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Keep BOA or transfer funds to new bank?

Last activity 08 May 2022 by lcdrski

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Tariq1983
How has everybody been?! So is everyone is quite aware I’m leaving to the Philippines in roughly 3 weeks. I’ve taken care of everything that needs to be taken care of with the exception of my Covid test which I will get done the day of my flight. My question here now is should I keep Bank of America or transfer funds to a more Philippines friendly bank. I’ve already alerted Bank of America that I’m going to be overseas so that seeing me use my card or any money transactions over there should not raise any red flags. That being said if there is a better bank to use over there that would make money transfers a lot easier I would be open to changing banks. I know that Charles Schwab doesn’t charge any ATM fees and I will have to look into them but they are also a brokerage/retirement account and I’m not sure if They would be right for me at this time
tpiro

@Tariq1983 .. what I have done was to keep my main bank account in US for deposits, etc., do an automatic monthly money dump/transfer .. if you will into my Schwab account and use your Schwab Debit Visa for all of your transactions in PH.. like buying furniture, appliances, grocery shopping, etc.  Schwab will rebate you at the end of month with any fees.  I have found that this was the most economical and ease of use way with my money... and remember- bring USD over (Only 100 dollar bills (no marks and no tears) or they won't accept them for exchange. You are allowed up to 10K through customs.

BondJamesBond
You can use Schwab just as a bank and ignore their investment side, so I'd consider them.
drule
@Tariq1983
I used Wells Fargo global transfer which charges me $4 per transaction. But it has limit on how much i can send depending on my max I set with my bank account. When you set up with your account speak to the banker the maximum you can send per day. I’m not sure how much but I know max is 10k per day -anti laundering laws (?)
All the best on your trip.
Enzyte Bob

@drule I used Wells Fargo global transfer which charges me $4 per transaction.
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What is the exchange rate on your transfers?

tpiro

@tpiro oh.. forgot to add.. with the Charles Schwab account that I use.. it is only the checking and not brokerage account..  no limits

Enzyte Bob

@tpiro . . . .  with the Charles Schwab account that I use.

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Hi Tony. . . .How do you transfer money into your Schwab account?

emvaningen
@tpiro

I think it's worth checking how much you are allowed to bring in.

As far as i know, you are allowed to bring in larger amounts, but you have to report 10k and above.


Good luck btw. There are reasonably ok banks here too.
Wellsfry

@Tariq1983 How long are you staying?  If for only 1 month... I would just bring cash, and keep 2 debit cards with 2 different banks to have as a back up.  Credit card use at businesses is hit and miss... cash is king in Philippines. I personally bring l cash and use a weekly budget to try and stay on mostly... I only use my debits as back up, and credit also back up.

Skip Scott
I’d recommend getting a USD account here, then transferring. One difficulty is USA banks use transfer reference number (TRN) to Id the bank. Most of the rest of the world uses SWIFT codes. I got the TRN for metrobank, but it was an ordeal.

If you open an account here, know that BDO has many atms, more than other banks. You can still use your own Philiipines atm, but a small service fee (normally 14 php) will be charged. Services fees for foreign cards can be kinda big…100-200 php.
drule
@Enzyte Bob
Whatever is the bank exchange rate.
Enzyte Bob

@drule: whatever is the bank exchange rate.
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The exchange rate is how many Pesos to $1. At Wise today it's 52.265. Banks will give you a lower rate. On a free transfer the bank will give you a lessor amount of Pesos per dollar.

Tariq1983

@Wellsfry im staying indefinitely

pnwcyclist
Tariq, for now I would keep your B of A account. You just don't know how this is all going to play out and it's important to have a backup plan. The world is in a lot of chaos and you might not have lived in a developing country before. That being said, I would always have TWO bank accounts and debit cards (plus a credit card). The Philippines is considered a high fraud area and on more than one occasion one of my cards would get blocked and I was able to use the other bank until I convinced them (over the phone) that all was good. One of mine is Wells Fargo and I use their Express Send service to transfer money to my GF - goes directly into her account. Fee is $4 and they take very little on the transaction.

