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Title: Wire transfer to the Philippines Post by: Peter Lee on February 16, 2003, 05:00:00 AM Sorry guys for beating a dead horse coz you probebly have gone over this many times before but. I was in Cebu in January and went to the Metro bank to pay for the NSO fee. While there I thought I should open an account for my Fiance and me with there ATM card. This way I could send her money later for more visa processing fees to come. Metro bank deals with citybank so I have a citybank in Florida 180 miles south in Ft. Lauderdale. So they send me the ATM card and while processeing the information no one seems to know what the charge for a wire transfere is. So I have to call cusomer services and they tell me $40 per tramsfere and it would take a week. Wester Union is only $15 for $100 bucks. Is there something I should know? Is there a cheaper wire transfere available than Western Union?
Title: A little Bass Ackwards here Post by: Bear on February 16, 2003, 05:00:00 AM ... in response to Wire transfer to the Philippines, posted by Peter Lee on Feb 16, 2003
Open up any bank account here with a "Visa" debit card. Send her the card. You should easily find a bank that has little or no monthly charge. There will be no transfer fee. Maybe a transaction fee and/or a conversion fee. It cost me $1.25/transaction to allow my in-laws to take money out of the bank using the debit card I sent them. Bear and Honey Title: Friggin' BRILLIANT!!! Post by: Howard on February 17, 2003, 05:00:00 AM ... in response to A little Bass Ackwards here, posted by Bear on Feb 16, 2003
Bear, You never cease to amaze me! Why didn't I think of that??? It's so simple, it rules! That is just GREAT advice. Keep the Faith H Title: Come'on Post by: Bear on February 17, 2003, 05:00:00 AM ... in response to Friggin' BRILLIANT!!!, posted by Howard on Feb 17, 2003
You mean you have missed the tens of discussions on this board and in my trip reports (and otheres) on this topic? Bear and Honey Title: GUILTY! :P LOL n/t Post by: Howard on February 18, 2003, 05:00:00 AM Title: Re: A little Bass Ackwards here Post by: Peter Lee on February 16, 2003, 05:00:00 AM ... in response to A little Bass Ackwards here, posted by Bear on Feb 16, 2003
Bear and Honey, Gee I feel so stupid! Why didn't i think of that? But i couln't do that while I was there. I will ask details: Do I open an account with her name and mine? Title: OKay Post by: Bear on February 17, 2003, 05:00:00 AM ... in response to Re: A little Bass Ackwards here, posted by Peter Lee on Feb 16, 2003
I opened a separate account for my wife and put $200/month in it. She could use it as necessary and rarely used all of it, and on two occasions used none. It was one of the ways I saw she was serious about many of the things she said because there was tremendous pressure from relatives to ask me to give much more or for her to use it for items not necessary. Its impossible to take out more than you put in minus the conversion/transaction fees so you would be in control. A deposit of $100 would allow her about P5,000 which is more than most people make in the R.P. Of course, larger cities like Cebu or Manila might need as much as $300 but I'd get very suspicious if that was requested. Yes she would need the pin number, but your savings account? I think its a touch soon for that much trust. Open her a separate account. Yes the debit card is the ATM card but it muct be one of the Visa/M.C. versions to work. My bank charges me no monthly fees and only a small conversion/transaction fee of $1.25. My first trip I took $3000 cash and used some debit card, the next trip I took $1000 cash and used the debit card much more. Bear and Honey Title: Works Great Post by: Dave H on February 16, 2003, 05:00:00 AM ... in response to A little Bass Ackwards here, posted by Bear on Feb 16, 2003
That's what we do. We have a seperate US bank account for the Philippines and sent the family the VISA debit card. We deposit money when we want to send it and never keep a large balance in case the card is stolen...it could not likely be used without the PIN number anyway. Works great and no expensive Western Union fees. P5000 (around $100) can be withdrawn per transaction with a service fee of $1.25 for us. Dave H. Title: Re: Works Great Post by: Peter Lee on February 16, 2003, 05:00:00 AM ... in response to Works Great, posted by Dave H on Feb 16, 2003
It seems so simple and I was wracking my brains out trying to figure how to do it. Thanks Title: Re: A little Bass Ackwards here Post by: William on February 16, 2003, 05:00:00 AM ... in response to A little Bass Ackwards here, posted by Bear on Feb 16, 2003
