stevewool Posted November 7, 2012 Posted November 7, 2012 so what banks are the best to use anywhere in the phils then Link to comment Share on other sites More sharing options...
Dr. Cockroach Posted November 7, 2012 Posted November 7, 2012 HSBC has a branch in Manila and in Cebu. HSBC Premier account ($100K+ USD) will give you a credit card (no annual fees) and no foreign transaction fees and will allow you free transfers between HSBC global accounts where you could see them all on one webpage via their Global View. ATMs are free. If you can get it, this, I think, can be the best approach. ---- Citbank also has a branch in both, Manila and Cebu. Their CitiGold account ($50K+ USD) will allow you a free transfer to their 'similar' bank in the Philis but since the Phili one only shares the name, they will have fees (I think it's $10 USD for receiving a wire transfer). ALL CitiBank credit cards charge the foreign transaction fees! ATMs seems to be free... --- Capitol One credit card doesn't charge foreign transaction fees and no annual fees! That's what I know... but when I get there it might be a different story? :nudie:I will close the impractical ones when I get there :dance: Link to comment Share on other sites More sharing options...
OnMyWay Posted November 7, 2012 Posted November 7, 2012 HSBC has a branch in Manila and in Cebu. HSBC Premier account ($100K+ USD) will give you a credit card (no annual fees) and no foreign transaction fees and will allow you free transfers between HSBC global accounts where you could see them all on one webpage via their Global View. ATMs are free. If you can get it, this, I think, can be the best approach. ---- Citbank also has a branch in both, Manila and Cebu. Their CitiGold account ($50K+ USD) will allow you a free transfer to their 'similar' bank in the Philis but since the Phili one only shares the name, they will have fees (I think it's $10 USD for receiving a wire transfer). ALL CitiBank credit cards charge the foreign transaction fees! ATMs seems to be free... --- Capitol One credit card doesn't charge foreign transaction fees and no annual fees! That's what I know... but when I get there it might be a different story? :nudie:I will close the impractical ones when I get there :dance: For HSBC, I would want to know for sure what account you have to keep the 100k in. If it tied up in a simple interest savings account at a ridiculously low rate, you would be losing out on the investment opportunity of the money. E.G., if you can get 5% elsewhere that account costs $5000 per year. If you can have it invested at HSBC, then it might be a good deal. I looked at the website but I did not see a clear answer. Probably would need to call. Another option I found that seems similar to USAA is Fidelity Investments. In their cash management account, they have free checking, no ATM fees, and they reimburse all other ATM fees up to 10 per month. Like USAA, they do charge 1% per transaction. I don't plan on using ATMs except in an emergency, but I will use check deposits from my Fidelity account to transfer money. I have found Fidelity to have excellent customer service and they are international friendly. I like their chat option so I can talk to them without calling from overseas. 1 Link to comment Share on other sites More sharing options...
Dr. Cockroach Posted November 8, 2012 Posted November 8, 2012 HSBC has a branch in Manila and in Cebu. HSBC Premier account ($100K+ USD) will give you a credit card (no annual fees) and no foreign transaction fees and will allow you free transfers between HSBC global accounts where you could see them all on one webpage via their Global View. ATMs are free. If you can get it, this, I think, can be the best approach. ---- Citbank also has a branch in both, Manila and Cebu. Their CitiGold account ($50K+ USD) will allow you a free transfer to their 'similar' bank in the Philis but since the Phili one only shares the name, they will have fees (I think it's $10 USD for receiving a wire transfer). ALL CitiBank credit cards charge the foreign transaction fees! ATMs seems to be free... --- Capitol One credit card doesn't charge foreign transaction fees and no annual fees! That's what I know... but when I get there it might be a different story? :nudie:I will close the impractical ones when I get there :dance: For HSBC, I would want to know for sure what account you have to keep the 100k in. If it tied up in a simple interest savings account at a ridiculously low rate, you would be losing out on the investment opportunity of the money. E.G., if you can get 5% elsewhere that account costs $5000 per year. If you can have it invested at HSBC, then it might be a good deal. I looked at the website but I did not see a clear answer. Probably would need to call. Another option I found that seems similar to USAA is Fidelity Investments. In their cash management account, they have free checking, no ATM fees, and they reimburse all other ATM fees up to 10 per month. Like USAA, they do charge 1% per transaction. I don't plan on using ATMs except in an emergency, but I will use check deposits from my Fidelity account to transfer money. I have found Fidelity to have excellent customer service and they are international friendly. I like their chat option so I can talk to them without calling from overseas. Regarding HSBC Premier Account... Actually, I don't pay attention to how much interest rate they pay on it? Not that I don't want the interest but I do it for three reasons: One is, I believe everybody has to have some emergency cash set on the side and not be touched unless. This limit, insures that I don't touch it :bash: Two, if I ask for flexibilities then I do expect to pay something? free wiring? no foreign transaction fees? Get saluted when I walk in? :tiphat: Three, HSBC is very global. You can have as many accounts in as many countries as you want, see them all on one page, transfer between them with all collectively being $100K! Besides, which bank is going to pay 5% interest and under what conditions, these days? The last time I had such a thing was with HSBC Panama, year 2007, had to put 200K USD, in a CD for two years!! I do better in the stock market if you ask me and it's liquid! If fees were OK, then I am sure there are plenty of banks around. USAA sound like one? In general, I view fees as a gimmick to get your money. So, avoid as much as possible. PS: Charles Schwab seems like Fidelity Investments, btw. But since we are talking about the Philippines. I am not sure if it works? Link to comment Share on other sites More sharing options...
