๐Ÿˆ Community
nepetalactona
Member

Direct to local bank and wire transfer

I'm trying to figure out if there are any additional fees that I have to pay for my incoming deposit. I would use Direct to Local Bank to a bank in Guatemala. Is it the same as "wire transfers", or is it more like a direct deposit?

5 REPLIES 5
petra_r
Member


@Lucia R wrote:

I'm trying to figure out if there are any additional fees that I have to pay for my incoming deposit. I would use Direct to Local Bank to a bank in Guatemala. Is it the same as "wire transfers", or is it more like a direct deposit?


 It is not the same as wire transfer, which is always in US Dollar, requires a US Dollar account, costs you $ 30.00 and is worth it only for withdrawals of $ 700 - $ 800 and up.

 

With the Direct to local Bank method you will lose some money compared to the mid market rate through the exchange rate which is set by the banks.

Sorry Petra,

 

this is not correct. I use wire transfer continuously for lack of a better alternative. It is done in US$, correct, but you do not need a $-account - mine is local currency only. And up to now I have not been told it can only be used for higher sums - although I always wait until I have accumulated some because of the $30 fee.

vladag
Community Manager
Community Manager

Hi Susanne,

 

I believe Petra wasn't referring to a limit for initiating wire transfers, which aren't limited by any amount, but sharing her opinion on the overall cost effectiveness when compared to other withdrawal methods.

Untitled
vladag
Community Manager
Community Manager

Hi Lucia,

 

Please contact you bank and check if they charge any incoming fees for DLB transfers.

Untitled

Thanks to all for the answers! I talked with my bank and they said they have a fee of $40 for the international transaction. If I use the wire transfer option, I guess they would charge me those $40 anyway and there would be $70 in total.

Learning Paths