Charles Schwab And Bdo Atm Fees.

[Alby]

I just had an email from customer service at Schwab regarding their non payment of some ATM fees here in PI and it seems BDO ATMs are the only ones where the transaction doesn't show Schwab any fees being charged even though they'd charged the usual 200 peso at our end.

So my solution is to avoid BDO ATMs from now on.

BPI ATM first then others from now on.

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[Dave Hounddriver]

I just had an email from customer service at Schwab regarding their non payment of some ATM fees here in PI

 

I can understand how Schwab might distance themselves from the ATMs that do not deduct and remit their fees but I cannot understand why they would make it YOUR problem.  Its not like you have any control over what the ATM does or some psychic ability to know what ATMs they like.  If it was me, I would drop Schwab.

[Alby]

Drop Schwab ok but then who to replace them with?

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[jon1]

Alby,

 

The best way to avoid the fees is to ditch the ATM altogether. Open a US $ account here in the PI and deposit checks written to yourself (from your US Checking account). It takes a little bit of planning as you are depositing today for next month's expenses (it takes about 4 weeks before the funds are available). Aside from the delay in availability of funds, there are zero fees on either end. 

 

My first year here, I had over $700 in ATM fees as I was withdrawing almost $3000/mo for business expenses (I was able to pass on most of the costs). 

 

Another issue with the ATMs is the huge amount of credit card credential theft. I haven't used my ATM card in almost 3 years (only for emergencies should I not have enough cash when the bank is closed). 

 

I would not close out your US Bank account. I have heard that Navy Federal and USAA are good for the fee reimbursement. I have a Navy Federal ATM card but have never used it.

Edited September 7, 2014 by jon1

[Alby]

Actually, Schwab's action made me think more. Not healthy to think I know :)

Here is the best way, I think!

Open a BPI USD and Pesos saving account, first.

Then to fund the USD account one could use WesternUnion free codes (one every month - google it) to transfer USD from his US bank account to his USD account in Philis. This doesn't take the month liong thing .. In a day if not instantly.

Then exchange the USD here with pesos or just transfer the USD to your peso account and use BPI ATM if needed.

The above does avoid those bloodsuckers fees always :)

Any better ideas?

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[jon1]

I think that would work for the elimination of local fees. Be mindful of how much money you put in the US $ account (if the balance is ever $10,000 you have to file the FATCA form). Also, you will need US Cash to open the BPI account (they would not accept a US Check for deposit to open the account). My bank (BPI) wants a $500 maintenance balance.

 

Also, depending on your BPI branch, they may or may not have the best exchange rate. Mine uses the live online FOREX rate. It is usually more competitive. 

 

I still am extremely wary of the ATMs. Why not just pull the money out for your monthly budget? 

 

I would also do a test transfer of the money for a small amount to see how long it actually takes to process. The fastest transfer that I have ever seen was 3 business days. 

[Alby]

The $10,000 USD report...

I've been doing that before coming to Philis since I have a bigger account in Australia. Mind you, never put more than 5-6 k USD in any Filipino bank. They are not stable and anybody don't giving you the stared look when you want your money back. They don't need a reason to steal it.

Testing wise...

I did transfer $1000 USD and picked it up from A western union agent here. He did charge me 70 peso but that was a test coz next time it will go straight to my bank account.

I intend to keep about $5k USD here incase and withdraw it either from the bank's ATM or counter. Refilling the account either by western union or the personal check method.

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[gatorjay]

i use bpi in angeles..dollar acct....i email my credit union in the states to wire money to my bank here....i go inside and withdraw funds...as needed...i never use the plastic....heard to many bad things