OnMyWay Posted November 8, 2012 Posted November 8, 2012 HSBC has a branch in Manila and in Cebu. HSBC Premier account ($100K+ USD) will give you a credit card (no annual fees) and no foreign transaction fees and will allow you free transfers between HSBC global accounts where you could see them all on one webpage via their Global View. ATMs are free. If you can get it, this, I think, can be the best approach. ---- Citbank also has a branch in both, Manila and Cebu. Their CitiGold account ($50K+ USD) will allow you a free transfer to their 'similar' bank in the Philis but since the Phili one only shares the name, they will have fees (I think it's $10 USD for receiving a wire transfer). ALL CitiBank credit cards charge the foreign transaction fees! ATMs seems to be free... --- Capitol One credit card doesn't charge foreign transaction fees and no annual fees! That's what I know... but when I get there it might be a different story? :nudie:I will close the impractical ones when I get there :dance: For HSBC, I would want to know for sure what account you have to keep the 100k in. If it tied up in a simple interest savings account at a ridiculously low rate, you would be losing out on the investment opportunity of the money. E.G., if you can get 5% elsewhere that account costs $5000 per year. If you can have it invested at HSBC, then it might be a good deal. I looked at the website but I did not see a clear answer. Probably would need to call. Another option I found that seems similar to USAA is Fidelity Investments. In their cash management account, they have free checking, no ATM fees, and they reimburse all other ATM fees up to 10 per month. Like USAA, they do charge 1% per transaction. I don't plan on using ATMs except in an emergency, but I will use check deposits from my Fidelity account to transfer money. I have found Fidelity to have excellent customer service and they are international friendly. I like their chat option so I can talk to them without calling from overseas. Regarding HSBC Premier Account... Actually, I don't pay attention to how much interest rate they pay on it? Not that I don't want the interest but I do it for three reasons: One is, I believe everybody has to have some emergency cash set on the side and not be touched unless. This limit, insures that I don't touch it :bash: Two, if I ask for flexibilities then I do expect to pay something? free wiring? no foreign transaction fees? Get saluted when I walk in? :tiphat: Three, HSBC is very global. You can have as many accounts in as many countries as you want, see them all on one page, transfer between them with all collectively being $100K! Besides, which bank is going to pay 5% interest and under what conditions, these days? The last time I had such a thing was with HSBC Panama, year 2007, had to put 200K USD, in a CD for two years!! I do better in the stock market if you ask me and it's liquid! If fees were OK, then I am sure there are plenty of banks around. USAA sound like one? In general, I view fees as a gimmick to get your money. So, avoid as much as possible. PS: Charles Schwab seems like Fidelity Investments, btw. But since we are talking about the Philippines. I am not sure if it works? You won't get 5% from any savings but if HSBC lets you invest the 100k with them you could easily get that without too much risk. I'm willing to take some small risk with my emergency cash because if you get no return on it, it will wither away with inflation. I have some muni bond funds that are liquid enough and yield 3-4% tax free. If interest rates look like they will go up I will dump them, but it looks like rates will stay the same until 2015, especially since Obama was re-elected. If we go over the "fiscal cliff", that is a good scenario for bonds, but not for the economy and stocks. Not sure about Schwab, but with Fidelity I have my legal address in Phils and mailing address in US. This should help when the state tax people are looking around for revenue. Link to comment Share on other sites More sharing options...
i am bob Posted November 8, 2012 Posted November 8, 2012 Regardless if you are paying fees up front or if they are hidden in the back end, you are going to pay them one way or another. Banks are in the business to make money and the "Big Banks" are very good at making money... :mocking: 2 Link to comment Share on other sites More sharing options...