When you open a foreign bank account the IRS is notified and you will be open to scrutiny for foreign income. So why not wait awhile on that, check out the place first.
Lotus Eater
Tariq you would do well to take the above advice. What concerns me a little is that you maybe trying to run before you can walk. To your credit you have done as much homework as you realistically can regarding travel to the Philippines but you cannot legislate for never having visited a country.

The other thing that concerns me is that in previous posts you have repeatedly asked the same questions. The only thing worse than not asking questions is not listening to the answers.
Enzyte Bob
Keep your BoA account, initially you can will use your debit card to get funds.

(1) After 59 days you can apply for the ACR-1.

(2) With the ACR-1 card you can open up a bank account.

(3) Having a bank account you can use "Wise" to transfer money" to that account.

(4) Keep your money safe at BoA and then transfer money as needed to your Philippine account.
Tariq1983

@Lotus Eater i dont think i ever asked about banking.

tpiro

@Enzyte Bob hey spence... i just do a monthly transfer from primary bank to schwab checking.. no fee

Enzyte Bob

@Enzyte Bob hey spence... i just do a monthly transfer from primary bank to schwab checking.. no fee

- @tpiro
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Tony, I filled out the online application for Schwab checking, I now have mail from them at US Global mail. That with about a dozen pieces of mail. The transfer from your bank to Schwab, how is that done with no fee?

Also piggybacking on the mail (FedEx) is other stuff I ordered online, various kinds of black licorice, Braun hair cut kit and 220 tall kitchen draw string garbage bags.
talamban
Check with your local USA Bank for their Partner banks in Philippines which makes it easier and less expansive for transfers. I have a USA Wells Fargo Account where my SS and Pensions are deposited. When I transfer money from there to my BDO Philippines Account, they charge me four dollars for a Transfer Fee regardless of amount. They also charge an Exchange Rate Fee, usually about one to 1 1/2 percent of the amount depending on the amount. A Transfer of between $2,000 to $3,000 is the optimal lowest Exchange Rate Fee. Anything more or less than that amount suffers a higher exchange rate fee. Funds are immediately available - less than one hour. I can also use my Wells Fargo Debit Card here, but am charged a 3% Fee for those transactions. Sometimes necessary when the local BDO Site is not working and you need to pay at a Supermarket or Online. you can also set up your local GRAB Driver and Food Delivery to be paid by your USA Credit Card without any exchange fee.
Enzyte Bob
Check with your local USA Bank for their Partner banks in Philippines which makes it easier and less expansive for transfers. I have a USA Wells Fargo Account where my SS and Pensions are deposited. When I transfer money from there to my BDO Philippines Account, they charge me four dollars for a Transfer Fee regardless of amount. They also charge an Exchange Rate Fee, usually about one to 1 1/2 percent of the amount depending on the amount. A Transfer of between $2,000 to $3,000 is the optimal lowest Exchange Rate Fee. Anything more or less than that amount suffers a higher exchange rate fee. Funds are immediately available - less than one hour. I can also use my Wells Fargo Debit Card here, but am charged a 3% Fee for those transactions. Sometimes necessary when the local BDO Site is not working and you need to pay at a Supermarket or Online. you can also set up your local GRAB Driver and Food Delivery to be paid by your USA Credit Card without any exchange fee.
- @talamban
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Wise fees are about 1/2 percent total and a transfer rate equal to the market, with no vigorish
like the 1 1/2 % bank exchange rate.
lcdrski
To transfer from one us account to another use Zelle. I transfer from BofA to NFCU with now problem. Just need 2 email addresses one for each Zelle account. When I get my visa I will open peso account and BofA will transfer dollars directly with no transfer fee, I still need to figure out the float, All the best to everyone, got here the 24th of March and Im in Heaven!!  Jim

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