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How do I set up a bank account for my fiance' in the philippines? |
I am currently residing in the U.S. but my fiance' is living in the philippines. Wiring money has become somewhat expensive, so I'm trying to figure out a way to set up a bank account for her so she can just convienently withdrawl from her local ATM. Any help in matter would be awesome. If you open a Citibank account here in the US you can go to Citibank here and order a CITIBANK MONEY CARD for your fiancee it is just like ATM. Once you order it in 5 days they will send the money card to her and she have to tell you what's the number on it. Once you got the number of the money card you can just go to Citibank ATM and you can send her money through your Citibank checking account to her money card. you can send her $1-$2000 for only $8. here is the link: http://www.citibank.com.ph/phgcb/apps/po... I know that wiring money is quite expensive, but if she uses an international atm, she will be charged about USD21 per transaction. The maximum amount she can withdraw at one time here in the Philippines is 5,000 to 10,000 pesos so in the end, it is still more expensive if she would have an account in the US and withdraw here in the Philippines. I guess, the best option is still bank to bank transfer. Just tell her to look for a bank in the Philippines that has low charges. experience -- i have a brother who is studying here in the philippines and he does not use his atm here in the philippines because charges are expensive too. You can save by sending her bigger amount of money-- say for three months, instead of monthly HERE'S THE ANSWER: Set up your own bank account here in USA and send her a debit card tied to that account. They all work at the banks there just fine. Especially the major banks like BPI and PNB. There is a small transaction fee involved but nothing like western union fees. Also the exchange rate at the bank ATM there is better than you get anywhere else. My mother-in-law (in Phils) has my debit card from one of my credit union accounts and whenever she needs cash I can put it in the account by internet and she just goes down to the bank and draws it out. Be careful that she knows how to safeguard the card and PIN number from her "friends" and relathieves. This way has worked well for me for 3 years, no problems. Hint: If you use an ATM at the bank, say BPI, you can withdraw about $400 or $500 a day, in peses of course. If you use a "stand-alone" ATM like at the mall, there is always a low limit. The one attached to the bank usually has a higher limit to withdraw. I know this for a fact especially BPI ATM's try this, www.xoom.com my fiance is sending me money through that, and it cost $3 every send.. good luck. set up debit card account in us (chase bank works others too i would think) send her the debit card overnight DHL, but do not send pin. after she recieves the card e-mail pin. deposit money in your local branch (deposit only what you want her to have). always deposit about 10usd more than you want her to have so exchange rates do not cause an overdraft which are 30usd at chase. have her take all at one time each transaction is 2usd. |
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