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hunteradvisor

Apr 11, 2010, 6:17 PM

Post #1 of 15 (7757 views)

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Bank of America Safe Send Program

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I had promised several months ago to report back how the safe send through Bank of America worked out. Well after many glitches I must say it is running very smoothly. The program allows for a free wire transfer to Santander for $1500 usd twice a month to 3 different beneficiaries. No one beneficiary can receive more than 2 wires per month or $3,000. You may name your self as a beneficiary and spouse or partner and if your Bank of America account is joint you may each list 3 people and you may each take $1500 twice or $6,000 usd per month.
Call in the morning and you can pick up your funds the same day using the confirmation number that the give you on the phone. Because we have income that flows to a US Bank it provides us a free way to transfer a greater amount than an atm card would offer. It is also a good way to send money to relatives, friends, or people helping you out one way or another as they do not have to have an account at Santander or Bank of America to pick up the funds.ust proof of ID, like a passport.
Setting up the form for the beneficiary is very confusing due to the traditional use of maternal and paternal names so you have to be careful here, you MUST USE YOUR MIDDLE NAME FROM YOUR PASSPORT WHERE THE FORM ASKS FOR PATERNAL NAME, THEN YOU MUST USE YOUR LAST NAME FROM YOUR PASSPORT WHERE THE FORM ASKS FOR MATERNAL NAME.
Isabel
www.RanchoSolyMar.com

Casa

Apr 11, 2010, 6:47 PM

Post #2 of 15 (7746 views)

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Re: [hunteradvisor] Bank of America Safe Send Program

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Thanks for posting the information.

I noticed there were not fees associated with sending or picking up the money.

What are the exchange rates like? Do you find them competitive?

Can you send USD to someone that has an account in Mexico in USD or does the transfer have to be converted into pesos and received in cash?

joaquinx

Apr 11, 2010, 7:11 PM

Post #3 of 15 (7734 views)

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Re: [hunteradvisor] Bank of America Safe Send Program

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I have a BofA account. Can I sign up for this service while in Mexico or do I have to go to a branch office in the US? Can I send funds to myself? Can I do this over the telephone or through the Internet?
_______
My desire to be well-informed is currently at odds with my desire to remain sane.

Hound Dog

Apr 11, 2010, 7:31 PM

Post #4 of 15 (7728 views)

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Re: [Casa] Bank of America Safe Send Program

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noticed there were not fees associated with sending or picking up the money.
What are the exchange rates like? Do you find them competitive?

The absolute key point. There is no free lunch, espacially at BofA. The only simple way to be sure that the exchange rate is competitive, more or less, is to determine the most competitive bank exchange rate on the same day at more or less the same time as probably determined by an ATM cash withdrawal. My guess is one will be penalized by the exchange rate not some transaction fee. Perhaps the OP can check this for us.

Camille

Apr 11, 2010, 9:05 PM

Post #5 of 15 (7705 views)

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Re: [joaquinx] Bank of America Safe Send Program

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Unfortunately you must arrange SafeSend at your bank in the states, and I believe it must be the branch where your account is. I see they've raised the limit since I got SafeSend, a good thing! I got confused when I was in Texas last, and thought I remembered Santander as having a branch at Mega... nooo, that's Scotia Bank, and I can't change that til I am physically back in Texas.
But it is free, and very easy. The guys at Santander remember that I need smaller denominations because I live in the nowhere jungle.

sioux4noff

Apr 11, 2010, 9:34 PM

Post #6 of 15 (7688 views)

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Re: [hunteradvisor] Bank of America Safe Send Program

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Quote

MUST USE YOUR MIDDLE NAME FROM YOUR PASSPORT WHERE THE FORM ASKS FOR PATERNAL NAME, THEN YOU MUST USE YOUR LAST NAME FROM YOUR PASSPORT WHERE THE FORM ASKS FOR MATERNAL NAME.

But I don't have a middle name, so they would have to figure out how to deal with it, I guess. Or refuse to send me money?

tonynico

Apr 12, 2010, 6:22 AM

Post #7 of 15 (7653 views)

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Re: [sioux4noff] Bank of America Safe Send Program

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I just opened an account of BOA they told me I had to be at the branch where my account was opened to do a safe send, meaning I would have to come in NO Phone calls.

This cannot be correct.

Tony

hunteradvisor

Apr 12, 2010, 6:42 AM

Post #8 of 15 (7644 views)

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Re: [Casa] Bank of America Safe Send Program

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There are no fees associated with the Safe Send Program. The way to keep you Bank of America account free is to sign up for it online not in the branch. Then you must go into the branch to fill out the forms with customer service to create the Safe Send Beneficiaries. This is the only tough part living in Mexico so you have to do it sometime when you are visiting NOB. Keep in mind that the program is geared toward Mexicans who are working in the US who want to send money home.
The rate has been very competitive, 12.45 most of the time and just dropped this week to 12.25. Yes it must be in pesos. Since banks have stopped changing US Dollars for me the best rate on the street I saw in Guanajuato was $11.80. Lloyds will not allow us to deposit over $1500 per account per month without a tax when I bring USD down. We have stretched this somewhat by having an account with my name first and a second account with my husband's name first. This wouldn't seem like a big deal, but we are constructing an off grid solar campground 2 hours south of PV so we have to have pesos for the construction, the atm limits of $250 per day per card doesn't cut it.
Yes we have listed ourselves as the beneficiaries, but we can also list other people. I use skype to call an arrange for the wire transfer. You call the BOA 800# and ask for an associate who will transfer you to Safe Send, they speak spanish and english. My other US Bank charges $40 for a wire and Fidelity charges about $15, these costs add up so this has been a good deal for us so far, although I too am suspicious of anything BOA offers. I don't do anything else with them, no checks, no special "put money back in my account programs", nada.
Isabel
www.RanchoSolyMar.com

hunteradvisor

Apr 12, 2010, 6:48 AM

Post #9 of 15 (7633 views)

