We will be making our move to the Boquete area May 1st. One of our concerns is the least expensive way to access our money.We have been in contact with HSBC and their fees are a bit stiff, especially for incoming and outgoing wire transfers. Using the ATMs in Boquete to access our US accounts incurs fees from the ATM terminal in Boquete and our bank in the States. With a maximum limit we can access daily meaning several accesses a month, we can see that getting to our money will get expensive.We would love to hear about what methods US expats are using to move money around and inexpensively getting access.Shellie Leon
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We came from NY state where I worked for a credit union. There are MANY more perks with a credit union than a bank. One is the fact that we have NEVER received a fee for any ATM we used anywhere in Panama. We have traveled all over this country and never once had a fee attached to our use. We have a $500.00 limit a day for withdrawl. Hope you found a credit union before you left the states. It sure can save you a lot! We have a small bank account here that we use in an emergency. Most of our money is still in the U.S.
"One of our concerns is the least expensive way to access our money", is an issue that has to do with all of us, good page!. this is not just a few lame exercises, this is the real deal, out of this weight lifting for beginners program you are going to be getting results, and you better give the best of yourself.
Thanks to all who had great comments and suggestions for accessing money.
I found a bank online (Great Florida Bank) that does not charge a fee for ATM usage worldwide. They also will reimburse if you are charged a fee by another bank. We have to take a drive to Boynton Beach (about 4 1/2 hours drive from here) to open the account but after that can do everything online.
We still have the issue with wire transfer fees if we need large sums. I'm sure we can come up with a way to get that done without generating such costly fees.
I'd reccomend having at least two ATM sources of money. I find that those moments when I need a large sum of cash having access to the maximum from two accounts can be a real blessing. I went with money stateside and with Banistmo. I won't use Banco Nacional any more.
Both my husband and I receive government pensions. We have debated the wisdom of having one of the pensions direct deposited to a Panamanian bank. This would avoid a wire transfer fee from a stateside bank to Panama. We're not sure if this will work, will have to check with the government agency.
How do you move money between your accounts?
Rick L. > Shellie LeonFebruary 16, 2009 at 11:18am
I don't move money between accounts. Only reason for the two accounts to have access to $1000 a day withdrawal if those funds are necessary. Maximum withdrawal per account is $500 ... where as the default is $300 I think. A thousand bucks covers a lot of expenses in Panama.
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xoxo Fontana
Not to worry, my question about accessing money in Panama has nothing to do with whatever it is they are selling.
I found a bank online (Great Florida Bank) that does not charge a fee for ATM usage worldwide. They also will reimburse if you are charged a fee by another bank. We have to take a drive to Boynton Beach (about 4 1/2 hours drive from here) to open the account but after that can do everything online.
We still have the issue with wire transfer fees if we need large sums. I'm sure we can come up with a way to get that done without generating such costly fees.
How do you move money between your accounts?