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.
Feature | Business Classic | Business Performance |
Bank | Chase (current) | Chase |
Monthly Fee | $12 | $20 |
Fee Waived / Average Balance | $5,000 | $50,000 |
Or Fee Waived / Minimum Debit Transactions | 5 | N/A |
Number Of Monthly Transactions Allowed | 200 | 350 |
Excess Transactions | ||
Maximum Cash Deposits Allowed | $10,000 | $20,000 |
Wire Transfer Fee - Incoming | $15 | $15 |
Wire Transfer Fee - Incoming / # Free / Month | 0 | 2 |
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 / Online | N/A | $40 |
International Wire Transfer Fee - Out / Branch | N/A | $45 |
Cost of Money Orders / Counter Checks | Not Free | Free |
Cons | Cost $15 - $30 month to receive RIO transfers | Can Not Reopen Cheaper Account In the Future if needed |
Pros | Can Wire Internationally, but at high Expense |
Additionally I called several other banks (Key, US Bank, and Wells) and each of them had higher fees for transfers AND they did not give 2 Domestic Wires for Free. - As long as we keep 50K in the bank we get 20$ / 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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