What is the cheapest way to transfer money from FastSpring into a non-USD bank account?
I simply check conversion rates of my bank and FastSpring. Whichever ends up in more Euros, I use that option. In any case you lose
How much % do you lose?
I have CZK instead of EUR.
I have EUR and USD accounts in my country too… but sometimes it gets complicated when I e.g. send from PayPal USD to my USD account in Czech bank and it is converted USD → CZK → USD …meaning paying twice for conversion resulting in no change in currency. …and since FastSpring is using HyperWallet and HyperWallet is owned by PayPal…
I am doing some test with Transfer Wise. I should know on Tuesday and will let you know the result.
Never encountered such behavior with my bank. If I receive USD, it’s converted to EUR. If I receive EUR, it obviously stays in EUR. Long time ago I used to have also USD account, but still didn’t have double conversion happen.
Well, PayPal says I can link only accounts in CZK because that is where I live. If I want another currency I would need to change my residency. It does not allow me to link accounts in different currencies that I created in Wise. But a foreign currency account in Czech bank is probably an exception and they deal with it as it would be CZK account.
So I used Wise to create an account in a US bank from abroad. So I could make a local bank transfer. I sent $10 from FastSpring and got $10 in Wise. Wise claims the took zero fees. Wise exchange rate USD → CZK is about 0.6% and the transfer CZK from Wise to CZK account is about $0.38
So it is confirmed and it can be done for 0.6% + $0.38 in total.
When I sent USD from PayPal to Wise USD account… PayPal took 3% fee. They take 3% every time even if your PayPal and bank account have the same currencies. Otherwise, it is 5% for conversion and +3% for transfer. But the 3% per transfer applies only to some countries
Market or region seems to be based on user residency