Big News: FounderDating is joining OneVest to build the largest community for entrepreneurs. Details here
Latest Notifications
You have no recent recommendations.
Name
Title
 
MiniBio
FOLLOW
Title
 Followers
FOLLOW TOPIC

Question goes here

1,300 Followers

  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur

Best practices for sending money to overseas?

We are working with 2-3 international manufacturers and agencies and it requires to send money back and forth from the USA. Anyone know the best and cheapest way to get the money across?

8 Replies

Cheryl Tom
1
0
Cheryl Tom Entrepreneur • Advisor
CEO, Founder at Vain Pursuits
If your PO is in the thousands, the cheapest will be wire transfers. This is very common when working overseas so your vendor should be accustomed with the process & have the needed info. (SWIFT...)

Note that there isn't usually recourse (refund procedure) like with a typical cc so make sure that you have procedures in place to guarantee that you are getting what you paid for. QA overseas prior to freight, or COD on landed shipments...lots of ways it can be done.

I've worked with equipment & apparel mftr in Asia & Australia. Happy to help if you need more info.
Josh Fischer
0
0
Josh Fischer Entrepreneur
Building B2B eCommerce Solutions
Our team uses Wells Fargo's CEO Portal for international wire transfers. Works well, is easy to manage and the money usually transfers in 24 hours. There is a fee associated with each transfer, but the amount depends on your relationship with Wells Fargo (if you have a high level account or not).
Eric Rogness
0
0
Eric Rogness Entrepreneur
Technical Product Manager
Wire transfers are generally the cheapest for the sender. However, you may want to consult with your suppliers. In countries where there is a lot of graft, if money lands in their bank account, they can lose 20% or more off the top before they see any of it. In these cases, working with the supplier to accommodate their situation may help bring down their costs (and also their prices) significantly by using Western Union or Ria Transfer. This can be a good way to build long term loyalty, preferential treatment, and reduce costs by as much as 15-30%..
Alison Lewis
0
0
Alison Lewis Entrepreneur • Advisor
CEO/Creative Director
FYI:The CEO portal is for local and domestic transfers only.Upon further investigation Well Fargo does not have international wiretransferservice to Europe. Unless I go into the bank.

Josh Fischer
0
0
Josh Fischer Entrepreneur
Building B2B eCommerce Solutions
Here's a link regarding Wells Fargo CEO doing international transfers -https://www.wellsfargo.com/com/treasury-management/payables/electronic/wire-transfers - we definetly use it for international wires. I did one today.

Wells Fargomakes it easy to initiate wires electronically through theCommercial Electronic Office(R)(CEO(R)) business portal and theCEO Mobile(R)service, as well as through non-electronic channels. You can quickly process same-day and future-dated domestic and foreign wire payments in U.S. or foreign currencies, and take advantage of real-time exchange rates.


Alison Lewis
0
0
Alison Lewis Entrepreneur • Advisor
CEO/Creative Director
Strange, was on the phone with them for about an hour today and was told they can't do online international. I guess their people don't know much. Thanks!
Steve Upstill
0
0
Steve Upstill Entrepreneur
Co-founder at RecipePower
I have needed to transfer funds internationally over the years, and for me, the killer app is XETrade (xe.com). You set up source accounts and accounts to transfer to, they do the legwork needed to satisfy Homeland Security, and then it's as easy as Internet banking.
Steve Upstill
0
0
Steve Upstill Entrepreneur
Co-founder at RecipePower
PS Oh, I should also mention that xetrade's rates are as good as they come.
Join FounderDating to participate in the discussion
Nothing gets posted to LinkedIn and your information will not be shared.

Just a few more details please.

DO: Start a discussion, share a resource, or ask a question related to entrepreneurship.
DON'T: Post about prohibited topics such as recruiting, cofounder wanted, check out my product
or feedback on the FD site (you can send this to us directly info@founderdating.com).
See the Community Code of Conduct for more details.

Title

Give your question or discussion topic a great title, make it catchy and succinct.

Details

Make sure what you're about to say is specific and relevant - you'll get better responses.

Topics

Tag your discussion so you get more relevant responses.

Question goes here

1,300 Followers

  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
Know someone who should answer this question? Enter their email below
Stay current and follow these discussion topics?