Dr. Cockroach Posted November 8, 2012 Posted November 8, 2012 (edited) HSBC has a branch in Manila and in Cebu. HSBC Premier account ($100K+ USD) will give you a credit card (no annual fees) and no foreign transaction fees and will allow you free transfers between HSBC global accounts where you could see them all on one webpage via their Global View. ATMs are free. If you can get it, this, I think, can be the best approach. ---- Citbank also has a branch in both, Manila and Cebu. Their CitiGold account ($50K+ USD) will allow you a free transfer to their 'similar' bank in the Philis but since the Phili one only shares the name, they will have fees (I think it's $10 USD for receiving a wire transfer). ALL CitiBank credit cards charge the foreign transaction fees! ATMs seems to be free... --- Capitol One credit card doesn't charge foreign transaction fees and no annual fees! That's what I know... but when I get there it might be a different story? :nudie:I will close the impractical ones when I get there :dance: For HSBC, I would want to know for sure what account you have to keep the 100k in. If it tied up in a simple interest savings account at a ridiculously low rate, you would be losing out on the investment opportunity of the money. E.G., if you can get 5% elsewhere that account costs $5000 per year. If you can have it invested at HSBC, then it might be a good deal. I looked at the website but I did not see a clear answer. Probably would need to call. Another option I found that seems similar to USAA is Fidelity Investments. In their cash management account, they have free checking, no ATM fees, and they reimburse all other ATM fees up to 10 per month. Like USAA, they do charge 1% per transaction. I don't plan on using ATMs except in an emergency, but I will use check deposits from my Fidelity account to transfer money. I have found Fidelity to have excellent customer service and they are international friendly. I like their chat option so I can talk to them without calling from overseas. Regarding HSBC Premier Account... Actually, I don't pay attention to how much interest rate they pay on it? Not that I don't want the interest but I do it for three reasons: One is, I believe everybody has to have some emergency cash set on the side and not be touched unless. This limit, insures that I don't touch it :bash: Two, if I ask for flexibilities then I do expect to pay something? free wiring? no foreign transaction fees? Get saluted when I walk in? :tiphat: Three, HSBC is very global. You can have as many accounts in as many countries as you want, see them all on one page, transfer between them with all collectively being $100K! Besides, which bank is going to pay 5% interest and under what conditions, these days? The last time I had such a thing was with HSBC Panama, year 2007, had to put 200K USD, in a CD for two years!! I do better in the stock market if you ask me and it's liquid! If fees were OK, then I am sure there are plenty of banks around. USAA sound like one? In general, I view fees as a gimmick to get your money. So, avoid as much as possible. PS: Charles Schwab seems like Fidelity Investments, btw. But since we are talking about the Philippines. I am not sure if it works? You won't get 5% from any savings but if HSBC lets you invest the 100k with them you could easily get that without too much risk. I'm willing to take some small risk with my emergency cash because if you get no return on it, it will wither away with inflation. I have some muni bond funds that are liquid enough and yield 3-4% tax free. If interest rates look like they will go up I will dump them, but it looks like rates will stay the same until 2015, especially since Obama was re-elected. If we go over the "fiscal cliff", that is a good scenario for bonds, but not for the economy and stocks. Not sure about Schwab, but with Fidelity I have my legal address in Phils and mailing address in US. This should help when the state tax people are looking around for revenue. As I said, I kind of dismiss that money but I know there is some cushion there. I might move some out since I don't need to have more than 100K there. As for munis, yes. Got to watch them. But with 4 more years of Obama Mama, I bet bonds will prosper. Borrow and pay whenever mentality! Ops... isn't that what the Europeans did!? :mocking: May want to do MLPs? Pay is around 7% a year. Fidelity wise, if happy and can tolerate them might as well stay. However you think of it, we are going to pay! Edited November 8, 2012 by Dr. Cockroach 1 Link to comment Share on other sites More sharing options...
Dr. Cockroach Posted November 8, 2012 Posted November 8, 2012 (edited) Regardless if you are paying fees up front or if they are hidden in the back end, you are going to pay them one way or another. Banks are in the business to make money and the "Big Banks" are very good at making money... :mocking: I agree Bob! Banks have to keep the lights on. Just like a Casino! I still can't fathom how Casino players have no problems watching their monies being swept by a broom off the table? What? No brains?? :bash: Edited November 8, 2012 by Dr. Cockroach Link to comment Share on other sites More sharing options...
OnMyWay Posted November 8, 2012 Posted November 8, 2012 May want to do MLPs? Pay is around 7% a year. Funny you mentioned this as I was just reading about an MLP ETF this morning. I might do some more research on it. Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted November 8, 2012 Posted November 8, 2012 I love these problems of where to keep the!!!! K; so don't forget the poor that bring everyone a wealth of information which is priceless., http://www.philippines-expats.com/index.php/subscriptions/ :mocking: 2 Link to comment Share on other sites More sharing options...
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