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Changing PLN to USD and transferring it abroad

 
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Master Shake



Joined: 03 Nov 2006
Posts: 1198
Location: Colorado, USA

PostPosted: Tue Dec 29, 2015 9:10 pm    Post subject: Changing PLN to USD and transferring it abroad Reply with quote

Hi All,

I hope everyone is having happy holidays.

I'm probably going to be living in Colorado, USA for at least a few years. I've got some savings in zloty in my Polish bank account which I'd like to convert and relocate to a US bank.

Anyone have any advice on doing this? My plan is to use an online kantor, like https://cinkciarz.pl/eng, to convert the PLN into USD (my Polish bank has crappy exchange rates) first. After that, I can just wire the USD to my US account with a bank transfer.

Any predictions on whether the zloty will strengthen/weaken in the coming months? It hasn't been very strong for a while now.
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ccoll



Joined: 16 Oct 2014
Posts: 19

PostPosted: Wed Dec 30, 2015 3:54 am    Post subject: Reply with quote

TransferWise might be a good option in your situation.
https://transferwise.com/
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sparks



Joined: 20 Feb 2008
Posts: 629

PostPosted: Wed Dec 30, 2015 11:01 am    Post subject: Reply with quote

As far as the złoty going up or down. I wish anyone knew. Consider PiS the Fed raising rates the winter. Who knows:)
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sparks



Joined: 20 Feb 2008
Posts: 629

PostPosted: Wed Dec 30, 2015 11:33 am    Post subject: Reply with quote

As far as the złoty going up or down. I wish anyone knew. Consider PiS the Fed raising rates the winter. Who knows:)
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Master Shake



Joined: 03 Nov 2006
Posts: 1198
Location: Colorado, USA

PostPosted: Wed Dec 30, 2015 7:31 pm    Post subject: Reply with quote

Thanks for the replies, guys.

I've looked into Transferwise. They offer the best currency exchange rates out there. However, the fee they charge for their services is about 0.5% of the amount transferred. In comparison, my Polish bank (ING) will make the transfer for 40zl (flat rate) regardless of the amount transferred.

So, unless you're sending a large amount, say in excess of 75,000zl/$20,000, Transferwise is a good option. In fact, they may be the only option for US citizens.

I tried to use https://cinkciarz.pl/eng and they 'don't currently offer services to American citizens', though they plan to in Q1 2016. Don't know what's up with that. Seems to be no such restriction for any other nationality. Confused

Hopefully there's no such restriction on Transferwise.
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dragonpiwo



Joined: 04 Mar 2013
Posts: 1606
Location: Berlin

PostPosted: Thu Dec 31, 2015 8:01 am    Post subject: erm Reply with quote

Do it in cash and take it with you.
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scot47



Joined: 10 Jan 2003
Posts: 15322

PostPosted: Thu Dec 31, 2015 9:26 am    Post subject: Reply with quote

If taking large sums of cash you must declare it at Customs. I think it is over 10,000 Euros or US$10,000 Failure to declare can lead to confiscation.
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dragonpiwo



Joined: 04 Mar 2013
Posts: 1606
Location: Berlin

PostPosted: Thu Dec 31, 2015 12:31 pm    Post subject: ha Reply with quote

Most people don't earn that a year.
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Master Shake



Joined: 03 Nov 2006
Posts: 1198
Location: Colorado, USA

PostPosted: Thu Dec 31, 2015 6:01 pm    Post subject: Re: erm Reply with quote

dragonpiwo wrote:
Do it in cash and take it with you.
I don't need the stress and hassle of shuttling a bunch of cash like some Colombian drug mule. The amount is over 10k USD anyway, so I'd have to declare it.

Some teachers do actually make well over 10k USD in a year in crummy ol' TEFL Poland, dp. I saved about the same percentage of my salary working in Warsaw as I did in Tokyo, even though I made quite a bit more in Japan.
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scot47



Joined: 10 Jan 2003
Posts: 15322

PostPosted: Thu Dec 31, 2015 7:38 pm    Post subject: Reply with quote

Make a bank transfer. Only George Soros and Multinationals moving millions worry about saving a few groszy on transfers.

Personally I like handling cash - preferably in a hard currency !
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Infinite



Joined: 05 Jan 2013
Posts: 235

PostPosted: Wed Jan 06, 2016 12:12 pm    Post subject: Re: Changing PLN to USD and transferring it abroad Reply with quote

Master Shake wrote:
Hi All,

I hope everyone is having happy holidays.

I'm probably going to be living in Colorado, USA for at least a few years.


uhmm.... good choice hahaha... for many o reasons Very Happy
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Infinite



Joined: 05 Jan 2013
Posts: 235

PostPosted: Wed Jan 06, 2016 12:16 pm    Post subject: Reply with quote

You could try paypal... but also, you might want to trade currency. Find something that's more stable and not as strong against the dollar, observe the market for a month or so, then trade them to whatever currency you've chosen and then to dollars. Yes, it does require a bit of work but if it means making a thousand or two... then I'd say it's worth it.
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Master Shake



Joined: 03 Nov 2006
Posts: 1198
Location: Colorado, USA

PostPosted: Wed Jan 06, 2016 5:21 pm    Post subject: Reply with quote

Infinite wrote:
You could try paypal... but also, you might want to trade currency. Find something that's more stable and not as strong against the dollar, observe the market for a month or so, then trade them to whatever currency you've chosen and then to dollars. Yes, it does require a bit of work but if it means making a thousand or two... then I'd say it's worth it.
Yes, would definitely take some work and might mean a loss if I bet on the wrong currency. You also have to consider all the fees involved with changing money. Still, with the zloty as weak as it is is now...

I just did a small test transfer (PLN - USD) using Transferwise. I received exactly what I expected. Transferwise offers a really novel way to avoid international transfer fees and get the best possible exchange rates. Check it out before it disappears - I don't see how it's possible for the company to turn a profit under it's business model.
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