Getting $$ down there....here's what I did.

[Junfan]

Buenas,
In case anybody was considering ways to get money down to their respective women, I thought I would tell you what I have done. I went to my bank and opened the low-end checking account with a $4/month svc. fee and funded it with $100. This gives you an ATM card, but the account is limited to 10 transactions/month. The reason I'm doing this is to help pay for her english classes and any mailing fees she may incur while sending documents. I sent that down there on Friday in US Postal Service Express Mail for $18.00, which supposedly should arrive there next week.

That sure beats getting raped by the likes of Western Union or VIGO that take somewhere around 8-10% per transaction. On top of that, I would imagine the Western Union office is the safest place in Colombia...LOL.

Just my .02,
Mike
www.sparhard.com/cartagena.htm

[Kent]

Mike, don't I get any credit for giving you the Idea?

[Junfan]

...that's like Gore saying he invented the internet. LOL...anyway, me belated thanks to you Kent. I thank you, my fiance thanks you & my bank thanks you.

Later,
Mike

[Junfan]

Just to let you guys know, the ATM card is going well...working just the way I wanted it...for instance, she has bird-dogged a killer beach condo but has to come up with the deposit....get online, transfer money to the 'colobian accoun', she gets it out at the store, and boom, we're in business w/ a total of $3 transaction fee...plus on the last three withdrawls she has made, the exchange rate has worked out to about 2110/$...not bad.....Later,

Mike www.sparhard.com/cartagena.htm

[Kent]

On what day did she get 2110?

Of course you realize Al Gore invented the ATM machine?

[Bill123]

And Al Gore also invented money too !!


I am confused. Seems to me you could set up a checking account with zero monthly fees. Try a credit union.

And as far as the actual ATM transactions go, you should be paying about $1.50 or $2 at the most.

Also, it is only a matter of time before Citibank offers their internet money transfer product. It already exists in the U.S. and is free. Foreign transfers will be cost a little though, but not much.

[Junfan]

Kent,
I was talking about the exchange rate...the ATM is currently getting 2110 pesos per dollar.

Bill,
You are probably right. I don't have time to mess with a credit union. I bank at Chase and work in their building. They also have the best online site where you can move money around...and quite easily from say my main checking account into her little account. The $3 trans. fee is $1.5 for the store and 1.5 for my bank because it was a non Chase ATM. Sure, I could save the $4/mo. account maintanence fee, but dealing with a credit union is like going to the post office...inefficient...anyway, I'll save my gas money and enjoy the convenience for a few bucks....one less statement to get in the mail as well....Later,

Mike