ATM FEES

Why do you not open a local bank account at one of the banks existing in Tanjay and then use Transferwise to send money on that account? Looks for me the cheapest way.

 

this was about 10 years ago;
i talked with two US citizens living in panamá that opened a Schwab acct, one had to maintain $25,000 in the account and the other didn't. the difference between the two was the person that had to maintain$25,000 told Schwab he was living in panamá and the other told Schwab he was living in the states.

 

I agree and get the ATM fees reimbursed and have the same experience with the exchange rate. I don't know what the minimums are and maybe that would be something Schwab could tell an interested person. I am not a money manager and don't have enough to manage, lol. However, it is easier for me to understand no ATM fees, better than average exchange rate, maximum 50 dollar loss in case of fraud, 24/7 online chat or telephone customer service with a person that is a native English speaker, and a few more benefits, rather than some of the complicated ways that I have seen here. No offense, I just have trouble following all the circuitous routes and even if it cost more I have to keep things simpler the older I get.

 

I forgot to mention that BPI a couple of months ago tacked a $5.oo deposit fee to checks deposited in my $ account. Seems that every time I turn around there is another FEE to be paid. Years ago my filipino attorney told me that it was not the government here that was keeping filipinos poor, that it was the bankers. I can't help but to think he might have been, really close to the truth. I do not understand why I'm bitching, can't take it with me.

 

The regular Schwab website states that yes there are no minimum deposits, but to apply you need to provide a
U.S. permanent resident address
Social Security Number or Tax Identification Number

That address in the US will presumably also be used to send your atm card, so it'd better not be fake.

Moreover the website explicitly states that customers with no permanent address in the U.S. need to apply through their international website, which then provides the information that a minimum deposit of 25,000 US$ is required.

So yes, if you arrange your Schwab account before coming to the Philippines you're fine as long as Schwab is not aware of your residency change.
For those already living here things are a lot more complicated (and involve a heap of money).

 

I did establish my account before coming here but I would never mislead Schwab about my whereabouts. They don't care where I am in the world. I make them aware of my whereabouts so that they will know that it is me when I use the card where ever I am. I don't have a lot of money in Schwab but I told them last spring that I needed my new card sent here instead of the US address and they sent it FedEx to my PH address, no charge. I am still a US citizen and maintain a US address but am a long term "Tourist" here. The old "travel notices" to the banks, used to be good for 30 days, now they go to 6 months, at least with the banks that I deal with. I just tell them where I will be for the next 6 months and there is no problem. I guess I'm just lucky to be a US citizen and to have accidentally hooked up with a good bank. Serendipity is a good thing.

 

I forgot to mention that a very conservative investment account even with a small amount of money in it has earned 5.5 per cent so far this year at Schwab. 5.5% is not that much on a small amount of money but it is better than nothing. Transfers to regular checking are instantaneous online. I don't know what you can earn in interest in a Philippine bank.

 

I don't mean to be contentious but you must have missed the part about the ATM withdrawals being reimbursed by Schwab. That makes them free and I get a better than published exchange rate. I don't know what Lhuillier's exchange rate is. Also I can use the card at any ATM. I can't get 3k a day unless I call them but I usually don't spend 3k US every day. Well...........maybe on a weekend. But to each his own, and Xoom is good. You used to be able to load your phone with Xoom too.

 

Disclaimer: This refers to Canadian dollars.

I just sent myself $1,000 through Transferwise wire transfer this week. I got 41.9 pesos to the dollar and it took 4 days to complete. Watching the rate at Robinsons downtown exchange (in the lower level by CR) I would have only got 41.2 if I had actual dollars to exchange. The cost of the transfer was $12 so the actual cash in the bank worked out to a very similar amount to bringing Canadian cash and exchanging it at a money changer.

Bottom line: I did not feel raped.