General Question

is_that_it's avatar

How do I minimize the hit when trying to put euros into my US checking account?

Asked by is_that_it (13points) January 27th, 2010

I was sent a bank check for 3,000 euros. I put it in my US checking account with National City. It looks like the hit to me will be about $300. That seems a lot. NC says it is the issuing banks fault, not theirs. Maybe. Has anyone got ideas for minimizing my hit when I do this?

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6 Answers

___'s avatar

I’m a little confused.. is this ‘hit’ coming in the form of the exchange rate.. a wire transfer fee.. i’m not really sure what in particular you are referring to.

trailsillustrated's avatar

you can’t really but you should use cooks they have the lowest fees.

Snarp's avatar

Don’t accept checks in foreign currency?

CyanoticWasp's avatar

You do need more explanation here. Where is the $300 being charged? Is it because the exchange rate used was unfavorable, because of money-changing fees or some other reason?

My best idea would be for the payer to do the conversion himself and to pay you in $USD.

YARNLADY's avatar

You might consider cashing out at a bank that specializes in foreign currency exhanges, and then deposit the resulting US funds. The exchange rate would be better and probably no fee.

Smashley's avatar

Definitely look around for the best Euro to US$ conversion rate you can find, then deposit the US currency you receive. Banks tend not to give great rates and their fees can be terrible. Depending on where you get it, you shouldn’t be looking at more than a 3%, rather than the 7–8% exchange it seems like you’re getting.

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