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Re: [sioux4noff] Bank of America Safe Send Program

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I was not able to pick up the first wire as I filled out the form exactly the way the asked: first name, paternal name, maternal name. When I arrived they had my mother's name listed for pickup which obviously didn't match my passport. You would likely not list the paternal name at all and use your last name for maternal, that should make the form come out right for pick up. It took me 2 or 3 rounds to get it right. I did not know I needed the confirmation number and then I had no idea how they got my mother's name mixed up with mine. It has been worth it for us to be able to pick up larger amounts of pesos as it is a 4 hour round trip drive to get money, so we have to get enough to last awhile, the gas alone runs $40 just to get to PV and back.
Isabel
www.RanchoSolyMar.com

hunteradvisor

Apr 12, 2010, 6:51 AM

Post #10 of 15 (7632 views)

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Re: [tonynico] Bank of America Safe Send Program

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Wrong! You call the customer service number on the back of your card and everytime the prompt is for something else take it, eventually option 9 the second time around is Safe Send. Otherwise just ask for an associate right off to transfer you to Safe Send.
Good Luck!
Isabel
www.RanchoSolyMar.com

joaquinx

Apr 12, 2010, 7:16 AM

Post #11 of 15 (7622 views)

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Re: [hunteradvisor] Bank of America Safe Send Program

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In Reply To

The last time I called and got transferred to a Safe Send person, the extension never answered. Some of the agents never heard of Safe Send. I've talked with people who have gone to the US to open an account and sign-up for Safe Send, that the local branches never heard of Safe Send. BofA, on their web site, is promoting the service for new customers and not for current ones. Their directions state that you first must open an account then signup for Safe Send. There is nothing about already having an account and adding Safe Send to your options. Doing a search on the BofA site and emailing for information produce two results. Good Luck is right!
_______
My desire to be well-informed is currently at odds with my desire to remain sane.

hunteradvisor

Apr 12, 2010, 7:35 AM

Post #12 of 15 (7611 views)

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Re: [joaquinx] Bank of America Safe Send Program

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800 433 2100 prompt enter acct # then SS#, my ph matches the acct, prompt 9 and then prompt 8, transfer to associate who then sent me to Safe Send. I would suggest speaking to the customer service manager at your US Branch by phone or email to find out if you would have to open a new account, which would be wierd. If you do then be sure to do that online so there are no checking account fees. My daughter turned me on to that one as she works at BOA and knows how wigged out I get about bank fees. Which speaking of fees, the ATM fees are pretty rugged so we have saved 7mxp a pop, figure a savings of about 40mxp for every $1500usd at least just on the Mexico side. My regional bank has picked up the atm fees on the US side and they were $52. By using my BOA atm at Santander there is no fee.
Isabel
www.RanchoSolyMar.com

sioux4noff

Apr 12, 2010, 7:44 AM

Post #13 of 15 (7607 views)

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Re: [hunteradvisor] Bank of America Safe Send Program

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We opened our BoA account at a local branch and never have paid any fees. We use Scotia and Santander for ATMs, and Intercam for larger amounts. Since I am currently in Texas, I may check on the Safe Send today.

Vince3n

Apr 12, 2010, 8:50 AM

Post #14 of 15 (7587 views)

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Re: [sioux4noff] Bank of America Safe Send Program

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Safe Send is intended for sending money to relatives in Mexico and that is the reason for the two last names requirements.
You can open an account online but you must add the recipient in person at any of BofA branches. As long as you are NOB you can add up to three people and send up to 3.000 on for a total of three transactions per month.
The BofA system will not accept just one last name; it must include both last names as it appears in the person's Credencial de Elector or Passport. Along with the transaction code number, these are the only two forms of ID that the Mexican bank will accept and recipient's name must match exactly.

sioux4noff

Apr 12, 2010, 3:58 PM

Post #15 of 15 (7527 views)

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Re: [Vince3n] Bank of America Safe Send Program

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We will see what happens. I went to Bank of America today and filled out the paperwork for SafeSend. I made myself the sender, and both my husband and myself recipients.
The banker helping me did indeed say that my mother's maiden name was a mandatory field on the form, it would not let her proceed without it. She questioned what would happen if she put my one-and-only last anme in both fields, for father's and mother's last names. Keep inmind, I have only 2 names, 1 first anme and 1 last name, no middle name at all.
I am curious what will happen if they decide in Mexico that my ID is NOT sufficient to get the money, will it go back to my BoA account as unclaimed? I plan to test it with a very small amount!