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overseas coin transactions

I was wondering if any other US-based forum members have ever opened an account in a European or Asian bank or foreign US bank branch to facilitate overseas coin or other transactions? I'm sure this kind of question only makes sense at a certain level of sales...

I seem to run into frequent intenders who have no clue about Paypal, who claim money orders from their countries cost too much, etc., etc., please help me pay. I usually urge these folks to wrap US currency (where can I get US currency?; why at your bank of courseimage ) etc., etc. ad nauseum. Now, these buyers will never make me rich but the observation generated a train of thought I'd like to satisfy.

Anybody got a system they want to share?

Is there a good US bank out there with overseas branches that you recommend?
One of the penalties for refusing to participate in politics
is that you end up being governed by inferiors. – Plato

Comments

  • ajaanajaan Posts: 17,586 ✭✭✭✭✭
    HSBC is a global bank. I know I can get bank drafts in almost any currencly from them.

    DPOTD-3
    'Emancipate yourselves from mental slavery'

    CU #3245 B.N.A. #428


    Don
  • coinpicturescoinpictures Posts: 5,345 ✭✭✭
    When I have potential buyers in countries to which I normally won't ship due to not being able to insure shipments (e.g., Russia, Brazil), and I want to guard against unwarranted PayPal chargebacks, I now offer them the option of Western Union money transfer. WU is literally everywhere, and I can pick up a check at my local grocery store. No possibility of fraud (that I'm aware of). It costs the transmitter a fee rather than the receiver; not sure how much though...

    I was a bit wary at first, but had a very good experience with a Russian buyer to the tune of $500+ all done through Western Union. Worked like a charm.
  • laurentyvanlaurentyvan Posts: 4,243 ✭✭✭
    HSBC is a global bank. I know I can get bank drafts in almost any currencly from them.

    Thanks Don, I'll check them out.image

    I'd love to find a bank that would accept money from anywhere (other than Paypal of course, which I use and has been mostly good to me). I'd love to accept an electronic check from India or Columbia or Australia and gladly willing to pay a nominal electronic bank fee.
    One of the penalties for refusing to participate in politics
    is that you end up being governed by inferiors. – Plato
  • laurentyvanlaurentyvan Posts: 4,243 ✭✭✭
    offer them the option of Western Union money transfer.

    Western Union has not been good to me. One payment of $20 ended up netting me $3.85 after fees? Don't ask...

    Another WU payment went astray, this time for my son, who ships his signed prints worldwide (and now also uses paypal with great success).

    I find that the quality of individual WU agents make or break their program.
    One of the penalties for refusing to participate in politics
    is that you end up being governed by inferiors. – Plato
  • CIVITASCIVITAS Posts: 2,256 ✭✭✭
    Western Union is fine as long as everything works smoothly. If something were to go wrong though, every agent we've ever spoken to has been absolutely clueless and useless. They were always more intersted in getting you off the phone than actually helping. I'm pretty sure I'm done with WU.
    image
    https://www.civitasgalleries.com

    New coins listed monthly!

    Josh Moran

    CIVITAS Galleries, Ltd.
  • MacCrimmonMacCrimmon Posts: 7,058 ✭✭✭
    Laurent, you may try looking into EVERBANK.

    I don't have time to run through their website, but they may indeed offer the flexible of multiple currency receipts into a Everbank account.

    What I do know is that they offer several different "baskets" of forex CDs and MMFs in which one can diversify (hedge) a falling USD.
  • coinpicturescoinpictures Posts: 5,345 ✭✭✭


    << <i>One payment of $20 ended up netting me $3.85 after fees? Don't ask... >>



    Well, I'm gonna ask anyway. image

    Was the payment sent in a currency other than dollars, so you had to pay a conversion fee? As far as I knew there weren't fees to receive a WU transfer.

    ???
  • theboz11theboz11 Posts: 6,576 ✭✭✭
    I was wondering if any other US-based forum members have ever opened an account in a European or Asian bank or foreign US bank branch to facilitate overseas coin or other transactions?

    No! Because of the additional IRS reporting requirements and the likelihood of an audit. The Patriot Act has some specifics for overseas bank accounts, and they ain't friendly.
  • SYRACUSIANSYRACUSIAN Posts: 6,472 ✭✭✭✭
    I have a USD account at my regular bank, it doesn't have to be a US bank. I can deposit or withdraw USD at will. Some countries however, have strict laws on import-export of foreign currency. The one form of payment that I cannot accept, is US postal orders, there's a list of countries that accept these or not.


    WU money orders are great for sellers but very costly for buyers.
    Dimitri



    myEbay



    DPOTD 3
  • laurentyvanlaurentyvan Posts: 4,243 ✭✭✭
    Was the payment sent in a currency other than dollars, so you had to pay a conversion fee? As far as I knew there weren't fees to receive a WU transfer.

    I believe you may have hit on it. The money was sent from Ireland and cost the buyer almost as much in fees as the print cost her.
    One of the penalties for refusing to participate in politics
    is that you end up being governed by inferiors. – Plato
  • DaltonistaDaltonista Posts: 354 ✭✭
    Learned recently that, at least in theory, any bank can send an electronic funds transfer to any other bank, anywhere. In my instance, a Taiwanese buyer walked into a US bank branch in Taipei (Wells Fargo, if memory serves) and paid Taiwanese cash, or transferred it from his account, in the amount of purchase, plus a 2% fee, which amounted to $30 and change on a US$1500 + registered mail buy. The next morning it was fully accounted for in my credit untion account a block away from my office. No sweat. Expensive for the buyer, sure, but he wanted that item and wanted it fast, I guess.

    Conversely, I've also experienced as many as 41 days for personal checks from offshore banks to clear, with the so-called "bank drafts" taking as long as three weeks. I'm not talking eBay rules here, so I make it clear that while I love PayPal for its convenience, the buyer must agree to cover their fees up front.

    Patriot Act disclosure requirements aren't that onerous...unless, of course, you're sending to or receiving from a known A.Q. front...the folks in my CU, who of course know me, just joked about that part of it.

    Best to all!
    Tom
    I never pay too much for my tokens...but every now and then I may buy them too soon.

    Proud (but humbled) "You Suck" Designee, February 2010.
  • CladiatorCladiator Posts: 18,234 ✭✭✭✭✭
    Never done it.
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