Moneygram- its gets you coming and going!!!

GregYohn says on Jun 18, 2008, 12:44:

Hola!

You could even get another bank account, so she would just be using her own money and then you could add to it online when she needs more money. The 2nd account can be in your name, if she did not sign the signature card. My bank allows Free checking, but just $3.50 to remove from an ATM machine. Various machines allow between 300,000 and 500,000 pesos per withdrawal in Cali. Citi Bank just gives us 500,000 there.

12VOIP.com gives free calls to Colombia.Greg

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sanandressi says on Jun 18, 2008, 12:48:

My wife uses a company called RIAENVIA and NO we are not giving anyone inn her family an ATM card y no lo dudes por ningun instante! We think Riaenvia is cheaper than Moneygram.

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Joel y Luza says on Jun 18, 2008, 13:01:

Man! the price of love!!! Good idea, Greg, with the bank account, without her green card, can she be a signatory on an account in the states?
Sanandressi, does RIAENVIA have an on line option, like Moneygram? I love to help my wife, but man! the charges on a couple of hundred bucks a month can really erode that help when they discount the peso so much....On top of that, I think the agent for Moneygram is taking a little piece also...

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tasco66 says on Jun 18, 2008, 13:33:

Last time I gave my GF my ATM card, she cleaned the account in two weeks. Stick to Moneygram.

Bravo, Presidente Uribe for the perfect operation!

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sanandressi says on Jun 18, 2008, 14:40:

I think RIAENVIA charges around $5 for $100 sent but I don't know how good the exchange has been...the $5 is cheaaper than Moneygram I think....RIAAENVIA is based out of California...don't know about "line option". ATM card is good if you can trust them or just keep the funds low in the account.....if you can't trust them with the card what does that tell you?

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Joel y Luza says on Jun 18, 2008, 15:13:

Sanandressi LOL..You are right! if you can't trust 'em with the card, it speaks volumes!!! My wife, THANK GOD!! is extremely responsible and honest, and even if it meant to shed blood, would be communicate her needs...

I have done alot of thinking about the ATM.. just put an allotment in an account every two weeks, and she can do what she wants with the money, It just seems, everywhere a guy turns now days, somebody is more than willing to peal a bit off for themselves!!

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sloopskipper says on Jun 18, 2008, 16:26:

Joel, if you think you were ripped, then try Western Union. Huge fees, a bad exchange and unbelievable hassle (on both ends this time, and I have a history with these jackels, and they already had my credit card number!).

I had to quickly send some money to Cali, and was easier and quicker to do from compter :

Money Transfer Control Number (MTCN):
XXXXXXXXXXXXXX

Date of Order:
05/20/2008

Amount Sent:
$580.03

Receiver Name:
XXXXXXXXXXXXXXXX

Status:
Picked Up




--------------------------------------------------------------------------------
Exchange rate* 1 USD = 1724.044797 COP

That was on 20 May, and the receiver was hassled! I only sent $500!

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Buongone says on Jun 18, 2008, 19:56:

I've posted this before. It's the best. Google up Ikobo.com. They send her a debit card. Then you deposit into the debit account. Then she can use it anywhere. Atm, store, etc. Good exchange rate also. Cheaper fee's than Western Union, or Emoneygram. By the way. Emoneygram hacked $2750 out of my account 2 yrs ago. My bank ended up charging Emoneygram. I also have used Cashpin.

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GregYohn says on Jun 19, 2008, 07:24:

Hola!

You can get another person on a USA bank account without permanent residency.

I had an old GF from Colombia that had showed up on a tourist visa sign the signature card at the bank and she got on the account. The person with the SS # is the primary person responsible for the account for tax purposes anyway.

Another time, I got my former wife on my USA bank account while overseas. She just faxed her passport and signature card back signed. Another branch manager would not do it, so it depends on your persistence. The law just wants the bank to know that other person is the person on the account, not that the person is a USA resident!

12VOIP.com gives free calls to Colombia.Greg

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panthdave says on Jun 19, 2008, 08:56:

Florida Residents cannot sign up with Ikobo...Funny...

panthdave Miami

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Azul says on Jun 19, 2008, 09:54:

according to USAA's website, they offer a checking account that lets you use ATMs world wide without fees.

las cosas caen por su propio peso

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Joel y Luza says on Jun 19, 2008, 10:33:

I think, after seeing the Ikobo website, the funds stay in US funds until used.. and pulled out in COP at the point of sale or ATM transaction...That just might help mitigate the crappy exchange rate..

I used to bank with USAA, It sucks not having local branches but they mitigate it by allowing you to scan your checks in..That might be a good option. Easy to transfer cash into that account.. the only problem i had with them is they are extremely automated and real time. Absolutely no float.. My direct deposit would go in on fridays. If it was the same day as my car payment coming out via EFT, they would always do the car payment transaction first, then the direct deposit, take an extra $35 bucks--Not even a kiss afterward.

wonder why FLA residetnts can't sign up for Ikobo? That seems a bit odd..

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Tinto (Moderator) says on Jun 19, 2008, 11:24:

Somewhat on topic:

A year or so ago I bought some shares in Moneygram at about $20 USD. Good timing because they were soon at $30. Then the stories started coming out about Mexican remittances declining. The stock faded somwhat, no big deal, and then KA-BOOM it turned out that Moneygram was investing a huge percentage of its capital in toxic waste financial instruments. Had they not received the capital infusion mentioned below, they'd be bankrupt by now. Today the shares are at $1. This being corporate America, the guy "in charge" walks away with millions and a cushy pension for running what should be a simple, transaction-based business into the ground.
-------------------------------
MoneyGram CEO To Get $9.7M Severance Package >MGI

DOW JONES NEWSWIRES
June 19, 2008 12:51 p.m.
DOW JONES NEWSWIRES

MoneyGram International Inc. (MGI), an ailing money-transfer company that recently completed a recapitalization, said resigning Chairman and Chief Executive Philip W. Milne will receive severance benefits valued at $9.7 million.

As part of that figure, Milne will receive $2.05 million in salary severance, according to a Securities and Exchange Commission filing.

The Minneapolis company said it also boosted Milne's pension to approximate the benefits Milne would have earned if his employment had continued until March of 2011.

In March, MoneyGram completed a recapitalization with investors led by Thomas H. Lee Partners and Goldman Sachs Group Inc. (GS). Investors purchased $760 million of Series B and Series B-1 preferred stock, convertible into 79% of the common equity of the company at an initial price of $2.50 a share. MoneyGram also received $500 million in debt financing and an additional $250 million in senior debt financing.
--------------------------

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Saltador says on Jun 19, 2008, 12:45:

I've also posted before on this topic, but to me the best way to do this is open up two accounts at National Interbank of Indianapolis. No ATM fees or foreign transaction fees, NONE. (Other ATM cards may in fact charge you one, but not reveal it.)
Anyway, get your two accounts, each with a different ATM card. Use one as your main account, the other use as your novias account. You do not need her name on it for any reason, they both stay in your name. (They do not ask for ID at ATM machines.) Give her the ATM card for the second account. Then just transfer (online, super easy point and click) what ever amount of money you want her to have into her account. Do not transfer more than you want her to have, for if you do, she'll find an emergency for it.
I got this info from more than one PBH'er, and it has worked like a charm.
Ooops, I mean a friend of mine has done this. I'd never send money to a colombiana.

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