How to Save Foreign Transaction Fees, ATM Fees and Credit Card Fees and More !!!
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- Опубліковано 2 січ 2021
- We discuss all the fees associated with living and traveling abroad and ways to beat them. We also talk briefly on Currency Exchange too. Also a few great tips on credit cards and sending them through the mail. Please check out these links for great info: www.experian.com/blogs/ask-ex.... www.bankrate.com/finance/cred.... www.moneymax.ph/credit-card/a.... millionmilesecrets.com/review.... thepointsguy.com/guide/best-c.... www.nerdwallet.com/article/tr.... www.securitybank.com/personal.... cashmoneylife.com/how-to-save....
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Appreciate the pragmatic advice.
Your best video yet! Thanks!
Glad you liked it!
good information. thanks for the video.
Happy New years to one of my favorite shows
You also !!!
Excellent info Steve
Glad you enjoyed it
Good tips. thanks Steve.
Thanks
Great vid Steven...as you were talking about intl fees I was looking up information and found NerdWallet.com had a good thing on "best of" No Foreign Fee CC 2021...anyway , as usual, job well done...I enjoy when you post..thanks
Glad it was helpful!
I finally set up a Transferwise account to send money to my wife's family and dropped Western Union completely. The exchange rate is better, the fee was less than half of what WU charged, and the recipient gets the full amount I sent directly into their bank account. The only issue I have is that my credit union takes two business days to transfer any money to any account (credit card, utilities, etc) and the fact it was a little tricky to set up the Transferwise accounts. Recipient gets the pesos in 30 minutes from the TW account. Will probably do something similar for myself one in the PH permanently.
All that being said, I'm not big on all the eggs being in one basket, so I will be checking out the links, especially Charles Schwab. Oh, and the other nice thing about TW is that you can send to yourself in multiple currencies if you plan on travelling in SEA, or anywhere, really.
Nice video as always.
I will add a couple of comments. I live in Denmark, Europe and this may not apply in the US or Philippines.
- the cheap withdrawal cards are normally more expensive in exchange rates. Always compare how much you pay one way or the other.
- when using a credit/debit card and asked if you want be charged in pesos or your own currency, always take the pesos option, it's way cheaper. This is an old trick almost all shops use, they apply a more expensive exchange rate and pocket the difference from what they pay to your bank. Any bank in Europe will always advise you to be credited in the currency of the country you are visiting. As I said, I don't know if this applies to dollars/pesos transactions but I can't see why it shouldn't. And believe me, if the shop gives you an option that is not pesos it's because they can earn something from it.
Happy new year to everybody 🎉
It applies to USA too. Always select the Pesos in Philippines
People. Steve has good tips. Listen, he is here to help. Like the tip on locking your card before receiving it.
🙏🏻
yes I did not know about the "locking card info"...until Steven mentioned. Cool
Definitely check Sm rates when you use credit card because currently thier rates here at sm money exchange is 47.55 an on forex is 48.02 at those rate differences it can really add up
Great, I made a right choice I opened and transferred some of my $ to Charles Schwab with a debit/Visa card couple months ago Thanks good advice
Tanks Steve agin good info
Glad to help
I have opened a second checking account/ATM card with my CU. That way if a machine eats a card I have a spare card to get cash. I also have a Xoom and Remitly account that includes a Remitly Passbook ATM card where I can transfer money from my CU. So besides those ATM cards I do have credit cards for emergencies. I would get a PO Box from PhilPost to receive faster mail from the US>
USAA is charging 1 percent fee on atm's overseas now.
I have been here in the Philippines for over 10 years now and I have found the best way is to pay to myself online through Western Union which is very cheap or even free, from my bank back home to pick up here, or into my Filipina wife's bank account. PS I have always found Western Union are always the best exchange rate as well.
Hay Steve. See if you can find an ATM in Cavite that will go over the 10k limit. I have had no luck
Thanks
THANKS...GOOD INFORMATION...
You're welcome!
