Friday, July 17, 2015

Updating my bank account to allow me to send international wires

In order to start working with the firm I selected to help me setup the Representative Office in Vietnam,  I need to pay a deposit and to that I need to wire them money.
I thought I should look at banks and accounts which might make it easiest to work with international companies for making payments.  I didn't even know what the important things I should be looking for are but my first thoughts were:

  • International Wires
  • Exchange Rates
  • Transfer Security and Guarantees (I did one lose 4000$ in a Paypal transfer to the Philippines)
I thought I would start with my bank account and start researching what they could do.

I quickly found out that my account,  which I have had since Chase was Washington Mutual back in 2000 was not setup for International Transfers.  And when I clicked the link they presented,  it came up with a 'Page Not Found'.  
I dont have a lot of confidence at this point,  but they are a HUGE company,  I am going to call them to find out what is up.

I started by calling Online Banking - 1-877-CHASEPC (1-877-242-7372)

They helpped me to know what other options they have,  and I created the following table.   

FeatureBusiness ClassicBusiness Performance
BankChase (current)Chase
Monthly Fee$12$20
Fee Waived / Average Balance$5,000$50,000
Or Fee Waived / Minimum Debit Transactions5N/A
Number Of Monthly Transactions Allowed200350
Excess Transactions
Maximum Cash Deposits Allowed$10,000$20,000
Wire Transfer Fee - Incoming$15$15
Wire Transfer Fee - Incoming / # Free / Month02
Wire Transfer Fee - Out / Online$25$25
Wire Transfer Fee - Out / Branch$30$30
International Wire Transfer Fee - In$15$15
International Wire Transfer Fee - Out / OnlineN/A$40
International Wire Transfer Fee - Out / BranchN/A$45
Cost of Money Orders / Counter ChecksNot FreeFree
ConsCost $15 - $30 month to receive RIO transfersCan Not Reopen Cheaper Account In the Future if needed
ProsCan Wire Internationally, but at high Expense


Additionally I called several other banks (Key, US Bank, and Wells)  and each of them had higher fees for transfers AND they did not  give 2 Domestic Wires for Free. - As long as we keep 50K in the bank we get 20$ / month waived.  However even better,  as long as we receive 2 wires in any month,  we are way ahead,  even if we don't maintain $50 average balance.

So,  I called up the representative on the phone last Friday late as I am driving to the Oregon mountains for the weekend and they quickly upgrade the account.

Then today I make my first wire internationally.  We will see how it goes.

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It was easy, went through quickly and the client confirmed quickly that they received it






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