Itís Your Money > Banking

Accessing my money

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Open a Schwab brokerage account.  You get a Schwab checking account with the brokerage account.  You get a Schwab Visa debit card.  No ATM charges on Schwab's end and they reimburse all ATM fees you accrue anywhere in the world.

No ATM fees.  No foreign transaction fees.  You get the Visa daily exchange rate when you use an overseas ATM.

Thanks big rod!  I was already going to bring a sufficient amount of dollars with me. I also heard what you mentioned about the PRA helping you open a Philippine bank account.  The bank the PRA uses for your deposit is development bank of the Philippines. I was considering opening an account when eligible at BDO or BPI ! I've heard of transfer wise but I have no experience in using them since I am still in the states. Thanks again for your recommendations.

I agree with suzukig1. Open a free Charles Schwab account and that atm card can be used anywhere. No foreign transaction fees, no annual membership, and no problems. I send money from my Chase Bank to Charles Schwab for free as a bill pay every month and withdraw the money at any ATM in the Philippines. The PH bank charges 250 P and Schwab gives you that money back.

Sounds quite promising!  I will check into it.


--- Quote from: JoeLP on April 06, 2019, 10:36:16 AM ---What are you really looking for?  You want to close your US bank accounts?  Or keep them open and just find the cheapest way to transfer money from them to the ones in the Phils?  The "free" way is to have a checking account in the USA and just write a check to your account in the Phils.  But, this method requires you to wait a few weeks for it to go through.  If you plan ahead and write 1 or 2 checks a month and can wait for them to go through, that's the "free" way.
Otherwise you'll be paying for the transfers.  That's all there is to it really.  I pay a $5 fee each month to transfer my  money here and I need to send it to Tina.  On top of that, if they ever find that I live in the Phils that service will cut out.  Been using it for 6 years now no problem.  But, you get the idea. 
There really is no "free" way to electronically transfer money from your US accounts to you Phils accounts.  Even if you have a Chase/RCBM account in the US and one here.  They are still actually 2 different banks and will charge a fee.  Just the way it is.  Sucks, but that's a hurdle you'll have to learn to deal with. 
One option is to see if your income source can direct deposit to your Pinoy account.  That brings with it other you get the big free and easy way to go about it.

--- End quote ---
Joel, which bank are you using?  I am using BDO and they now charge 5 dollars for each check deposited, BPI does the same thing. 


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