Banking Question

[PintoPoint]

They don't have a way to do it over the internet. With BofA Safe Send you have to call, thats the downside. Also, you have to go into the bank branch to set it up befire you can send money.

I set my locations over the internet and call to set up the transfer. Here is the info.
Rick
Cholla Bay


Bank of America – Free Remittances with SafeSend®
Fact Sheet
Overview: SafeSend is a free feature of any Bank of America personal checking account and
provides a highly competitive foreign exchange rate. Customers can send money
to their loved ones in Mexico safely and conveniently with one simple phone call.
Features: • Signing up is easy – Customers need only open a Bank of America personal
checking account and have the SafeSend feature added to their account;
existing checking customers should go to their nearest Bank of America
banking center and have the SafeSend feature added to their account.
• Completely free – There are no fees associated with SafeSend, and the bank
offers highly competitive foreign exchange rates – no transaction charges, no
withdrawal fees.
• No minimum to send – Customers can remit up to $1,500 at one time and up
to $3,000 within a rolling 30-day period.
• Set up your beneficiaries – Customers can identify up to three beneficiaries
at any given time whose addresses are kept on file to make the transfer
process quick and easy.
• One easy phone call – Customers are able to send money with one easy
phone call, seven days a week, between the hours of 8 a.m. and 1 a.m. ET.
• 4,500 locations – Family members can now pick up cash at more than 4,500
locations throughout Mexico through Santander, BANSEFI/L@Red de la
Gente, TELECOMM-TELEGRAFOS and Banorte.
• Funds available in cash, fast – For cash transfers, money is available within
two hours if transfer happens before 3 p.m. ET. For transfers to accounts at
Santander, the funds will be deposited the next business day.
• Mexican Consulate ID accepted – Bank of America accepts the Mexican
Consulate ID as a form of identification for customers who are opening new
personal checking accounts. when presented as a secondary form of ID.
• It is safe – Customers in the United States have the security of directly
authorizing the transfer of funds to a loved one in Mexico via the phone.

 

[lagrimas85]

The exchange rate is were they are making they're money, if I do a regular wire transfer bank to bank, I get the international exchange rate, which today was 12.81. They state (B of A)they offer highly compettive exchange rates, so you would have to check that. Like I said Xoom was quoting 12.60 today with a 4.99 fee. so even if BofA says its free what is the exchange they are going to give you? If its a small amount of money its no big deal either way. But it may not be all that free. If for example you sent 1000.00 dllrs and the BofA rate was 12 to 1 and Xoom is 12.60 with a 4.99 fee for the same 1000.00 dollars, it would be around $40.00 cheaper to use Xoom. When I read highly competitive rates, that say's it's not free, but it still might be cheap, just depends on they're exchange rate.

 

[mis2810]

The exchange rate is were they are making they're money, if I do a regular wire transfer bank to bank, I get the international exchange rate, which today was 12.81. They state (B of A)they offer highly compettive exchange rates, so you would have to check that. Like I said Xoom was quoting 12.60 today with a 4.99 fee. so even if BofA says its free what is the exchange they are going to give you? If its a small amount of money its no big deal either way. But it may not be all that free. If for example you sent 1000.00 dllrs and the BofA rate was 12 to 1 and Xoom is 12.60 with a 4.99 fee for the same 1000.00 dollars, it would be around $40.00 cheaper to use Xoom. When I read highly competitive rates, that say's it's not free, but it still might be cheap, just depends on they're exchange rate.

Bill has a good point. It all depends on the amount you want to send and the rate given. I've never sent large quantities, and I look at it from the perspective of how little can I send for them to receive the amount of pesos we've agreed upon. But, if I was sending money to myself, I would be looking at it from a different perspective.

 

[The Man]

Some reason I keep doing a double post!

 

[The Man]

yooooo....

One thing to consider....for banking WiFi at a public place is really not safe. Its not usually safe as its open connect.

Back at Max's place a few years back when there were 2 computers he let people use......
I was at a table facing the two open no secure computers, I logged on to check my E-mail!

Was useing AOL at the time checking my E -Mail. I just happened to look up at the on, un used left computer, and a AOL site was on! Said to self, someone left there internet site on and did not log off!

Then I started to move my mouse, the computer there on the counter, and!!!!!!

my mouse movements were on Max's public computer!

All my e mail was there, as anyone could see and use!

So, if you do banking on an open in secured site, someone, somewhere, may have sight and access to your banking info!

But, I really do not know if todays virus and firewall will stop acess on a open public site!

Just a FYI, and a phone call to your bank may be best!

The Man....

 

[Roberto]

Thanks for all the chatter. Very helpful to aid my thinking right now. Got lots of unanticipted issues to resolve.

 

[playaperro]

Take Kenny with You.

 

[mis2810]

Thanks for all the chatter. Very helpful to aid my thinking right now. Got lots of unanticipted issues to resolve.

But you're doing the right thing by getting it all sorted out ahead of time. Then you can just relax and enjoy. Most people don't plan enough for a once-in-a-lifetime adventure like you're planning. BTW, I SO jealous!!!!

 

[Roberto]

I laugh abot the difference between US folk and Mexicans regarding planning a vehicle trip. We check the fluids, change the oil, check tire pressure on all 4 and the spare. Go over the emergency road kit, wash the windows, fill up the gas the day before, etc. Mexican friends just get the key and if it starts they're off with out a worry !! A friend drove a vehicle all the way to Matzatlan that I would not have driven to Sonoita. He drove day and night, got there and they turned around brought him back to Penasco then back to Matzatlan all without a hitch !!

 

[GV Jack]

Thanks for all the chatter. Very helpful to aid my thinking right now. Got lots of unanticipted issues to resolve.

Funny isn't it about how helpful everyone is to aid Roberto's leaving town...Hummmmm :roll:

 

[mis2810]

I laugh abot the difference between US folk and Mexicans regarding planning a vehicle trip. We check the fluids, change the oil, check tire pressure on all 4 and the spare. Go over the emergency road kit, wash the windows, fill up the gas the day before, etc. Mexican friends just get the key and if it starts they're off with out a worry !! A friend drove a vehicle all the way to Matzatlan that I would not have driven to Sonoita. He drove day and night, got there and they turned around brought him back to Penasco then back to Matzatlan all without a hitch !!

Tire Pressure? Fluids? Ha! All they need to do is say "Si Dios Quiere" or "Con el favor de Dios" - and that's it! :happy:

 

[playaperro]

Tire Pressure? Fluids? Ha! All they need to do is say "Si Dios Quiere" or "Con el favor de Dios" - and that's it! :happy:

And we respond, "Vaya Con Dios" Oh "Que Dios Te Bendiga".

 

[fatboyharley]

Stopped by B of A today They stopped the Safe Send program two months ago becasue of low usage.

 

[mis2810]

Last time I used it was late October. I do know Wells Fargo has a similar program, the charge for each transaction is $2.50.