Current options for cheap and reliable Eur-USD transfer with FFC support

[wallac3]

Hello, I'm an EU resident looking to fund a brokerage account for trading stocks at an US broker but I can't find the best and cheapest solution to transfer the desired amount which is 30,000 USD. I have Euro and need to transfer USD so I need a solution which is both cheap in commission and the exchange rate fee.

Besides my local bank (super expensive with the exchange rate, discarded) currently I have personal accounts both at Wise and Revolut but the problem is that the broker requires a "For Further Credit" (FFC) transfer which basically is the same but having a field to put my name and account number so they can identify me and match my funds with my account.

TransferWise confirmed they can't do FFC transfers and I'm going to ask Revolut but I would like a more reliable opinion or someone who has had a similar experience. Any help? thanks!

 

[Martin Everson]

Why not do the FX with Revolut and send back to your local bank USD account and wire out the funds to broker from local bank?

 

[uplana]

Do you trust Revolut now @Martin Everson ?

 

[botero]

I know that Tastyworks (a US broker) suggests that its international clients use Currencyfair since it allows "For Further Credit" transfers.

Here is a guide on the Tastyworks site which further explains this.

 

[troubled soul]

I know that Tastyworks (a US broker) suggests that its international clients use Currencyfair since it allows "For Further Credit" transfers.

Here is a guide on the Tastyworks site which further explains this.

Thanks for this link.
Never know that tastyworks allowed Currencyfair

 

[Martin Everson]

Do you trust Revolut now @Martin Everson ?

Hell NO but in their defense you cannot argue with below stats and the fact it is valued at £35bn. It has more customers than most bricks and mortar banks in UK . Plus you get deposit protection now.

Revolut key statistics​

• Revolut generated £221 million revenue in 2020, an 57 percent increase year-on-year
• At that same time period, Revolut’s losses increased from £106 to £167 million
• Revolut had 15.5 million users as of June 2021, 1.1 million use the app daily
• Over £65 billion has been transacted on Revolut since 2020

 

[wallac3]

Thanks for bringing this info about Currencyfair, going to learn more about them and maybe try. The problem with @Martin Everson idea using Revolut to do the FX was that my local bank account is only Euro not accepting USD so need to find another way

Currencyfair looks its regulated in Ireland

 

[JimBeam]

1, Register an account at Interactive Brokers (good broker with low fees)
2. Send the money there in EUR
3. Do the conversion there with live FX rate (actual rates with very small spread)

I've seen people use them for their FX things instead of using their bans as the rates are so good...