Money transfers.

[pantaiema]

I could indeed use a credit card to pay for AirBnb's, I just have never done it, so maybe just a habit I have. Other problems with using a US credit card is overseas transactions and currency conversion fees. I have also found Wise provides typically better exchange rates than most banks. The Plaid system seems to be used in many places in Australia so one would assume it's a vetted system and Australia tends to be sticklers on vetting IMO (6 years working in Australia). It's an added layer of security for purchases but for whom.

I'm not a fan of PayPal and still routinely get spam about my PayPal "account" when no account exists.

You will need to use a "specialist debit/credit card with perks" that has zero fee (or near-zero fees) for foreign transactions, not an ordinary debit/credit card. If you use an ordinary credit card, you might get charged multiple times by various parties profiting from you.

I do not know which US debit/credit cards have this perk but I remember one member of this forum using this type of US debit/credit card in Indonesia. I have read multiple stories of tourists using these types of cards in Indonesia. I do know that one type (not all, so be careful) of "Capital One" credit card is offering this perk. I fully believe that there are a few US credit cards out there that offer this perk.

These types of debit/credit cards are not common, as typically the banks issuing the cards will make very little or even experience a small loss offering this perk.

 

[centurion]

My Indonesian wife wants to transfer a substantial amount of funds to our children in the UK. Are there limits to the amount of foreign currency you can buy and send?

You can buy max 25.000 USD/month. Sell no limit.

 

[centurion]

My friend in Manila just called. Urgently needed $5000 tomorrow

BCA 14.32pm. Sent $5000 to her HSBC account in KL (there is 15.32pm)
Clicked same day value 30,000rp
$25 for full amount
Fee itself only 35,000rp

14.47pm she calls me. She just checked her HSBC Malaysia. Money already arrived

My rate 15205 rp to $


Tanggal : 03/08/2023
Jam : 14:30:12
Jenis Transaksi : TRANSFER VALAS KE REKENING BANK LAIN
Nomor PPU : AISGY
Informasi Pengirim

Nomor Rekening Pengirim
:

Mata Uang Rekening Pengirim
: IDR

Nama Rekening Pengirim
:
Informasi Penerima

Nomor Rekening Penerima
:

Mata Uang Rekening Penerima
: USD

Nama Rekening Penerima
:
Nama Bank : HSBC AMANAH MALAYSIA BERHAD
Kode Bank : HMABMYKLXXX
Negara : MALAYSIA
Nominal Transfer : USD 5000
Biaya Full Amount : USD 25.00
Biaya Provisi in Lieu : -
Biaya Value Date : IDR 30000.00
Biaya Teleks : IDR 35000.00
Kurs : 15205.00
Berita : -
: FROM S
Jenis Transfer : SEKARANG
No. Referensi : DE6F1CF6-0C9C-1140-BB20-79840A5
Status : BERHASIL


Safe. Secure. Fast. Decent rate. End of story. Done from my phone.

Friend in Manila, the Nigerian prince?

 

[pantaiema]

Friend in Manila, the Nigerian prince?

There is a reasonable number of them in Australasia. Beside a widely known scam e.g a prince hunting for a lost treasure and offering you a fat cut if you agree to share your bank account details, another motive is an online love scam.
These are just a few examples of how this scam work.

It is hard to believe, but there is a hearsay, "love is blind," some people want to pay to get shagged.

 

[snpark]

Friend in Manila, the Nigerian prince?

Why the stupid question?

 

[snpark]

My Indonesian wife wants to transfer a substantial amount of funds to our children in the UK. Are there limits to the amount of foreign currency you can buy and send?

You mean monthly limit on transfer? No limit if you have the clean paperwork, source of funds, due diligence etc etc

Usually the trigger is above $100k but common sense says to inform the bank receiving and sending not least to ask for a better rate but to also supply them the info BEFORE they ask, and send them the MT103 also in case something goes wrong they can search from their side also

 

[snpark]

 

[fastpitch17]

We have an account from our local bank where we lived in the US. For a mere US$5.00 per month we are have an interest bearing checking account that offers free ATM use and covers ATM fees that others may charge. They encourage electronic use of the account and get away from any paper transactions. This saves on labor due to processing. They also offer a free account but one needs to use the ATM more times in a month than we do. Their encrypted app allows you to make transfers, deposits, and have access to all account information at your fingertips 24/7. You set any limits you want for daily withdraws and we had set ours at $500.00 each allowing $1,000.00 access daily if we want. A simple communication with the bank allows us to change countries were the debit cards work and the amount of time. Our debit cards can work as debit cards and as credit cards but act as debit cards within our accounts. Our bank debit cards are Master Card issued.

Using Mandiri as my wife's accounts here, we withdraw cash from the US and turn around on the same ATM and deposit what we want into Mandiri on the same ATM. Twice in over 10 years have we had a local ATM malfunction and our bank caught one the first day and reversed it and the other we reported and they reversed it with a note to relax, they would have caught it.

Yesterday we used a Mandiri ATM and received Rp 15,144 per US dollar. XE was quoting 15,154 at that time. If we were to use BCA ATM, the charges are much greater. Mandiri and BNI seem to give the best exchange rates for ys if using our US cards in their ATMs.

 

[Wally]

You can buy up to USD 100k per month without any underlying documents. Above that you will need to show documentation of why the money is needed, such as purchase orders, contracts etc.

Thanks for the information

 

[flavus]

I do not know which US debit/credit cards have this perk but I remember one member of this forum using this type of US debit/credit card in Indonesia

Quite a few, the top tier cards from Chase and Amex for instance. Typically the cards that are geared towards travelers, and they make money from high annual fees.

Actually, some cards don't charge annual fees now, interesting...