Debit cards, often called 'fake' Visa or Mastercard, are NOT secured. Most anyone can clean out an account with one very easily. IF it is set up with a 'pin' number for access, and you limit the amount in the account or the amount that can be used at any one time, it will be much more secure. Title: Re: Re: A little Bass Ackwards here Post by: Peter Lee on February 16, 2003, 05:00:00 AM ... in response to Re: A little Bass Ackwards here, posted by William on Feb 16, 2003
Thanks for the 2c No one has addresed how to get the card over there? Snail mail I guess? Title: FedEx Post by: Dave H on February 16, 2003, 05:00:00 AM ... in response to Re: Re: A little Bass Ackwards here, posted by Peter Lee on Feb 16, 2003
Hi Peter, A lot of US snail mail never makes it to my wife's family....opened and searched for money or other valuables. I personally would send the ATM card FedEx or hand deliver it when I was there. After she receives it, call or email her the PIN number. You control the amount that is available with your deposits and the balance you maintain. I would tell her how much is available (in pesos) for withdrawal each time or establish a standard amount and schedule. Ask her not to do balance inquiries since they charge a service fee ($1.25 for us) and don't usually work. Besides, those extra service fees can add up quickly. Dave H. Title: Re: FedEx Post by: Peter Lee on February 17, 2003, 05:00:00 AM ... in response to FedEx, posted by Dave H on Feb 16, 2003
I will defenately do the FedEx for sure. Sounds like it might even get there this way. I got an ATM card but it don't say Visa on it? I better check with the bank. Title: Non-Visa Post by: Dave H on February 18, 2003, 05:00:00 AM ... in response to Re: FedEx, posted by Peter Lee on Feb 17, 2003
Hi Peter, My wife sent her family a non-Visa ATM card. She is using one there now without problems. It might be better in case someone stole it not to have the Visa logo and be accepted as a credit card. I am not certain which systems my wife's works with. It is from Bank of America. I think it has PLUS and Interlink on the back of the card. Dave H. Title: Re: Non-Visa Post by: Peter Lee on February 18, 2003, 05:00:00 AM ... in response to Non-Visa, posted by Dave H on Feb 18, 2003
Thanks Dave that's what i needed to know. The banks were closed to day so I will do it in the morning I will set up a new account put a small amount in it. Send it to her FedEx and phone her the pin number after she gets it. I will let her take some out to test it. It is a great idea, i will find out how much each transaction cost in my bank Till next time Title: ATM Fees Post by: Dave H on February 18, 2003, 05:00:00 AM ... in response to Re: Non-Visa, posted by Peter Lee on Feb 18, 2003
[This message has been edited by Dave H] Hi Peter, It is really very simple, but you just have to watch the extra fees...like balance inquiries. Also each time she attempts to withdraw cash there is a fee, even if she doesn't get any. So if she has withdrawn all of the available money, then tries to get another P5000, then P 1000, then P500, etc, you will be charged a fee per transaction. If she does a balance inquiry in between transactions, it will be double the fees. I think the fee per transaction is called an "out of network fee." Ours is $1.25 per transaction. It is like when you use a Washington Mutual ATM card at a Bank of America. Better just to say there is P5000, P10000 or whatever the amount and have her limit it to that. Explain the extra fees. Each transaction is usually limited to P5000 or roughly $100. $200 would cost you $2.50 as opposed to $22 with Western Union. That would go a long way in your ladies pocket. Sometimes banks wave extra fees (minimum balance, limit on number of free withdrawals, etc.) if you have other accounts, direct deposit, or have an amount automatically transferred into the account each month. You may have to negotiate a little bit. Also banks may try to talk you into extra services you don't need because they don't really understand what we are doing. Like Bear and Honey, we have found that it works great and saves a lot. Dave H. Title: Re: Re: Re: A little Bass Ackwards here Post by: Esiang on February 16, 2003, 05:00:00 AM ... in response to Re: Re: A little Bass Ackwards here, posted by Peter Lee on Feb 16, 2003
he..he...My best friend sends her visa card through snail mail ...... Title: Re: Wire transfer to the Philippines Post by: Esiang on February 16, 2003, 05:00:00 AM ... in response to Wire transfer to the Philippines, posted by Peter Lee on Feb 16, 2003
I think Western Union's ok and very quick just minutes.... Title: Re: Re: Wire transfer to the Philippines Post by: Peter Lee on February 16, 2003, 05:00:00 AM ... in response to Re: Wire transfer to the Philippines, posted by Esiang on Feb 16, 2003
Ya very fast, but expensive, $22 to send $200 I hoped to do better! Good for emerency and that is why they stay in business. |