I'm in the process of wiring around $38,000 USD to Europe for a real estate investment and the developer has provided me with an IBAN for a EUR account. Currently, my funds are in USD in a Swiss private bank.

I'm trying to figure out the most cost-effective way to make this transfer without losing too much on the exchange rate. I had assumed that the USD to EUR rate would be fairly stable, but when I sent a test wire with a small amount, it got converted by the receiving bank at a rate about 1% worse than what I was expecting.

I've been looking into various services to potentially get a better deal on the exchange rate. I've come across a few options like XE and wise, and I've also read about the possibility of using something like an Interactive Brokers account for this purpose.

Has anyone had any experience with these services or can recommend a better approach? I also read using a IBKR might be possible here, but I'm not sure if they offer a solution that would fit my needs. Any advice or recommendations would be greatly appreciated!