How to wire money to sweden in their currency ?

[hergehen]

Hello,


My parents have a little problem ... they need to wire money to sweden in swedish currency ....

how can they do it ?

thx

 

[Zenmervolt]

Uhh, can't you just ask the company through whom you are wiring the money to do the exchange rate conversion? Like you give them 100 USD and they give the other person 100 USD worth of Sweedish currency?

ZV

 

[RossMAN]

Have your parents go to their bank and ask to send an FX (foreign currency) wire or an international wire transfer.

If the bank is capable of sending FX wires, your parents want to ask for SEK (Swedish Krona) currency.

Before sending the wire transfer make sure to have the following information about the receiving party:
Beneficiary Bank's Complete Name
Beneficiary Bank's SWIFT/BIC code which is 8 or 11 digits
Beneficiary Bank's Branch Name/Number/Address/Sort Code

Beneficiary's Name (receiving party)
Beneficiary's Account Number
Beneficiary's Address

Bigger banks like Bank of America do thousands of these a day, the bigger the bank, the better.

 

[hergehen]

Originally posted by: RossMAN
Have your parents go to their bank and ask to send an FX (foreign currency) wire or an international wire transfer.

If the bank is capable of sending FX wires, your parents want to ask for SEK (Swedish Krona) currency.

Before sending the wire transfer make sure to have the following information about the receiving party:
Beneficiary Bank's Complete Name
Beneficiary Bank's SWIFT/BIC code which is 8 or 11 digits
Beneficiary Bank's Branch Name/Number/Address/Sort Code

Beneficiary's Name (receiving party)
Beneficiary's Account Number
Beneficiary's Address

Bigger banks like Bank of America do thousands of these a day, the bigger the bank, the better.

that's the problem ... they went to their bank , it's a small one -they said no ...

so today my mom went to commercial bank, they said ok,but u have to have a checking account with them :|

and also, they need to wire like $70 ... and there's a $40 fee for that ?

or should they just try some other bank ? or does all banks require to have an acct. with them ?

 

[RossMAN]

hergehen,

The standard FX wire fee is around $40 so it's pointless to send $70 if you have to pay MORE THAN HALF IN FEES! Plus the beneficiary (receiving party) usually has to pay for incoming wire transfers as well.

Yes most banks require that you have an account with them to send wire transfers. However some banks will let you send wires if you don't have an account with them.

So what are your other options if you don't send an FX wire? Well I'm glad that you asked, you could:
1) Send SEK paper money through the mail, make sure to conceal it of course the recipient could always claim they never received it --- that's a problem.
2) Send a USD International Money Order, most larger banks offer this. These are usually accepted at any major bank around the world.
3) Send a Foreign Draft which is essentially an international money order but in SEK currency not USD.

Again paying $40 just to send $70 seems like more hassle than it's worth.

Look into sending a USD international money order, that's what I would do.

 

[hergehen]

Originally posted by: RossMAN
hergehen,

The standard FX wire fee is around $40 so it's pointless to send $70 if you have to pay MORE THAN HALF IN FEES! Plus the beneficiary (receiving party) usually has to pay for incoming wire transfers as well.

Yes most banks require that you have an account with them to send wire transfers. However some banks will let you send wires if you don't have an account with them.

So what are your other options if you don't send an FX wire? Well I'm glad that you asked, you could:
1) Send SEK paper money through the mail, make sure to conceal it of course the recipient could always claim they never received it --- that's a problem.
2) Send a USD International Money Order, most larger banks offer this. These are usually accepted at any major bank around the world.
3) Send a Foreign Draft which is essentially an international money order but in SEK currency not USD.

Again paying $40 just to send $70 seems like more hassle than it's worth.

Look into sending a USD international money order, that's what I would do.

thanks for the options ...

the problem is that they need to get money there fast

 

[RossMAN]

FX wires ususally take 2 business days is the minimum unless it's Canada or Mexico which can be same day or 1 business day.

If the beneficiary will accept a USD wire transfer, it can get there in 1 day and those only cost about $30.

 

[Maharaja]

Why don't your parents send the international money order by overnight mail? Ok, I've never sent overnight mail to Sweden but I think it would be less than $40. Here's the USPS's web site for Global Express Mail. They apparently have a partnership with DHL for this stuff.

