I was in Scotia Bank today, paying in an American check. I was told that as of February 1st, they would not be accepting any more American checks. Just fyi.
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Another method to use is to open a Schwab account and fund it with your pension or/and social security (Direct Deposit) and then you get a Schwab Debit Card that can be used to withdraw money from any bank ATM and Schwab will credit your account for any charges incurred.
I have lived in Panama for almost 5 years now, and have never had a Panamanian bank account. If I want cash, I use my debit card and withdraw $500 (the most you can), which costs me US$8.25. I don't bother trying to write a check based upon my US bank accounts. This means several things to me.
1. I don't have to worry about the US gov't harrassing me.
2. I don't have to worry about changing regulations on banking by either the Panamanian banks or the Panamanian gov't.
3. Yes, there is the possibility that I will be charged more for withdrawing cash, but I think that risk is far less important.
My USA-based credit cards are accepted in many businesses, including Cable Onda. I pay my electric bill with cash...big deal.
The bottom line (at least for me) is a much more stress-free banking experience.
I hope all of you end up with a satisfactory solution to banking as an expat.
Maureen Pilson > Mike PetersenJanuary 10, 2019 at 6:02pm
Who do you bank with? Chase wanted 5% to use a credit card for cash. Maybe I will go back and ask them the cost of using a debit card. Does the $8.25 include the charge from the Panamanian ATM? As you say, it's pretty tiresome having big brother breathing down your neck.
The relatively low cost method of writing checks to transfer funds appears to be over: twenty-one days was the price we paid for their "kiting" of our funds. Now it will require wire transfers through the banking system and cost more like $80 per transaction, although the funds will be available the next day.
Robert Berding > John R HamptonJanuary 11, 2019 at 9:13am
In most of the countries of the European Union they do not use personal cheques for a very long time. 3e wordl sytem, takes days to clear of weeks from abroad. Of course in 2nd and 3rd world countries they still use them. I have a bank account with Scotia Bank- SS from the Netherlands as well as other 4 pensions are being wired transfered monthly to Scotia Bank. 2 working days transfer time and cheap. I like highspeed trains no Amtrak.
So much hype about Scotia initially. Now it's apearing even more unfriendly than Panamanian banking institutions. And I didn't think that was possible.
Robert Berding > Bonnie WilliamsJanuary 11, 2019 at 9:15am
American banking institutions are friendly??? Bailing out the banks in 2008 with tax payers money. The $ is tanking against the Euro.
Replies
Another method to use is to open a Schwab account and fund it with your pension or/and social security (Direct Deposit) and then you get a Schwab Debit Card that can be used to withdraw money from any bank ATM and Schwab will credit your account for any charges incurred.
I have lived in Panama for almost 5 years now, and have never had a Panamanian bank account. If I want cash, I use my debit card and withdraw $500 (the most you can), which costs me US$8.25. I don't bother trying to write a check based upon my US bank accounts. This means several things to me.
1. I don't have to worry about the US gov't harrassing me.
2. I don't have to worry about changing regulations on banking by either the Panamanian banks or the Panamanian gov't.
3. Yes, there is the possibility that I will be charged more for withdrawing cash, but I think that risk is far less important.
My USA-based credit cards are accepted in many businesses, including Cable Onda. I pay my electric bill with cash...big deal.
The bottom line (at least for me) is a much more stress-free banking experience.
I hope all of you end up with a satisfactory solution to banking as an expat.
Who do you bank with? Chase wanted 5% to use a credit card for cash. Maybe I will go back and ask them the cost of using a debit card. Does the $8.25 include the charge from the Panamanian ATM? As you say, it's pretty tiresome having big brother breathing down your neck.
Does anyone know if Multibank is going to do adopt the same policy?
The relatively low cost method of writing checks to transfer funds appears to be over: twenty-one days was the price we paid for their "kiting" of our funds. Now it will require wire transfers through the banking system and cost more like $80 per transaction, although the funds will be available the next day.
In most of the countries of the European Union they do not use personal cheques for a very long time. 3e wordl sytem, takes days to clear of weeks from abroad. Of course in 2nd and 3rd world countries they still use them. I have a bank account with Scotia Bank- SS from the Netherlands as well as other 4 pensions are being wired transfered monthly to Scotia Bank. 2 working days transfer time and cheap. I like highspeed trains no Amtrak.
So much hype about Scotia initially. Now it's apearing even more unfriendly than Panamanian banking institutions. And I didn't think that was possible.
American banking institutions are friendly??? Bailing out the banks in 2008 with tax payers money. The $ is tanking against the Euro.
That's not what I said, Robert. Read the post again.
Graciela, why are you shouting at me [ALL CAPS]?