Transferring money overseas (need tips)

[Think Different]

Any ideas for how to open a bank account in Europe (specifically Italy) and then have my money transferred from here to there?

I understand that it's getting hard for Americans to open bank accounts overseas, due to the IRS' heavy-handed actions against UBS in Switzerland.

Also, the best I can figure out for cheaply transferring my money is by using an International Foreign Exchange Broker, whose fees are supposedly lower than banks'. An example is http://www.currencyonline.com, as best I can tell. Anyone have experience with this? Should the money be transferred all at once, or in small <$10 increments?

I can use all the help I can get, and I assume others are in the same boat. After all, there are 7 million Americans abroad already (students, retirees, etc.), and I can't believe they all pull their money out of their US accounts using cash advances (12% markup fee, at a minimum).

[Rock]

Any ideas for how to open a bank account in Europe (specifically Italy) and then have my money transferred from here to there?

I understand that it's getting hard for Americans to open bank accounts overseas, due to the IRS' heavy-handed actions against UBS in Switzerland.

Also, the best I can figure out for cheaply transferring my money is by using an International Foreign Exchange Broker, whose fees are supposedly lower than banks'. An example is http://www.currencyonline.com, as best I can tell. Anyone have experience with this? Should the money be transferred all at once, or in small <$10 increments?

I can use all the help I can get, and I assume others are in the same boat. After all, there are 7 million Americans abroad already (students, retirees, etc.), and I can't believe they all pull their money out of their US accounts using cash advances (12% markup fee, at a minimum).

I might be able to give you some tips. But I need to understand better. What exactly do you want to do? Why Italy? Are you interested in Euro account? Forex brokers are gemerally used for trading and or investing in various currencies, not transfering funds.

[ladislav]

Americans who live overseas usually open accounts when there. I have been able to open accounts in Japan, in Oman, in the Philippines and in Thailand because I was living/working there. But when I went there I did not have an account yet.

If Americans travel, they do not usually get cash advances. They simply use a US ATM card. Each withdrawal is some $7-10 plus a 3% foreign currency conversion fee. If you mean a real over the counter cash advance, the whole thing will end up costing some 8%. Maybe more.

I don't know about Italy. But you may consider an offshore account. Many of these are in Guernsey, Jersey, etc. See what these have to say.

http://www.offshore.hsbc.com/1/2/international/home

You may contact any of these and see what the requirements are:

http://www.google.com.ph/#hl=tl&q=offsh ... a18cca2de2

http://www.google.com.ph/#hl=tl&q=open+ ... a18cca2de2

Usually they want many documents notarized and then there us a minimum that is quite high.

http://www.google.com.ph/#hl=tl&q=Open+ ... a18cca2de2

There are agents that will open an account for you but they all ask for a big fee. But you won't have to fly there or anything.

Don't quote me on above because regulations change all the time.

[globetrotter]

When I arrived in China I stayed in Beijing for one day and took the train to my new town.

When I disembarked a girl from the company met me and the first thing she asked me was:

'Is there anything that you need?'

My first two replies were:

Yes. A mobile phone and a bank account with an ATM card.

Within 90 minutes I had both. Very easy to do just show your passport and work contract or have someone from the company there to pull the strings. String pulling is essential in China. It is all about who you know. Without them you get a flat 'NO', with them it's all smiles, fast and cheaper than listed price..

There is, I believe, a $500 a month limit to wire OUT of China to the USA or any other nation. There is a way around that of course. Hong Kong.

[momopi]

Any ideas for how to open a bank account in Europe (specifically Italy) and then have my money transferred from here to there?

Will you personally travel to Italy in person to open the bank account?

Depending on the amouont, you could also carry the funds in cash or American Express traveler's cheques. HSBC bank also has branches in US and all over EU, incluidng Italy. You can go to a local HSBC branch and ask.

[Think Different]

Momopi, I've PM'ed you. If anyone else is a financial guru, feel free to PM me, and we can discuss. Don't feel comfortable discussing too much detail on an open forum.

Thanks,

[Master]

thats fine.

The only advice i got is dont waste your money on atms. thats a lot of money lost. Why is it that many people dont believe in cold hard cash anymore?