Best way to send money from Hungary to USA

You might be able to do it through Forex agent based in the USA.   Then the credit would come from a US bank maybe rather than internationally.   

I don't know any US transfer agents but others that are possible elsewhere include Xendpay (pretty much all countries) and Orbit Remit (more Pacific oriented).  You can try them out here: Xendpay or OrbitRemit

Alternatives:

Use a US lawyer to transit the money.

Open another bank account there, send the money, then close the account.

Get the HUF and turn it into USD or other convertible cash and take it in a bag.

Get a pre-paid credit card, load it with the cash, then use it in the USA.

You could get messed up with the FATCA thing as some people don't like American business because of the overhead.  Obviously if you do it via an institution or in cash, then you have to comply with the appropriate regulations/laws.

You can also ask the bank in Hungary to convert the forints to US$ and issue you a US$ check. The check will be drawn on the Hungarian bank's account with its correspondent bank in the US. You will deposit it in your US credit union account and it will clear just like any other domestic check.

This method is a bit slow, since the check has to be prepared and mailed, but it's usually cheapest, provided you get a good rate converting forints to dollars.

The already mentioned idea to open a temporary bank account to receive the money is probably the easiest.

Another option is Western Union. Their fees vary.

klsallee wrote:

The already mentioned idea to open a temporary bank account to receive the money is probably the easiest.

Another option is Western Union. Their fees vary.

I once tried to send £100 to my daughter by Western Union.  They wanted 30% in charges!!!   It was easier to go to my bank, get the notes and post it to her special delivery!

fluffy2560 wrote:

I once tried to send £100 to my daughter by Western Union.  They wanted 30% in charges!!!   It was easier to go to my bank, get the notes and post it to her special delivery!

The "old" Western Union Today, EFT/ACH international transfers fees start at $5:

http://onlinefx.westernunion.com/Fees

Hi Magyar redhead & everyone

In my experience sending money btw UAE & Hungary is sending it cash if you can of course. My last attempt wassending 5000 USD & if i send it through WU the fee sould be 251 USD.

Best option was moneygram.com which had a fee of about 150 USD.

Eventually i found someone who would take it for me.

Opening an account maybe a good idea or if you know someone who can help you send the money.

If i May Ask few questions

How is opening an account help, would it be same rates of a normal bank, here in AE or my home country Banks rates are worse than Exchange rates so its always better to change money or send by Exchange than a bank, i was wondering if its different in HU, i did stay for 2 years but didnt open an account?

Xendpay doesnt transfer to US only united states minor islands!

OrbitRemit only let you transfer from NZ, Astralia & UK. It have great fees but only 3 countries to send from for 13k AUD fee is 4 & u lose about 100 USD in exchange.

Thanks

Muibmuel wrote:

IXendpay doesnt transfer to US only united states minor islands!

OrbitRemit only let you transfer from NZ, Astralia & UK. It have great fees but only 3 countries to send from for 13k AUD fee is 4 & u lose about 100 USD in exchange.

They were only examples. 

I used Xendpay a few times for very low payment amounts.  Since I could choose my fee rate, it was very helpful.  I used it to send EUR 10 to someone who didn't accept CC or Debit cards or even Paypal.  I would have paid a lot more if I'd used a bank.

Don't know what you would do for UAE.  Maybe it's not allowed for that country to remit monies to the USA except via a bank.  But this is the Hungary forum so maybe check on the UAE forum for some answer to the issue.

Hello to all you wonderful people! I would like to thank from the bottom of my heart for all the wonderful answers.

Can someone please tell me, how much would the bank exchange rate be if I traveled back home to Budapest to pick up the money in person? My stepfather would give me Hungarian forint and I have to convert it into US dollars. Any idea how much banks charge for the exchange?

Thanks again and wishing all of you a terrific day / evening!

magyar_redhead wrote:

Hello to all you wonderful people! I would like to thank from the bottom of my heart for all the wonderful answers.

Can someone please tell me, how much would the bank exchange rate be if I traveled back home to Budapest to pick up the money in person? My stepfather would give me Hungarian forint and I have to convert it into US dollars. Any idea how much banks charge for the exchange?

Thanks again and wishing all of you a terrific day / evening!

Cash is anonymous which is good  but also risky to some degree. Don't forget the AML (Anti-Money Laundering) regulations.  Usually a $10K limit the world over without declaring.  So you can take $9999 multiple times in separate trips supposedly.   I kind of like the idea of a prepaid credit card but I've never found out (I didn't look too hard) if you can get them in HU.  I don't think you would need to declare that kind of thing at the border.       

Anyway, depends on how much you have to exchange.   Your relative's bank could do it for you.  Just withdraw the money from the account as USD. If it's a lot of USD, you'll need to give them notice - usually a couple of days.

Or you could just do it from HUF immediately over the counter at an exchange bureau.  They have the advantage of on demand service, sometimes they are even cheaper. Pick your bureau carefully as rates vary a lot.  You could lose $10-$20 in a $500 exchange even though it says no commission (it just means they will rip you off more on rate instead).

If you look at bank web sites hereabouts you can see the rates on there.  For a general idea in English, you can use OandA  or try this online one in Hungarian: Raiffeisen Exchange

Dear fluffy2560,

You are such a darling writing me such detailed info, I don't even know how to thank you. I really appreciate it. You are the bestest!

Sending you hugs across the miles!

Erika

"Unfortunately my bank in the USA (credit union) does not accept international wire transfers."

Transferwise should work with your bank, and the conversion rate they offer is vert competitive. Regardless, if I were you, I'd switch to a proper bank, save me some headache in the future...

Thank you for your reply I appreciate it.

magyar_redhead wrote:

Dear fluffy2560,

You are such a darling writing me such detailed info, I don't even know how to thank you. I really appreciate it. You are the bestest!

Sending you hugs across the miles!

Erika

Nah, it was nothing. Hope it works out and sorry for the loss of your mother.