Back to oDesk.com » Love the way you work.

Welcome to the oDesk Community! Connect here with fellow clients, contractors, and oDesk staff. Please review our Usage Policy.

withdraw money to romania

Hi!
Does anyone know which is the cheapest way to withdraw money to a Romanian bank account, that uses local currency (RON) ?
If i choose Local Funds Transfer to Europe, I will get charged 1,99$ for the transfer, and then will have to support 2 exchange rates - one from US to EUR and the second from EUR to RON(local currency). That doesn't seem like a good idea.
Is there a cheaper or more direct way to receive my money?

Vote Result

----------
Score: 0.0, Votes: 0
Hi

The Local Funds transfer IS the cheapest one to Romania Smile ...
Hope it helps

Thanks! I think I will

Thanks! I think I will choose LFT afterall Smile

Paypal

Hi,

I'm also using paypal and I've noticed a better currency rate exchange than when using LFT. The exchange rate when using LFT is really low.

Even with the 2,5 dollars comission that paypal charges its still more good to me to use paypal. I generally transfer the maximum allowed by paypal one time ($500 - 2,5 = 497,5 dollars).

Bogdan

Paypal

For me until now Paypal is the best choice. Even though you are right about the 2 currency conversions. Anyhow from 500 I finally get in my bank account 473~ USD so I lose quite a big amount due to currency conversions but 473~ is better then 0.

I will try the Direct Fund transfer to a local currency and see if they double charge me again even though I have a USD card.

Odesk sends the payment in

Odesk sends the payment in Euro not in USD so you still have 2 conversions Smile USD-EURO-USD... The best solution is to have a EURO account and put you EURO Iban on the Direct fund transfer . Like this it's just 1 conversion USD-EURO.
Hope this helps. Btw i made this comment AFTER i asked my bank(ING)

You would still loose if you

You would still loose if you need RON. You would have EUROs on the ING Bank Account but if you need RON you would need to convert that on the ING exchange course which is not that good (actually is quite bad). So still 2 conversions : USD-EURO-LEI.

With the paypal solution, if I have lets say 500 USD to get from odesk, I would get about : 500$ - 1$ odesk comission - 2,5$ paypal withdraw comission = 496,5 $.
Usually the final sum I get on my VISA card in RON is usually those 496,5 * (BNR rate - 0,1 RON) ; It still looks the best way to me (because I need RON, not EUR).

Even with paypal they still

Even with paypal they still convert the USD TO EUR Smile
Here :
"Date: 14-12-2011
Sum: 267,52 USD
Received sum from the bank 205,01 EUR Rate: 4.2743" (translated in english so i don't have problems cause it's in romanian)
And from EUR they convert to RON... So it's still 3 conversions no matter what Smile USD-EUR-RON , That's why I said Local funds is better cause the withdrawal cost is less.

Bank asking for documents.

Hi!

I tried the LFT withdrawal method and it works fine. Once with "Banca Transilvania" - no questions asked. The next time was with "Alpha Bank" . Alpha Bank insisted on me going to their office and give a written declaration about where do the money come from. It was not a huge amount. Did anyone else experienced something like this?
They suggested that the money came from a "Fiscal paradise country" and that they need to inquire about all these kinds of transfers..
I won't be using "Alpha Bank" for the withdrawals that's a given...