Reducing ATM Fees

[JJReyes]

7 hours ago, Kingpin said:

I don't keep more than a minimal amount in the debit card account.

This is a good idea.  One easy way is to keep most of your money in a savings account and transfer amounts to the checking account as needed.   This is the beauty of global online banking.  

[mountainside]

1 hour ago, Kingpin said:

75k x 4.00% APY / 12 = $250 per month back in interest

Now I understand.  My brother's a US expat in Malaysia and, like you, has been happy with his HSBC Premier accounts.

[Kingpin]

1 hour ago, JJReyes said:

This is a good idea.  One easy way is to keep most of your money in a savings account and transfer amounts to the checking account as needed.   This is the beauty of global online banking.  

Exactly, and what makes HSBC optimal is you can also transfer funds from that savings account, to your HSBC Filipino USD bank account, and then to your HSBC Filipino PHP bank account (though that last part requires permission for non-residents).

@Snowy79  can your account handle the above currency transfers without asking first?

[Snowy79]

On 4/24/2023 at 12:05 AM, Kingpin said:

Exactly, and what makes HSBC optimal is you can also transfer funds from that savings account, to your HSBC Filipino USD bank account, and then to your HSBC Filipino PHP bank account (though that last part requires permission for non-residents).

@Snowy79  can your account handle the above currency transfers without asking first?

I just send my Sterling from the UK to my Steling account here instantly. I then click on transfer and it gives me the option of accounts to transfer from and to. I select my Sterling account to my peso, enter how much I wish to transfer and it lists the exchange rate.  As soon as I hit send it goes instantly and arrives instantly in peso. Only during bank working hours though. I noticed if I send Sterling direct from the UK to peso the exchange rate is bad. UK obviously has a much poorer rate. 

[Kingpin]

7 hours ago, Snowy79 said:

I just send my Sterling from the UK to my Steling account here instantly. I then click on transfer and it gives me the option of accounts to transfer from and to. I select my Sterling account to my peso, enter how much I wish to transfer and it lists the exchange rate.  As soon as I hit send it goes instantly and arrives instantly in peso.

That part only works after proving residency, correct? Non-residents need to request it, through the website.

7 hours ago, Snowy79 said:

 if I send Sterling direct from the UK to peso the exchange rate is bad.

I'm impressed they even allow that.

[JJReyes]

2 hours ago, Kingpin said:

10 hours ago, Snowy79 said:

 if I send Sterling direct from the UK to peso the exchange rate is bad.

I'm impressed they even allow that.

Some banks charge as high as 7% transaction fee.  You don't really need additional personnel since everything is through computers.  Pure profits which the bank receives every 24 hours after settlement at a central clearinghouse.  

[OnMyWay]

10 hours ago, Snowy79 said:

I noticed if I send Sterling direct from the UK to peso the exchange rate is bad. UK obviously has a much poorer rate. 

Sounds like that is basically the same as the old style wire transfer and if it is fee free, they are dinging you on the exchange rate.

[Kingpin]

 

 

2 hours ago, OnMyWay said:

Sounds like that is basically the same as the old style wire transfer

When I used wise, they rejected mine into the Peso account, but not the dollar account. Reasons given were anti-money laundering laws. Not sure what OFWs do.

[BrettGC]

6 hours ago, Kingpin said:

 

 

When I used wise, they rejected mine into the Peso account, but not the dollar account. Reasons given were anti-money laundering laws. Not sure what OFWs do.

Citi Australia (yes the same bank as the US but it's Australian operation is separate business entity though) stopped me doing the same for a time as well - my AUD to PHP accounts.  A few years ago the Australian government fined banks in the order of billions each for not enforcing money laundering prevention measures so many banks swung too far the other way for a time.  Despite legal challenges, the banks ended up paying, plus court costs.  It seems to have settled down now.  I only use it for larger transactions, other than that, I use Wise or World Remit for the smaller cost of living stuff into our PNB account.  

[Clermont]

10 hours ago, BrettGC said:

I use Wise or World Remit

I've tried to use world remit, but they won't transfer from an Australian bank to Philippines while I'm in the Philippines. I use a money conveyor to transfer money now.