Best travel credit cards with no annual fee for 2023

Want a great credit card for travel with no annual fee? We’ve selected the best cards in several key categories to help.

www.creditkarma.com

 

[Jaime C]

There are many US credit cards that charge no foreign exchange fees. Citibank, Capital One, Chase and Amex are a few that I personally hold. Each card often has different features, so check before signing up.

I get airline miles, hotel points, or 1-4% cash back on purchases. I use them wherever possible while I’m in Indonesia.

 

[Rellek]

You will need to use a "specialist debit/credit card with perks" that has zero fee (or near-zero fees) for foreign transactions, not an ordinary debit/credit card. If you use an ordinary credit card, you might get charged multiple times by various parties profiting from you.

I do not know which US debit/credit cards have this perk but I remember one member of this forum using this type of US debit/credit card in Indonesia. I have read multiple stories of tourists using these types of cards in Indonesia. I do know that one type (not all, so be careful) of "Capital One" credit card is offering this perk. I fully believe that there are a few US credit cards out there that offer this perk.

These types of debit/credit cards are not common, as typically the banks issuing the cards will make very little or even experience a small loss offering this perk.

Thanks but I am very happy with my US bank. I recently had a debit card compromised and had two new cards within 7 days. Also 24/7 lost or stolen credit card access is pretty cool especially with a free overseas number...try any of that with a Capitol One card (will not happen).

 

[Rellek]

We have an account from our local bank where we lived in the US. For a mere US$5.00 per month we are have an interest bearing checking account that offers free ATM use and covers ATM fees that others may charge. They encourage electronic use of the account and get away from any paper transactions. This saves on labor due to processing. They also offer a free account but one needs to use the ATM more times in a month than we do. Their encrypted app allows you to make transfers, deposits, and have access to all account information at your fingertips 24/7. You set any limits you want for daily withdraws and we had set ours at $500.00 each allowing $1,000.00 access daily if we want. A simple communication with the bank allows us to change countries were the debit cards work and the amount of time. Our debit cards can work as debit cards and as credit cards but act as debit cards within our accounts. Our bank debit cards are Master Card issued.

Using Mandiri as my wife's accounts here, we withdraw cash from the US and turn around on the same ATM and deposit what we want into Mandiri on the same ATM. Twice in over 10 years have we had a local ATM malfunction and our bank caught one the first day and reversed it and the other we reported and they reversed it with a note to relax, they would have caught it.

Yesterday we used a Mandiri ATM and received Rp 15,144 per US dollar. XE was quoting 15,154 at that time. If we were to use BCA ATM, the charges are much greater. Mandiri and BNI seem to give the best exchange rates for ys if using our US cards in their ATMs.

Not seeing an advantage over having a Bali bank account and using Wise to transfer funds into that Bali account as needed, aside from a modest return on your money and the $60 USD per year your paying. Wells Fargo also offers all of that with a free account, excellent fraud protection and great customer service and a Rewards Program (cash back).

 

[snpark]

Only the legal implications of not being resident in that country and still holding an account

 

[Rellek]

Only the legal implications of not being resident in that country and still holding an account

What legal implications could there possibly be?

 

[snpark]

Well which country are you resident in? Can't be both.

 

[Rellek]

Well which country are you resident in? Can't be both.

I reside in Indonesia and my bank is US. Money comes into my US account and I transfer to my Indonesian bank account at regular intervals. My bank knows I'm overseas. I pay US taxes. I have a US credit card and debit card. How exactly am I breaking any laws? US citizens are almost encouraged to live abroad when they retire and social security recipients are allowed to collect social security in nearly every country in the world excluding Iran, Iraq and a few others.

What country are you from which requires you to abandon your home-based bank accounts when you reside in a foreign country?

 

[snpark]

I reside in Indonesia and my bank is US. Money comes into my US account and I transfer to my Indonesian bank account at regular intervals. My bank knows I'm overseas. I pay US taxes. I have a US credit card and debit card. How exactly am I breaking any laws? US citizens are almost encouraged to live abroad when they retire and social security recipients are allowed to collect social security in nearly every country in the world excluding Iran, Iraq and a few others.

What country are you from which requires you to abandon your home-based bank accounts when you reside in a foreign country?

Almost every country. If you are not resident in that country you are not supposed to keep bank accounts there. Even UK
I'm British. I can't open a bank account in the UK. I don't live there. I can't open an account in Dubai. I don't live there.

Maybe America is the exception but it sure complicated with the double taxation and reporting.
I think you will find that you are not really supposed to have that account but maybe they are just not fully compliant. Anyway it's America we already know how backwards their banking system is lol

 

[Hawk256]

A US citizen can have a bank account regardless of their residency. Figured that would be common but I guess not.

 

[Samoerai]

I reside in Indonesia and my bank is US. Money comes into my US account and I transfer to my Indonesian bank account at regular intervals. My bank knows I'm overseas. I pay US taxes. I have a US credit card and debit card. How exactly am I breaking any laws? US citizens are almost encouraged to live abroad when they retire and social security recipients are allowed to collect social security in nearly every country in the world excluding Iran, Iraq and a few others.

What country are you from which requires you to abandon your home-based bank accounts when you reside in a foreign country?

Some banks in the Netherlands also forced me to cancel my bankaccount due to

1.
Due to laws and regulations with regarding measures against tax evasion, money laundering and terrorist financing, in relation to the provision of services and products outside the
European Union by governments worldwide, makes serving customers outside the
European Union entails increasing risks and extra costs

2.
Due to laws and regulations, banks in The Netherlands cannot offer certain banking services outside the European Union without a required license.

But ... other banks still let me keep my bankaccount.

Because of more and more strict laws "War on Money laundring" .. be prepaired that your bank in your country will cancel your bank account when you not live there anymore.