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What's whole point of such services since banks already offer it? (and with a subforum dedicated to this topic!) Why are you people talking about XOOM or Paypal when you can just use bank to wire money from your accounts, with no cap and close to zero cost? Or is there some special restriction on American banks operating in USA??

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What's whole point of such services since banks already offer it? (and with a subforum dedicated to this topic!) Why are you people talking about XOOM or Paypal when you can just use bank to wire money from your accounts, with no cap and close to zero cost? Or is there some special restriction on American banks operating in USA??

Banks in the US that I have done business with charge $35 to wire, it may have gone up since then, and then the Philippine banks have charged me around $20 to receive the money into a dollar account, if you send it to a peso account then I believe that you get charged the fee and get beat up on the exchange rate. Of course your mileage may vary and especially if someone is a preferred customer of some banks like HSBC, Citibank and possibly others...

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$35 + $20?! But ours says it's $15 per million (1.40m peso) for regular Joes like me and no charge on the Philippines side for the same bank. Don't most of Americans save money in international banks such as Citibank or HSBC where you can simply make free inter-bank transfers?

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$35 + $20?! But ours says it's $15 per million (1.40m peso) for regular Joes like me and no charge on the Philippines side for the same bank. Don't most of Americans save money in international banks such as Citibank or HSBC where you can simply make free inter-bank transfers?

I am American and I use BPI and when I tried to use Wells Fargo for their supposedly free transfer to BPI, I found out that they would not transfer to a dollar account, only to a peso account and when they showed me the exchange rate that they were going to give me, if I remember correctly it would have cost me around 2 pesos per dollar, thus I feel that is a rip off over time.

 

If you can do it for only $15 and the Philippine bank will not charge you for receiving it, then go for it but if you do it monthly then over 12 months and only once a month then that would cost you would be $90, which IMHO wasted but if that is the least expensive way for you (I write US checks and wait for them to clear, so it is free) then that is what you should do. 

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BossHog

 

 

What's whole point of such services since banks already offer it?

 

One reason is that some people live on islands without banks equipped to accept international wire transfers.

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NOSOCALPINOY

In the 18 yrs we have been retired here in the Philippines, We have never found a money wire transfer service that didn't charge a service fee, they get you one way or another with lousy exchange rates and or service fees at both ends, which adds up over time.  

We too are with BPI and have always wrote out our U.S. personal check for deposit (free of charge) into our BPI USD savings account, wait exactly 25 days for our check to clear and post into our BPI USD account. I call it our "Free Banking System" even though it takes 25 days for our check to clear and post into our account, we're fine with it and never had any issues/problems in 18 yrs and as I have mentioned, "It's all free" as long we keep the minimum balance requirements in all of our accounts with BPI.

We seldom ever use our U.S. ATM debit and or credit cards here in the Philippines as to avoid those foreign ATM transaction fees, only  for when emergencies arises, which is seldom since we're both still in good health and everyone here in the Philippines know what the cost of medical health care is out of the pocket 100% up front cash expenses without medical health care insurance, which thankfully we do have!    

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We seldom ever use our U.S. ATM debit and or credit cards here in the Philippines as to avoid those foreign ATM transaction fees

 

Last month Schwab refunded $93 in ATM fees. My Visa card has no foreign transaction fees and 2% back on all purchases.  :dance:

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NOSOCALPINOY

Last month Schwab refunded $93 in ATM fees. My Visa card has no foreign transaction fees and 2% back on all purchases.  :dance:

Everyone knows that by now about C. Schwab and HSBC, these two financial institutions have been extensively covered on this forum!

So everyone, call your nearest Schwab and or HSBC to open an account to reap the benefits! 

Those with USAA and or other accounts are S.O.L. like the rest of us who are and still being nickled and dimed to death with foreign transaction fees! 

The topic is about "Money Transfer Service". Does Schwab and or HSBC charge a service fee to do money wire transfers? 

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Headshot

My credit union in the US charges me $17 to wire any amount to my BPI dollar account. I used Wells Fargo for a short period back in the 1970's, and they bounced several checks when I had sufficient funds in the account to cover the checks. It was very messy, and in the end (after a lot of persuasion from me) they wrote letters to the businesses that had bounced checks, and took blame, but I had to pay the businesses with cash. It really screwed up my credit, and as soon as I got that mess straightened out, I withdrew all of my money, and moved it to another bank. I have never used Wells Fargo again for anything.

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Banks in the US that I have done business with charge $35 to wire

 

My credit union charges $65 per wire. Outrageous.

 

 

 

Does Schwab and or HSBC charge a service fee to do money wire transfers?

 

What I do is go to my credit union and initiate an ACH debit from it, to my Schwab account. Then, I just trot on over to the local MayBank ATM and draw out the funds.

 

No banks to wait in line in, no fees, no hassles and cash in hand.

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NOSOCALPINOY

Everyone knows that by now about C. Schwab and HSBC, these two financial institutions have been extensively covered on this forum!

So everyone, call your nearest Schwab and or HSBC to open an account to reap the benefits! 

