Wire Transfers From Chase U.S. To Philippines

[OnMyWay]

19 hours ago, baronapart said:

I have Chase and there is no way I would use them as my main financial institution while living overseas.

What is your main?  Chase has been fine for me for over 10 years.  I also have SDFCU and Fidelity.  I have only needed wire transfers from Chase twice.  When I bought my first house (lease) in 2015, no issues.  This time, they have added more AI to flag up "suspicious" transactions, which then locks your accounts.

Normally I would write myself a check and let it take 3 weeks to clear, but the way things worked out, I had to do a wire.

19 hours ago, baronapart said:

Here is something I used though to get around having to use a US cell to do 2FA for Chase. I enabled enhanced security and enabled email as a verification method. I have tested using email to get a code while using a VPN. Works every time. I will not use Chase to do any kind of wire transfer though.

This is what I do, but I found out this week that you don't have to use VPN.  In fact, VPN cause most of the problems for the wires.

I did not know they had e-mail as an option, but my Google Voice # works fine for 2FA for login.  However, if you every have your account locked, it will not work.  They want a U.S. cell phone to send a code to, to unlock your account.  They do have other methods if that does not work.

[OnMyWay]

16 hours ago, Gator said:

Schwab, after the first one, is also easy for wire transfers; plus the fee is only 15$. The only issue I had was the very first time I sent money here to my dollar account (was under 10k USD). Got an email and had to call an agent to verify it. Main reason was because the money was going to the Philippines.  Since then I haven’t had any issues at all, but the couple of transfers I did do were all under 10k $.  

You have to be careful with Schwab because they will lock your account if they think you are living overseas.  Been der, dun dat, with Fidelity.  That is why I don't use free wire transfers from Fidelity to the Philippines.  I'm worried they might flag me up as living in PH and try to shut me down again.  I pay $40 fee at Chase to avoid detection by Fidelity.

[OnMyWay]

7 hours ago, gbmmbg said:

This only applies to US citizens but remember you need to file a FBAR. if you are sending the money to yourself. "you must file an FBAR if the balance of ALL your accounts is more than $10,000 at any point during the calendar year. I have a friend who works at the IRS and they are starting to crack down 

Yes, I file FBAR every year.  My wife and I file jointly to I include all of our accounts.  Pain in the a** but what can you do?

[OnMyWay]

1 hour ago, Possum said:

As far as filing a FBAR he said legitimate foreign banks require you to sign a form when you open the account agreeing that all funds will be reported to the US authorities. I know Metro Bank required me to sign such a form.

Yes, that started 5-6 years ago??

[OnMyWay]

On 10/18/2023 at 8:19 PM, OnMyWay said:

I hope that turning off VPN is the solution.

Well, I tried my second and final transfer last night.  Without VPN.  It was rejected.  Might have been a different AI algorithm that flagged it.  I transferred 20k from Fidelity to Chase using EFT.  A few hours later I submitted the wire request.

Had to call again to get my accounts unlocked.  I'm on a first name basis with some of them and Gracy answered.  I spoke to her a few days ago and she remembered me.  So I resubmitted again this morning but that is after hours in NY.  This evening, AM in NY, I got the mail saying it was sent.  So no more hassles.  I'm done. 

[Joey G]

1 hour ago, Possum said:

Foreign banks that are allowed to accept US wire transfers from US banks automatically report these transfers from US citizens as does the originating bank.Friend of mine who's retired from US Secret Service told me transfers from my US bank to my foreign bank are reported, they know about it and is of little concern.

The fact the bank reports the transfer is separate than the individuals requirements to file a FBAR. In fact not filing one after a US bank reports it would raise suspicion. The penalty for not filing won't be justified by "the bank reported it already".

 

8 hours ago, gbmmbg said:

I have a friend who works at the IRS and they are starting to crack down 

The Financial Crimes Enforcement Network (FCEN) is the entity who collects the information or investigates this. The Dept of Treasury  set the date to file FBAR's to coincide with the IRS tax filing more so people don't forget. You don't file the FBAR with the IRS, you file on the BSA E-Filing System with the FCEN.

The FCEN is separate from the IRS and Secret Service... but yes, they are cracking down.

[Kingpin]

1 hour ago, OnMyWay said:

I did a few years back, and I think it was 100k USD to open an account that had all the services.

 $75k, it's the only downside but at least the APY is high*

1 hour ago, OnMyWay said:

Do you exchange USD to pesos within HSBC, and if so, are the rates good?

Yes the funds are deposited from HSBC US into HSBC PH USD, and then whenever you want to HSBC PH PHP.  I've never had an issue with rates.

1 hour ago, OnMyWay said:

 I have been happy with Chase for 10 years until now.  I don't pay a monthly fee for my checking account. 

What's the name of that type of account?

[gbmmbg]

3 hours ago, Joey G said:

The Financial Crimes Enforcement Network (FCEN) is the entity who collects the information

You are 100 % correct, however as per there web page that lists what they do one thing is "

• Maintains a government-wide access service to FinCEN's data, and networks users with overlapping interests;

The IRS uses the databace to cross check the average Joe's taxes to see if your hiding money.  The FCEN is more of a big fish enforcer. As least that is how it was explained to me, who knows I could be wrong, would not be the 1'st time... lol

[OnMyWay]

4 hours ago, Kingpin said:

What's the name of that type of account?

Chase Total Checking.  No fee but also no interest, so I don't keep much in there.

[baronapart]

7 hours ago, OnMyWay said:

What is your main? 

Navy Federal and SDFCU are my main with Alliant FCU and Penfed as backups. Chase has been closing accounts without warning with increasing regularity. I just don't trust them.

Edited October 19, 2023 by baronapart