Best Way to Send Money Home from Overseas

My first few years playing in Holland, The team would directly wire my money from their account to my bank account in America.  I would give them my routing number and bank information and my money would be there on payday.  This process continued for my first two years.  I began to realize that the bank was not my friend.  Their exchange rate was way less than the actual exchange rate and they were charging me a fee for the wire transfer.  I had no idea this was going on because my bank statement would just show the final total of the transfer.  I thought there had to be a better way, but I had not found it yet.

During my third year overseas, a teammate of mine explained a better way to send money home.  The company is called Custom House, http://www.customhouse.com/ , and it is operated by Western Union.  They basically act as the middle man.  Wherever you are playing, you send them the money you make in Europe and then they send that money to your bank account in America for no fee.  Here is how they make their money, They give you a little less than the actual conversion rate, but it is way better than the rate the bank gives you.

Here is a Chart to help illustrate my above comments:

As an example, I will use a transfer of 5,000 Euros to Dollars.  I will use the information I received from my bank, Bank of America,after just talking with them.  The current exchange rate at the time of this post is  1 Euro = 1.33114 US Dollars

                                                       Custom House                                  Bank of America

Amount of Euros                               5,000                                                          5,000

Fee Amount                                       $0                                                                 $16

Exchange Rate                                  1.3070                                                          1.2851

Total money Deposited               $6,535                                                      $6,409.50

                                                                               Difference:  $125.50

As you can see in this example, you would be able to save $125.50 by using Custom House to send your money home.   This would vary depending on the amount of money you send home, but if you are sending money home every month this really adds up over a 9-10 month season.  I would encourage you to call your current US Bank and ask them the following questions:

1. What is the current actual exchange rate for (Whatever your currency) to dollars?

2.  What is the banks exchange rate?

3.  Is there a wire transfer fee?

If you are interested in using Custom House and are having trouble with the process, please email me at robby.bostain@gmail.com and I will help you through the process.  The first time you use Custom House it involves some paperwork and it can be a little confusing, so please contact me if you are interested in knowing more.

Thanks and I hope this helps you save a few dollars.

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