USAA is the absolute worst for international travel!!! NFCU covers up to $20 per monthly cycle of ATM fees only. I use Fidelity as my back up card. I dumped any type of credit cards nearly 7 years ago. I would slit my throat b4 ever getting another one. Having your card(s) switched "ON" only during the period in which you are actively making a purchase or withdrawing money is easily a Top 3 travel secret...it takes less than 1 minute on your app to switch it on or off!!!
No no no, you always pay in local currency on your credit card....Sorry to correct you but that is traveling 101. When you pay for instance in say US dollar you will pay the conversion fee for instance....Not the transaction fee but the conversion fee...if you say local currency you pay no fee at all.....never never pay in US dollars on your credit card.....so when or if you make a credit card charge pay in local currency ....you won’t get hit with transaction fee which you shouldnt have anyway and no conversion fee by saying local currency please! 👍👍 but anyway. I agree with most of your views 😊....
i dont completely understand, what if my credit card has no forex fee? should i choose pay in peso or pay in dollar?
You should look at opening a World Remit account or a Xoom account and transfer money to yourself, both are cheaper than Western Union, and the likes, and the fees / exchange rates are fair. You can send up $10,000 / P500, 000 per day to most banks or select cash pick up from Hullier or Palawan Express.
I use Xoom and it works very well. Low fees too if you keep the transfer under $2500.
My Capital One cc has no foreign trans fees. They give a great conversion rate and I get 1.5% cash back. In the Philippines I use my credit card whenever possible.
USAA cards as well
same here.
Do you have a bank that operates both in the US and Phils? I am in Wisconsin and want to be able to access my money there. But want to be abel to go into a bank there and just get cash, etc.
Hi Steve & thanks for the info.
Would you say that a cash exchange at a street ATM always works out the best, aslong as people are happy to carry cash around?
Yes, absolutely
simple solution Steve...I have my social security pension sent directly to my Philippine bank along with my military disability check
What bank you think is best for this
Social Security will send your money directly to a Philippine bank? I was thinking of having mine and my government pension sent that way, but somehow it seems risky.
I didn't think the Soc Sec Admin would send your SS to a foreign bank. How about that!
How?
Good video. When coming over there some vlogs recommend bringing cash with you. Do recommend that too? I don’t carry cash and haven’t in years and years. Wondering what your take on that is. Peace ✌️
I took some cash that was exchanged at AAA. So I had cash when I landed.
I always take cash with me and exchange a $100 in the airport but no more than that because the exchange rate is bad. Some hotels do exchanges on small amounts and there rates are not to bad. shopping malls are ok to. I also have a xoom account. a number of years ago the the ATM systems went down for all the banks. the only way I could get money was to send it by xoom to my wife sisters bank account there. And most importantly notify your bank and credit card company of your travel or they will shut your cards off when you try to use them!
Can you talk about taxes you might pay still in usa? More specifically income state taxes and moving abroad vs no state tax state then moving. So i would even recommend moving two years away from a state with income taxes to a no income tax.
I have a video on this already. I currently have about 260 videos in total.
Good info here.. Charles schwab is very good. I recommend ally bank.
Cool, thanks
I get that with my bank I don’t know if it’s international
I use my Schwab account here! Its great. No fees!!
To use it, don't you need the Schwab Debit Card? Also, can you apply for it while living abroad?
I have a Fidelity account. Is it like Charles Schwab in regards to ATM reimbursements?
Fidelity does reimburse for ATM fees the same as Schwab. Notice on their website how they use the word "can" and "may" charge a 1% foreign transaction fee with their card. My experience is they do not always do it. Schwab does not charge a foreign transaction fee. Good idea to carry both should the machine eat your card and keep your options open. Both are good firms to do business with.
My bank charges me $1.65 plus what metro bank charges. Not happy about that. Can't get more than 10,000 pesos per transaction
To take out 10,000 pesos now i have direct deposit to philippine bank cost me $ 5.50. only fee I pay
Navy Federal Credit Union 33 years. Best around. My father was from Chelsea. Do you know any Paliliunas there?
