Whats the Best Way to Send Funds From US to the Philippines?

[bows00]

19 hours ago, OnMyWay said:

When you are living here full-time that might not be your best option.  At some point Schwab might close your account if they think you are living in PH.  My Fidelity ATM has the same deal but I would only use it in an emergency due to the risk of account closure if I used it on a regular basis.

Is this true?  Do you know of any instances where they closed accounts for using their services?  

[OnMyWay]

4 hours ago, bows00 said:

Is this true?  Do you know of any instances where they closed accounts for using their services?  

Google "brokerage closing expat accounts".  Here is one of the first hits.

https://www.taxesforexpats.com/articles/investments/what-to-do-if-your-us-broker-wants-to-close-your-investment-account-when-you-live-overseas.html

I wrote about my Fidelity experience on the forum.  If you search you can probably find that and other experiences.

[Dave Hounddriver]

On 12/9/2017 at 7:46 PM, roddavis said:

I am currently looking at XE

Yes, I used to use XE.  I found XE to give a poor exchange rate and take a while to get the money to me.

I have used many, many ways of transferring money over the years and every single one of them has given me a problem at some time  (not an exaggeration).  I have come to expect problems when I transfer money and I am thrilled when everything goes fast and smooth, at low cost, and with a good exchange rate.

My solution is to keep multiple means of transferring money active.   My favorite transfer method at the moment is Transferwise but not everyone likes it and, like all the rest, there are problems occasionally.  My least favorite method is Xoom as they once cancelled a transaction in mid transfer, no reason given (its just a policy decision), and refunded my money to my Canadian account LESS their fees.  Never again with Xoom.

 

[roddavis]

17 minutes ago, Dave Hounddriver said:

Yes, I used to use XE.  I found XE to give a poor exchange rate and take a while to get the money to me.

I have used many, many ways of transferring money over the years and every single one of them has given me a problem at some time  (not an exaggeration).  I have come to expect problems when I transfer money and I am thrilled when everything goes fast and smooth, at low cost, and with a good exchange rate.

My solution is to keep multiple means of transferring money active.   My favorite transfer method at the moment is Transferwise but not everyone likes it and, like all the rest, there are problems occasionally.  My least favorite method is Xoom as they once cancelled a transaction in mid transfer, no reason given (its just a policy decision), and refunded my money to my Canadian account LESS their fees.  Never again with Xoom.

 

Thanks Dave,

I was thinking along those lines myself, having tried many different services, each has had a problem with either denying or canceling during transfer. And when I get one to

work, yeeeh! Next one may not! Still trying to find the best service with the least problem. So far, worldremit most so far.-

 

[manofthecoldland]

International on-line theft and fraud is growing more sophisticated and technologically savvy. The security systems are under constant pressure to stay ahead of them and often can barely do so.  Fortunately my ATM card still allows me access cash here, but my on line account access and  bill pay system to my major US bank has been temporarily denied me access on and off over the last 18 months due to fear of fraud. I suspect that the same applies to the money transfer systems.  As they try to close the breaches, the customers sometimes get shut out as well.  I just spent the last hour using my new skype calling system to find a way to pay my bills there while I am abroad, and it won't be what I was doing from here in the PI for the last several years now, until they get the bugs worked out of the new security efforts apparently. My Xoom  bank to  bank account system collapsed six months ago for no reason that they could/would tell me. After many emails and calls to reps, I just gave up and went with WU until I returned here. 

   My bank won't allow me to do many things while here and out of my home banking country. They fear fraud and theft.  Just FYI if you are experiencing new international banking difficulties.

[roddavis]

1 hour ago, manofthecoldland said:

International on-line theft and fraud is growing more sophisticated and technologically savvy. The security systems are under constant pressure to stay ahead of them and often can barely do so.  Fortunately my ATM card still allows me access cash here, but my on line account access and  bill pay system to my major US bank has been temporarily denied me access on and off over the last 18 months due to fear of fraud. I suspect that the same applies to the money transfer systems.  As they try to close the breaches, the customers sometimes get shut out as well.  I just spent the last hour using my new skype calling system to find a way to pay my bills there while I am abroad, and it won't be what I was doing from here in the PI for the last several years now, until they get the bugs worked out of the new security efforts apparently. My Xoom  bank to  bank account system collapsed six months ago for no reason that they could/would tell me. After many emails and calls to reps, I just gave up and went with WU until I returned here. 

   My bank won't allow me to do many things while here and out of my home banking country. They fear fraud and theft.  Just FYI if you are experiencing new international banking difficulties.

Manofthecoldland,

        I've been here in Cebu for over 3 years now. I noticed my bank and some services don't work outside of the US because your IP shows you are in the Phils. I use a desktop app called Hideallip (do a search under Google). What this does is change your IP to most any country. For the US, there are over 40 IP's that you can choose from.

What this does when you check your IP (whereami) , its shows for instance you are in Arizona. Even shows on Google maps where you are. Now Banking thinks you are in the States, even Hulu and News feeds work fine.

[OnMyWay]

Here is a new possibility for some of you.  Last year when we bought our house (lease) and had to use wire transfer due to time constraints.  Back then, at Chase bank, they were charging $40 per transfer, with a maximum of $25,000 per transfer.  I had to do three.  In addition, BPI charges a small fee, $6.50.

Today I noticed this on my Chase bank checking account statement:

We eliminated a fee for sending certain online international wires.  The following changes were made November 12, 2017:

• There is No Chase Fee when you use chase.com or the Chase Mobile app to send a wire transfer from a checking
account to a bank outside of the U.S. in a foreign currency when the transfer amount is the equivalent of USD
$5,000 or more. As a reminder, there is never a Chase fee to send a wire from a Chase Private Client Checking
account.

So it now appears that I can do a wire transfer for only around $6.50 and have the money in a day or two.  BPI has the new $5.00 per check deposit fee, so the wire transfer is worth a look.  I'll give it a try next time I need $.

[intrepid]

Thanks OMY.  Without me looking it up, do you know if you must appear in person to open a checking account at Chase?   Just remembered I still have an active Chase CC I use for reoccurring bills in the US.  I suppose they would allow me to open a checking account on line.  Thanks for this info.  I'll be watching for your report after you give it a try.