Those with USAA and or other accounts are S.O.L. like the rest of us who are and still being nickled and dimed to death with foreign transaction fees! 

The topic is about "Money Transfer Service". Does Schwab and or HSBC charge a service fee to do money wire transfers? 

Well, I had to answer my own question by doing a Google search about "Money Wire Transfers" as the OP asked for, but using Charles Schwab and HSBC as an example.

Yup! There's no avoiding service fees for money wire transfers using Charles Schwab or HSBC, maybe unless one has a special account of some sort, which I do not know of. 

 

http://www.us.hsbc.com/1/2/home/personal-banking/pib/money-transfers/wire

$25 service fee will be charged for outgoing wire transfers.
 
A service fee is charged for each outgoing Wire Transfer. 
Wire transfer: Outgoing $25 per transfer, No fee for incoming
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Everyone knows that by now about C. Schwab and HSBC, these two financial institutions have been extensively covered on this forum!

So everyone, call your nearest Schwab and or HSBC to open an account to reap the benefits! 

Those with USAA and or other accounts are S.O.L. like the rest of us who are and still being nickled and dimed to death with foreign transaction fees! 

The topic is about "Money Transfer Service". Does Schwab and or HSBC charge a service fee to do money wire transfers? 

 

I can't tell you a thing about HSBC. But I can tell you that my Capital One card has no foreign transaction fees, gives 2% back towards any travel related expenses or 1% straight cash back on all purchases and generally the rate is as good or better than banks here.

 

I would say that taking money from my Schwab account via any ATM here is a "Money Transfer Service". And with no fees :) To be fair though there is a $1000 per day limit on it. I've tried various methods including writing a check to an account here, but for me there is nothing faster, easier, more convenient, or cheaper.

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NOSOCALPINOY

My credit union charges $65 per wire. Outrageous.

 

What I do is go to my credit union and initiate an ACH debitfrom it, to my Schwab account. Then, I just trot on over to the local MayBank ATM and draw out the funds.

 

No banks to wait in line in, no fees, no hassles and cash in hand.

I assume you're talking about like a home banking on-line (ACH) debit in the U.S. just like paying your merchant's bill, where Schwab is considered the merchant and have an ATM debit card tied to MayBank's ATM that doesn't charge a foreign transaction fee, which actually bypasses the money by wire transfer. 

 

http://www.accountingtools.com/definition-ach-debit

The problem is, some banks with bank to bank transfer options - install ACH debit blocks on their accounts, preventing such debits except for those that are specifically authorized in advance. Transactions that can be allowed to bypass a debit block include the following:

A single payment

A recurring payment

A fixed dollar amount

A maximum daily dollar amount

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I assume you're talking about like a home banking on-line (ACH) debit in the U.S. just like paying your merchant's bill...

 

I suppose it would be similar to a bill pay option. Never really thought about it like that before. 

 

My primary credit union will allow single, or multiple "eTransfers" as they call them, to, or from my linked external accounts. So, just as easily as I can generate a transfer TO my Schwab account (or other attached to it), I can also "request" money from my those accounts to be deposited into my primary credit union. All for free. But, it usually takes about 48 hours (business days only) for the transfers to process completely. 

 

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Basically, all of my accounts stateside are linked. If I lose a card on one account, I can go to that bank / credit union online and transfer those funds to another bank account, where I have an active card in my possession. You see, my main credit union will still charge me $2.00 USD for each withdrawal, plus $1.00 USD for every $50 I withdraw from a foreign ATM. So, I never withdraw funds from that account. 

 

For example, if I make a $500 USD withdrawal from my primary credit union, even if the ATM I am using does not charge me, my own credit union will still hit me for a $12.00 USD fee!! (If I didn't already have so much activity, both coming and going in that account each month, I would move all my banking elsewhere. If I return to the US next November, I will make it a point to go to Florida to handle doing just that.)

 

So, to save having those fees charged, I transfer funds from my credit union, to my Schwab account. If something happens to my Schwab account, I can transfer the funds to another credit union account I opened last year. 

 

 

... where Schwab is considered the merchant and have an ATM debit card tied to MayBank's ATM that doesn't charge a foreign transaction fee, which actually bypasses the money by wire transfer.

 

Schwab has no ties with MayBank. MayBank, on its own, has no foreign ATM charges in Cambodia. So, any funds you withdraw from a MayBank ATM here, will be fee free. 

 

I just choose to use MayBank's ATM over others, due to the fact that they don't charge fees. I merely do that to save Schwab from having to reimburse me each month. If I have no other choice, I will use an ATM from another bank. But, I try to only use MayBank, whenever possible / available.

 

The way I like the best, though, is to write a check on my primary credit union and deposit it, via an iPhone APP, into either of my other accounts (Schwab usually). The checks clear in about five hours, typically. 

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One of the things I have wondered about but never got around to trying, is to have an account with PNB in the US and an account with PNB in the Philippines and see if there was an easy way to transfer money free from one to the other, I see on THIS PAGE it looks like there is a $20 fee for that and if true then that would not be worth it either,

 

Anyone using PNB in two different countries to move money back and forth that could tell us how that works???

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