 

[Mill]

Western Union is quoting 20 in fees to send 70 from Ohio ti Sweden. Give them a ring. You can send the money online.

Do you think this would be a better solution Rossman?

http://www.westernunion.com/homePage.asp

 

[RossMAN]

Originally posted by: Millennium
Western Union is quoting 20 in fees to send 70 from Ohio ti Sweden. Give them a ring. You can send the money online.

Do you think this would be a better solution Rossman?

http://www.westernunion.com/homePage.asp

Is that for USD or SEK (he wants to send SEK not USD)?

 

[Jzero]

I usually just call Western Union and say:
"Flurdy gurdy moona wiren inschk de Krona! Bork, bork, bork!"

They usually get the picture.

 

[Mill]

Currency Exchange. All payments will be made in the currency of the destination country (except in a limited number of instances where payment is made in U.S. dollars or other currency through a Western Union agent in the destination country). In addition to the transfer fees applicable to this transaction, a currency exchange rate will be applied. United States currency is converted to foreign currency at an exchange rate set by Western Union. Any difference between the rate given to customers and the rate received by Western Union will be kept by Western Union (and, in some cases, its international agents) in addition to the transfer fees. For information concerning the current currency exchange rates provided by Western Union to its customers call toll-free to 1-800-325-6000 (English) or 1-800-325-4045 (Spanish).

Amount to send : $ 70.00 US Dollars

Money transfer charge : $ 20.00

Total estimated amount : $ 90.00


Estimated exchange rate 1 USD = 8.6714840 SEK

Estimated local currency pay out = 607.00 SEK

 

[RossMAN]

If Western Union only charges $20 then I'd definitely go through them, 1/2 cheaper than sending through a bank.

Plus there are WU offices all around the world.

 

[Mill]

Originally posted by: RossMAN
If Western Union only charges $20 then I'd definitely go through them, 1/2 cheaper than sending through a bank.

Plus there are WU offices all around the world.

Yeah the only drawback was that the currency exchange rate is set by Western Union but it tells you what they are using as the rate so you could see how much you will be exchanging exactly.

 

[RossMAN]

Originally posted by: Millennium

Originally posted by: RossMAN
If Western Union only charges $20 then I'd definitely go through them, 1/2 cheaper than sending through a bank.

Plus there are WU offices all around the world.

Yeah the only drawback was that the currency exchange rate is set by Western Union but it tells you what they are using as the rate so you could see how much you will be exchanging exactly.

That's the same with sending it from a bank, the bank sets the rate (which is probably better than WU's but still the bank sets the rate not you).

But if you send USD, the rate is set on the other end in Sweden.

 

[Mill]

Originally posted by: RossMAN

Originally posted by: Millennium

Originally posted by: RossMAN
If Western Union only charges $20 then I'd definitely go through them, 1/2 cheaper than sending through a bank.

Plus there are WU offices all around the world.

Yeah the only drawback was that the currency exchange rate is set by Western Union but it tells you what they are using as the rate so you could see how much you will be exchanging exactly.

That's the same with sending it from a bank, the bank sets the rate (which is probably better than WU's but still the bank sets the rate not you).

But if you send USD, the rate is set on the other end in Sweden.

Like you, I have no doubt that WesternUnion extracts its pound of flesh from the exchange rate.

 

[bizmark]

you could always use PayPal.... but they charge fees for international bank withdrawals (but it doesn't appear to be that much) and the person in Sweden would have to have a bank account there in order to be able to withdraw it.

from a recent email I received from PayPal:

PayPal Launches Multiple Currencies

Use your PayPal account to send and receive money in Pounds Sterling,
Euros, or U.S. Dollars, all through your existing PayPal account!
PayPal's Multiple Currencies feature facilitates payments between buyers
and sellers by allowing them to use the currency of their choice.
* Sell on both local and international sites
* Increase sales by making payment convenient for buyers
* Manage all your online payment needs using your current PayPal
account
Because sellers can choose whether or not to accept other currencies, you
get more options while maintaining control over your sales! Check out the
Multiple Currencies demo or learn more about sending and receiving
payments in the Multiple Currencies Center.

edit: it looks like that multiple currencies center thing won't work for Sweden, but you *can* do regular withdrawals to a Swedish bank... it's listed elsewhere on the website. see here