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NEED knowledge on international banking for my travels? |
I will be traveling for work for the next 6 months to a year. The problem is I will be in a less advanced country than the US and need to make arraignments to pay my bills. My income will be International and will be paid out using a bank account there. I know that to transfer funds into my u.s. account there is a fee of about 30-45 per wire. My bank now is a U.S. bank that has all my bills set up for payment. The problem is my income will be received in another country using a local bank there. I have checked out if US banks have branches there (they do not) So in order for me to replenish the amount of money in my US bank I have to wire funds to it this will be 45$ per wire. if your eligable USAA is the best bank in the world. all done online. only catch..have to be in the service or be related to someone in the service. no clue Does your bank or better yet, credit union, have bill pay services? Some offer you the option to schedule automatic payments. Will the company make direct deposits to your existing account? If not, you will want to make just one transfer each month to cover your bills at home to lessen the finance charges. Do you have a debit card and are there going to be ATMs where you are at? If you can pay simple ATM fees it will cost less than wire transfers. Also, you get a better exchange rate through the ATM. maybe you should talk to your bank. Most bank have on line banking using web bill pay, where you schedule your payments (your bank will pay the bill electronically or mail it approx. 4 days prior to your scheduled pay date) the only thing is you need to make sure the funds are there, and see how the bank will convert your funds. Or see if the companies take foreign currency and set up electronic payments, so call your bill collectors as well. If none of that is possible, switch to a bank with lower wire trans. fees. If you use a ATM/ debt card you could be charged foreign transaction fees. Check credit unions some are internationally affiliated. |
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