Never heard that name.
Yes schwab and sofi are both leaders for no fee checking and reimbursement of fees
I thought SoFI dropped the no fee's on the card???
@@rogersmith1408 maybe on new accounts. I guess I was grandfathered in. If they did I have not seen it yet. If they did I will just use Schwab. I like sofi.s website and banking and investing all in one ap. Been good to me. Still get free stock trades. If they start charging many others will take there place. Sofi has approval for a regulated bank now . So as u say they may start fees to I crease profits. Hope not
Could u do a video on how to find a good barber in PH (for men)?, safety of haircuts, sanitizing the hand razors, sissors, n electric razors, etc? I would be interested in your take on that, cost...
Its on the list !!! maybe soon !!
I might do this when I go to my barber here. And get a little video before I do the chat on the subject.
USAA is good for me. Easy to setup and easy transfers. Portion of OS atm fees waived.
USAA SAVINGS BANK UNFIT BUILD Rebuilding Relationship. Is Poor Activity
I wonder how social security recipients do it over there, because there are times they want you to recertify your self as disabled, May be come to appeal so how would you do that over there. It's possible you would get the letter late and never know .
We have an SS office in the Embassy that sets it up here.
Check on if you can come here with no issues first at your local office. You should be fine.
@ VA is only for Service Connected issues.
Schwab is very good.
It's best to check out a few atms that allow you to draw more than what most banks do. Normally, most atms allow you to draw 10k pesos per transaction with 250 pesos service fee plus the fee your bank charges you in your country. However, You can draw 20k pesos per transaction from BPI and HSBC is 40k pesos. By the way, there's a limit of 70k pesos per day.
Maybe the 10k limit is by area. I have tried many ATM, all that I have used are a 10k limit.
When You use a credit card in the phils and they ask you if you want it charged with dollars or pesos- is the exchange rate different than the actual bank exchange rate if it's dollars?
At SM I never saw any extra charge at all. Maybe it’s a courtesy..... I’m going to ask and watch more next time I go to see what’s up. But to be honest I don’t think there was an extra charge at all.
You will get a lower exchange rate and hence you will save money if you select pesos
Basically its your bank doing the exchange rate vs their bank. Your bank has your best interest in mind alot more than theirs will I assure you.
Always always pay in local currency if they ask peso or dollar when using your credit card....That’s Traveling 101.
for the algo
All Banks in Australia charge fees for using cards OS
Really australia has no banks that's reimburse?
UBank do free worldwide ATMs, I’m pretty sure they are an online only bank though.
All over news about the dollar going to start a downward trend if the georgia vote goes democrat. So as previously mentioned your exchange rate will change hard this year if your in the Philippines
How easy is it to get a BDO account? Do you need to be a resident to get one?
Very easy !! You need an ACR card or Resident Visa and ID and Passport. Its easy and some banks are very easy.
But here is the caveat. If your living in the Philippines on a tourist visa you will only get a Tourist ACR card. You can no longer open a bank account at any bank in the Philippines with a Tourist ACR card. You must have a Resident ACR card. Now, there are many people with tourist ACR cards that also have bank accounts here, but they were essentially grandfathered in before the laws were changed two years ago. This occurred because of the new strict IRS reporting laws on foreign held overseas bank accounts. The banks don’t want the red tape and in a lot of countries the banks just closed all the accounts of tourists, problem solved!
I was paying $5 at atm
Steve if you marry a Philippines lady when I die can she get my SS are does she have to live in USA for some time
I believe she can but it’s a question for SS. I believe someone mentioned they could on here.
I would say if she has a US SSN she can. But to be sure you should check your specific question with the SSA
Have you ever had a problem not receiving money from an atm in the Philippines?
Never
I have. I used an ATM at MOA. It charged my account but didn't give me php. It happened on a Sunday as I was heading to Duma. After getting to Duma on Monday I spend hours on the phone with BDO. I did get my 10k back took 3 weeks and a lot of taking. The banks don't run the ATM its a separate Co.