International ATM fees through the roof!

[Dogwood_Poet 16]

Has anyone else noticed the banks are going crazy with ATM fees? My wife has been in the Philippines the past couple of months helping her family as her father was diagnosed with lung cancer and helping her mom after he passed away.

But she says most ATM's say there is either a 200 or 250 charge for each withdrawal, then our bank adds ANOTHER $2.50 on top of that! She tries to wait until she needs to make a large withdrawal so it doesn't hurt so bad.

Any ideas for the best way to transfer money? We have a PayPal account that doesn't charge for withdrawals, but you have to plan in advance to make sure the money is there. It is convenient to just transfer as she needs money. We use a separate account for travel so we can feel safer about using our cards overseas.

[Deputy Purple 1,294]

State Farm bank doesn't charge for using any ATM and they will also refund any ATM fees charged by the ATM Owner at the end of your monthly billing cycle.

[jrmejia 31]

State Farm bank doesn't charge for using any ATM and they will also refund any ATM fees charged by the ATM Owner at the end of your monthly billing cycle.

Good info. I did not know that about state farm bank. Thanks

[pookaphilus 12]

Hello..if you can, try to use XOOM,..that's the same problem my sister faced when she went home to philippines last year..she just let her husband send money transfer through XOOM from US to Phil...you send her money and she can receive it...or you send money and send it to the name of her mom as the receiver...it's easy and fast, after few minutes she can already pick up the money..God bless!!

[OrangeFolder12 0]

Has anyone else noticed the banks are going crazy with ATM fees? My wife has been in the Philippines the past couple of months helping her family as her father was diagnosed with lung cancer and helping her mom after he passed away.

But she says most ATM's say there is either a 200 or 250 charge for each withdrawal, then our bank adds ANOTHER $2.50 on top of that! She tries to wait until she needs to make a large withdrawal so it doesn't hurt so bad.

Any ideas for the best way to transfer money? We have a PayPal account that doesn't charge for withdrawals, but you have to plan in advance to make sure the money is there. It is convenient to just transfer as she needs money. We use a separate account for travel so we can feel safer about using our cards overseas.

I experienced the 200php charge this past January and I was not pleased.

I wonder if it makes sense to setup an account at a local (Philippines) bank and transfer money into the account as needed from a US bank. I've looked into it a little, but have never actually done it. Wells Fargo bank seems to have some kind of money transfer plan Wells Fargo Remittance (but I'm not a huge fan of Wells Fargo). Xoom sounds like a good option too. I've seen some good and bad reviews on it. It might be good to try a small amount to test it out and see how the process works. I've only ever done Western Union, which works really well but I think they really screw you on the fees and exchange rate.

[Deputy Purple 1,294]

The big problem with Xoom is the $9 transaction fee. You may as well just absorb the ATM fees.

[Dogwood_Poet 16]

We do use Xoom from time to time to send money to her family, but again the fees makes the ATM a little cheaper.

Oh well, we will look into setting up a bank account in the Philippines and try and find a simple, inexpensive way to transfer for future use and for her family as well.

I will say this, I have done the math and the exchange rate is pretty close to market rates with the ATM.

(Better than Xoom)

Edited March 9, 2011 by Dogwood_Poet

[Matt and Evieve 1]

If someone has a BPI account, the charge is only $2.50 if you send it through WellsFargo. $2.50 for any amount. State Farm bank is nice but we haven't tried it though.

State Farm bank doesn't charge for using any ATM and they will also refund any ATM fees charged by the ATM Owner at the end of your monthly billing cycle.

You use State Farm for sending purposes only? You still have another bank account, right?

[Scott and Mhay 57]

Yeah I know it sucks. They changed the ATM fees when I was there in Feb last year. They also have a per transaction cap on the ATMs. My wife just tells her family to take all their allowance in one transaction so it doesnt end up costing like western union does.

[mjaye65 5]

I make online transfers through my account with Wells Fargo. It is a $3.50 fee on the sender end and nothing on the receiver end. I have sent up to 5k that way without any issues.

I send it to her name at BPI bank anywhere in the philippines.

[Y&E 12]

Can you get travel money cards in the US? The UK versions you load the money you need (or transfer onto while overseas) onto the card and then the card doesn't charge fees or refunds them and it doesn't charge conversion fees either. You might look into that. That is the most fee-free way I can think of using a card abroad.

[Theresa0828 65]

I experienced the 200php charge this past January and I was not pleased.

I wonder if it makes sense to setup an account at a local (Philippines) bank and transfer money into the account as needed from a US bank. I've looked into it a little, but have never actually done it. Wells Fargo bank seems to have some kind of money transfer plan Wells Fargo Remittance (but I'm not a huge fan of Wells Fargo). Xoom sounds like a good option too. I've seen some good and bad reviews on it. It might be good to try a small amount to test it out and see how the process works. I've only ever done Western Union, which works really well but I think they really screw you on the fees and exchange rate.

Most Western Union nowadays gives you an option if you want to receive your money in dollar. I usually ask for a dollar payout and go to a trusted money changer to exchange it to peso.

[Dogwood_Poet 16]

Can you get travel money cards in the US? The UK versions you load the money you need (or transfer onto while overseas) onto the card and then the card doesn't charge fees or refunds them and it doesn't charge conversion fees either. You might look into that. That is the most fee-free way I can think of using a card abroad.

I think the ATM fee will still apply, since it is charged by the ATM owner, the fees are for any card not issued by the ATM owner.

Edited March 9, 2011 by Dogwood_Poet

[Ugly_American 11]

Bank of America bites. The first time i sent money I made a bank transfer. I sent like $200 and the fees for this transfer were $45. I quickly switched to western union.

As for ATM's, B of A charges a flat rate of $5 + 1% for all atm withdrawals. It's absurd.

I'll look into other banking options. State Farm sounds interesting, but I didn't realize they also did banking. Perhaps the best thing is just to bring cash and exchange it at some place there? I can't believe we taxpayers bailed out those banks. I wish we would have let them go under. Seriously. I've no safety net other than the unemployment I've had to earn myself.

I think opening up an account in Phil is not a bad idea, maybe... Or just ya, bring cash and stow it away James Bond-ishly in an ####### capsule.

[edp333 9]

Has anyone else tried a CIRRUS ATM card? I was only charged a dollar for each transaction with mine.