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What have you found to be the best way to send or receive funds internationally, when the transfer involves a currency exchange?

When I found that my bank charges a currency exchange fee of nearly 3%, I started using OFX, where the fee is under 1%.  Several Umbrex members have told me that they use Transferwise, which seems like a more powerful solution.

Note: the initial setup involves a bit of know-your-customer anti-money laundering administrative hassle, so if you anticipate needing one of these services, get it in place in advance.