Saving (money for that rainy or Hot days)

Ok, I checked on it and I can still send up to $2,999 USD for $2.99 with WU USA from my US bank account to agent location pickup, no extra fee for dollars. It said it takes 4 days but it used to say that before but when I completed the transaction before, as I didn't do this time, it would inform me that my money was ready for pickup. Stay away from WU Philippines and use WU USA if your bank is in the USA.

 

It's not just the UK, i have had all the same $hite from my HSBC branch in Singapore.
They send me a details update form that must be replied to within 30 days or my account will be restricted, the letter took 60 days from when they posted it to reach me !
They ask for my source of wealth, every dollar in that account was salary transfer from the company i used to work for (they can't see that) duuhhh.
When i was in Singapore a month or so ago i even went to my branch and answered every question in person and was assured all was now good, i was back here 2 minutes and get a phone call from them asking how much rent we pay !! more annoying than that is the fact that Singaporeans think they speak English but they don't, they speak Singlish and it's hard enough to know what they are saying face to face so the phone call was so tortuous that i blew several gaskets and told them i was closing my account.

 

All banks world wide are struggling with the FATCA law imposed by US on ALL banks doing business with Americans as the reporting rules are not clear except there are very harsh penalties imposed on foreign banks that do not comply exactly as US wants them to. The banks are REQUIRED to keep 30% of any money that MAY be gained illegally and handed over to US gov. Many foreign banks are now simply refusing American persons banking privileges due to excessive costs for banks.
For your reading pleasure, Foreign Account Tax Compliance Act

 

Surprised to see the HSBC criticism Davy, bad luck mate. I sacked Billy Barclays for much the same reasons. I did about 5 minutes research (I am a financial fool for sure) and hit the HSBC and have never looked back.

I'm sure many banks, European, US or UK have ex-pat accounts. What I get from HSBC is the facility to be paid in £s or Emarati Dirhams depending on where I am working at the time. They do all the bells and whistles with fraud protection, on line help, 24 hour around the clock phone help and will deliver a new card within 24 hours if you get pinched. Lol, have they been to Siquijor yet? The bonus for me is that they have branches in the Phils...Cebu has one, Manila 3-4. I run my UK obligations through this tidy little number and haven't had a headache yet...Pesos, Dirhams, £s...as long as I let 'em know where and when they hop to it. Tons more facilities, but just too lazy to list 'em here. The point being that most banks run ex-pat accounts that take the ball ache out of our lives.

The drawback? HSBC require me to have £6000 in at all times, they pay interest on it which is great, but for a retired guy, or someone not as in the akkers as me it is likely to be a pain in the azz for sure. They do English speaking call centres with priority for these account holders...maximum wait 2 minutes or they get fined, and the call is chargeable to them.

Jeez, sounds like an advert for them, must be turning soft in my dotage. Me, who makes Mao look like a dangerous right wing intellectual, praising a Capitalist Financial Institution? With my reputation? The folks in Brigado Rossi would have my hide...

Cheers,

C

 

Oops, forgot to add the clincher, 0 exchange rate bollox, they just adjust for wherever you are getting paid from and the withdrawals come for free. Hope that makes sense.

C

 

Just don't use the wrong ATM in Hong Kong, one from another bank that gives receipt but no cash. HSBC answer to this "Your receipt shows you made a withdrawal, there is nothing we can do"! Realy? How about not transfer funds to the other bank until they show the ATM security video - of no funds being dispensed? "Sorry, your receipt shows you made a withdrawal..."

However, use their ATM machines and everything smooth as glass.

 

Dustin, You may consider, www.transferwise.com i received payments from them and they charge 3euro/transactions,takes a day to received(from europe-here), you can pay by credit card or bank account.

Transferwise have mobile apps.

 

A bit off topic but for bills payment / OTA load I've used coins.ph with great success. It's a bitcoin trading platform but in fact you don't have to do anything with bitcoin at all - just transfer money to your account and you can pay bills / buy load using their web site or mobile app. You can also send cash to various outlets. Back in Q.C. I've been paying water / electricity / telco bills this way and if one didn't go through their support was always quick and helpful.