Cost to Transfer Money

Does anybody know how much it might cost to send $5,000,000 from a Bank in Turkey to a Bank in the UnitedSatates. I was told that transfer fees with all taxes and transaction cost would be almost $145,000…is this true.?

Have you contacted you bank and asked them? If they do not handle international wire transfers, they will have a bank they send the business to. You can easily get a quote.

There will be concerns about the source of the funds so you will have to answer some questions before they would be interested in the business. They should still be able to get your a quote.

If your bank is really dumb about this, contact HSBC, Citi, Bank of America, JP Morgan Chase and they can provide quotes.

There are private companies who will offer an FX transfer services. They are regulated and buy money wholesale form banks. THey pass on some of the savings to the retail customer and keep some. I know the owner of a UK firm and there are a number of them here in London.

BTW - I used to work at a few investment banks so if you have other questions let me know.

If it is NOT your money being transferred, and someone saying they will just transfer it over to you, and you just have to pay the transfer fee, I would think you would want to re-think that scenario, as you may just be out of 145K. I could be wrong, but I see major red flags here…

BTW - Many scams involve overseas funds. Be very careful. You should not pay anything upfront. You also need to be sure the money is clean as you could be committing a crime if you are inadvertently participating in a money laundering exercise.