hollow on price, service and time. Highly recommended.
CitiBank Citi Plus -
https://www.citibank.com.au/aus/banking/everyday_banking/cit…
No fee for transfer and no monthly fee. Exchange rate are bang on
Thanks for the help so far guys - the money I am sending doesn't require to be withdrawn for a long time - sending to his trust account which he can't access until he is 18.
Any reason why you can’t keep the money in Australia and send a statement each birthday or something?
I guess not :) Haven't considered that - cheers.
Maybe look at something like Transferwise?
I've used CurrencyFair a few times with no problem. It might be good for you cos they have office in Australia and other countries but their HQ is in Dublin
+1 for currency fair, I'm Irish and use it whenever I go back home.
+1 more for currency fair - reliable and cheap. Though XE.com if doing smaller amounts
CurrencyFair. It's a no brainer. They are run by an Irish Bank based on Ireland. If sending significant money I am not aware how you could beat their costs (transfer in/upload - free, conversion to Euro - hard to beat peer to peer marketplace rates plus 3 Euros [fixed], transfer to Irish bank account - free) https://en.wikipedia.org/wiki/CurrencyFair
If you are sending multiple amounts then likely will be cumulatively significant. The CurrencyFair interface has a tool to pre-set regular transfers out of your CurrencyFair account which seems to be what you are after.
They have been excellent for us sending big $A to Euro amounts.
PayPal, zero fees if to family
Fees are on all international transaction with PayPal but aren’t terrible.
aussie account bank acct to BTC Markets
convert to XRP
Pay whoever in XRP to their XRP wallet
let them withdraw it.
basically zero fee's