How to Transfer Money Overseas Cheaply? | #OneMinuteNomad

Transferring money cheaply is always a priority especially if you are living a nomad capitalist lifestyle, so to answer your question it depends on how much money are you transferring. If you are doing large transactions the cheapest way to do it is bank transfers because most of the online services have limits on how much you can send.

But if you are sending a couple of thousand dollars what I found works best is Transferwise. It is fast, reliable and you can easily transfer money with no hassle.
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Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".

Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.

Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we've spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.

DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

[johnfernandez]

Depending on the country, you can actually MAKE money using Bitcoin to transfer money to another country.

Certain countries have a premium on BTC.

[asterisk]

If you're transferring US$ to US$, even overseas, it's hard to beat Charles Schwab; they don't charge any wire transfer fees whatsoever for people who maintain a decent balance.


For currency exchange coupled with a wire transfer, so long as I'm dealing with major currencies only, I use Interactive Brokers. I can deposit my money into the account for free in one country, pay a flat US$2.50 for the currency exchange (with a razor thin "we buy/ we sell" margin), and then make a single withdrawal per month totally free into a bank account in another country.

[consciouscrypto]

Transferwise was what I used to use to pay a VA in the Philippines. I couldn't find anything better at the time. Sending a large amount (5, 6 or even 7 figures) can be done for free sending a stablecoin like USDC, if both parties are in the crypto space. Right now there's a low percentage probability that's the case, but as time goes by, I think most people are going to find that 20 minutes transfer time 24/7/365 beats dealing with banking hours and paying even a $30 wire fee. But we're not there yet.

[jerryabrahamson]

Spot on Andrew. I use transferwise all the time. Great experience every time

[klwtherd]

I'm going to have to check out Andrew's recommendation for transferwise. I love getting new information that provides value to me. Thanks Andrew. 🤗

[margyiphillips]

Good morning class. Good morning Prof.

[Commaoligarch]

In Canada @ TD Bank they charge 50k for 1M+ wire transfer... BTC is just cheaper and easier. Sure if you want fiat, might be a premium assuming you hit a ATM @ 10-15% fee for Fiat.

[nickob]

Transferwise is very good, also look at XE.com, sometimes better rates, and look at converting to Euro first then sending via SEPA because some EU banks charge a high fee just for recieving transfers

[vanlifeoasis]

BITCOIN !!! BTC instant, borderless, decentralized.

[keepitraw]

transferwise also has a service for big amount of cash

[LearnEnglishwithTrev]

Transferring is excellent but so is Revolut and using them in conjunction is really quick l.top up my revolute card from transference instantly

[MiaogisTeas]

Agreed, though it seems China is blocking Transferwise texts from getting to my number here 😡

[dsplgb]

also like their Borderless account, lucky enough to be in a country where I was able to apply for it.

[TonyChev]

Cryptocurrency. You can send any amount of crypto for very little

[felixhipolito]

TW si te best.

Once you suscribe todo TW, you can get a bank account in Germany, UK, Australia, NZ android Poland.

US dolars can also be kept with TW in New York.

[NickDemski]

My bank in México lets me transfer money for free.