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Understanding Flagging of Banking Transactions

Discussion in 'Banking - Investing - Finances' started by shakey, Jun 7, 2020.

  1. shakey

    shakey DI Member Veteran Navy

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    1. The daily amount of withdrawal from your foreign account restriction is set by your bank and you consulting with them. The usual default amount is $400. Ask for an amount that is more than you would ever withdraw.
    2. Turn your debit card over and see if the Transfund symbol is on the back which it probably is. Transfund runs the Fraud Watch program which scans each purchase or withdrawal made on your card and issues a go or no go decision on the fly comparing where your account is located to where in the world the transaction is coming from. It is wise to tell your bank/Transfund where you will be using your card. Transfund can be reached as a free call by Skype if a transaction is blocked. 1-866 842 5208.
    3. Let's talk about using TransferWise to transfer money out of your foreign bank into a family members Philippine bank account using ACH. Banks have 2 classifications, Available Balance and Posted Balance. ACHs that come in during banking hours at your foreign bank are added to the previous days Posted Balance and can be withdrawn or spent using a debit card. If you had a small amount left from the previous day and for example you received a direct deposit of $1000, with TransferWise your attempted transfer of $1000 would tell you you had Insufficient Funds. TransferWise only looks at the Posted Balance not the Available Balance. The $1000 doesn't shift to Posted Balance until after Midnight, your foreign banks time which makes it OK with TransferWise.
    4. With the required use of chipped cards the new regulations require banks to assume liability for fraud. Some local banks restrict this by putting a P10,000 limit per swipe which also increases their number of P250 fees. As far as I know BPI is one of the few that allows P20,000 per swipe.

    shakey aka John
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  2. Always a Poppy

    Always a Poppy DI Forum Adept

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    The first two items mean nothing to me and seem to be entirely US related, I think. Whilst I realise that there MAY be more US citizen expats here than other nations, non-US expats must be in significant numbers and it would be helpful if posts explained that they were going on to discuss something US specific, so that the rest of us can ignore, instead of wasting time trying to figure out what it means. Thanks.
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