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Best way to Send Money to the US

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katmizzou
  5/31/2014 13:00 EST

Hi, I just moved to Santiago and I am trying to send money from my bank account here in Chile to my bank account back home in the United States. I checked at my bank and the fee was almost $100 US! Does anyone know of a cheap and safe alternative?

Thanks! Kat :)

jimboo
  6/1/2014 13:53 EST

I always use AFEX from Chile to elsewhere and OZFOREX from Australia to Chile. I don't recall the AFEX cost but it is good compared with others which is why i use them. link below. hope this helps.

http://www.afexav.cl/Index_escritorio.aspx

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MushroomMike
  6/1/2014 16:06 EST

I can only tell you what I have done in sending money to Singapore from the USSA.

I "enrolled/joined" a foreign exchange called OZForez, which is based in Australia. I did all of this online, by the way.

OZForex handed me off to their US counterpart, which is called USForex. USForex uses the Australian facilities of OZForex (OZF) to handle all of their communications with me. When they answer the phone with "Good day", and use other Aussie phrases, it gives a hint of where they are. I also asked directly with every phone call to them "where are you?". It was always Aus., it may have been New Zealand once, I forgot. The access number to OZF is a phone number based in San Francisco, Calif., so the cost is minimal.

They transferred monies for me using ACH (Automated Clearing House?) numbers on my USSA-based checking account. That takes a little longer (5-7 days), but costs nothing. A wire is faster, but more costly. A wire transfer is only of use to me if time is of the essence!

I was told if I had USD100,000+ to transfer, ALWAYS break it into smaller payments, in case one payment gets "lost" - which is usually a temporary loss.

I hope this helps you.

PS- It sounds like AFex might be similar to OZForex?

[I finally figured out how to post - I had to leave the "Panama Forum" and enroll in the "Chile Forum" in order to answer your post. This post was also sent as a PM to you, kat]

MushroomMike
  6/1/2014 16:29 EST

Some additional info. USForex also converts my US Dollars to the foreign currency at a rate that blows every other bank away! This is where they make their money, in converting one $$money to another.

The exchange currency rate was so close to the international foreign exchange rate, that it made me wonder how they survive!

USForex, and most foreign exchange organizations will offer better rates if you transfer amounts equal to or greater than A$2000., so transferring funds every OTHER month might be considered.

I was turned down an account by XE.com, a subsidiary of Western Union.

jimboo
  6/1/2014 18:12 EST

Ozforex will not deal with pesos therefore will not take transfers from Chilean banks. Not sure about USforex. I regularly do business through AFEX from my BBVA account to both Australia and New Zealand.

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