Expat Exchange
Free MembershipSign In

Colombia Expat Forum

Forget Schwab account

New Topic Newest First
morganstern
  11/1/2019 09:11 EST

https://thriftytraveler.com/sofi-money-no-atm-fees-worldwide/

What remains is this.....the only reason to have a Schwab account it that you already have it.

Electricista
  11/1/2019 10:03 EST

It appears to be a excellent option to avoid ATM fees and exchange rate fees. It appears to be a US dollar version of Koho or Stack. However since Sofi is not FDIC insured, the account should be treated as a prepaid credit card or just a very efficient method to transfer one's money to Colombia. I wonder how strict they are on having a US address when opening an account?

Colombian Visa ServicesColombian Visa Services
Connect

We have over 10 years of experience helping foreigners obtain visas, invest, and do business in Colombia. Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.

Click connect to have our partner contact you via e-mail and/or phone.

Colombian Visa ServicesColombian Visa Services

We have over 10 years of experience helping foreigners obtain visas, invest, and do business in Colombia. Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Connect

Click connect to have our partner contact you via e-mail and/or phone.

MaryMoss
  11/1/2019 10:08 EST

I opened before I left US and have a permanent address at sister's.

Cocoquitlam
  11/1/2019 14:57 EST

I've had a SoFi Money account for quite a while but hadn't considered it as a viable alternative to Schwab because it did not allow wire transfers. However, I see that they are now promoting the ability to do wire transfers - and they are FREE! I couldn't find a way to request a wire transfer on their website though, so i emailed them this morning. They said they are not set up yet for incoming wires, and for outgoing wires you need to email them with the required information. So, a little clunky, but free, and i'm sure it will be integrated into the website soon. To clarify Electricista's comment, the account balance is FDIC insured once your money has been placed with one of their partner banks, but each deposit you make will not be insured until that happens - normally a couple of days. Since they use 6 banks, FDIC insurance is for $1.5 million. Thanks for posting this. I wasn't aware of the recent upgrades.

Electricista
  11/2/2019 09:44 EST

Cocoquitlam: (I once lived in "Poco"). Did you need a US address to open the account or was a Canadian address acceptable? Presently what is the easiest and fastest way to deposit money into the Sofi account? Do they have interact e-transfers?

guestuser
  11/6/2019 06:49 EST

Some of the reviews i found on the internet were not good, in fairness they seemed to center on loans but still alot of 1 star reviews for customer service, but it seems a few people here have had good results with transfers.

Colombian Visa ServicesColombian Visa Services
Connect

We have over 10 years of experience helping foreigners obtain visas, invest, and do business in Colombia. Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.

Click connect to have our partner contact you via e-mail and/or phone.

Colombian Visa ServicesColombian Visa Services

We have over 10 years of experience helping foreigners obtain visas, invest, and do business in Colombia. Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Connect

Click connect to have our partner contact you via e-mail and/or phone.

Cocoquitlam
  11/7/2019 17:57 EST

Electricista - what a small world. I grew up in Coquitlam, near the PoCo border. I actually graduated from PoCo Senior Secondary - many, many years ago. Sorry, but I'm not sure about whether a Canadian address will work. I've been living in the U.S. for a long time, so i used my U.S. address. I actually tried making a domestic wire transfer today. I'm not sure it was worth the $25 i saved. I received numerous phone calls to re-verify details of the transaction. It was more time-consuming than i expected. I appreciate that they are offering this service, but i'm not sure they are really ready to roll it out. I would say though that everyone who called me was very polite and tried to be helpful. The bureaucracy and clumsiness of the process made me feel a little like i was dealing with BanColombia though. Hopefully they will get it streamlined. Regarding other comments about customer service, I imagine those complaints are directed more toward the student loan refinancing activities. People generally don;t have good things to say about anyone trying to collect on a debt. My emails and phone calls were answered remarkably fast, thus ending any similarity to BanColombia.

Cocoquitlam
  11/7/2019 18:09 EST

Electricista - i forgot to answer your other question. The only way (and thus the easiest way) to fund the SoFi account is via ACH transfer. You simply provide them with the routing number and account number, then you go through the typical verification process (two very small deposits). I've transferred money to/from Schwab and USAA with no problems. They are also running a couple of promotions. You can get an extra $50 if you deposit at least $100, or if you refer someone who deposits at least $100, you both get $50. I'm surprised a bunch of expats haven't been offering their referral link on here or one of the facebook groups.

Electricista
  11/7/2019 20:54 EST

ACH transfer is not too bad. Two of my US accounts have easy online access to ACH transfers that take about two days to complete. I really like my KOHO card which accepts interact transfers and the transfer is often completed in less than five minutes. It is great when one makes a poor forecast on the money one needs. However, I want to start tapping into my US accounts for the money I burn up in Colombia thus the Sofi card could be the ticket.

Since you mentioned the sign-up promotions, here they are:

If you decide to try KOHO, use the sign-up code IKDF9D4P
If you decide to try Stack, get a free $20 deposit by using the following download link:
https://getstackco.app.link/p1edV66DtZ

morganstern
  11/7/2019 21:03 EST

Hey you guys...save 10% for me!!!!!!!!!!!!!!!

Colombian Visa Services
Colombian Visa Services

Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Learn More

Colombian Visa ServicesColombian Visa Services

Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Learn More

Living in Colombia GuideLiving in Colombia Guide

Expats in Colombia discuss the pros and cons of living in Colombia. From the Colombian people to driving to taxes and more. As challenging as it can be, expats in Colombia clearly find that there is a lot to love about a country that is a surprising expat hot spot.

Colombia Forum Colombia Forum
Join our Colombia forum to meet other expats and talk about living in Colombia.

Contribute to Colombia Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Colombia.

Best Places to Live in Colombia Best Places to Live in Colombia

If you're considering a move to Colombia, here are the 15 Best Places to Live in Colombia in 2023.

Healthcare in ColombiaHealthcare in Colombia

Our guide to healthcare in Colombia covers public and private healthcare in Colombia, hospitals, vaccinations, prescription medications and more.

Cost of Living in ColombiaCost of Living in Colombia

Expats offer insight into the cost of living in Colombia.

Moving to ColombiaMoving to Colombia Guide

With its bustling cities, beautiful beaches and friendly Colombians, Colombia is an increasingly popular destination for expats of all ages. Expats in Colombia offer insightful tips for those moving to Colombia.

Real Estate in ColombiaReal Estate in Colombia

Real estate listings in popular cities and towns in Colombia.

Pros Cons of Living in ColombiaPros & Cons of Living in Colombia

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Colombia.

Retiring in ColombiaRetiring in Colombia

Advice for people retiring in Colombia.

10 Tips for Living in Colombia10 Tips for Living in Colombia

If you've recently arrived in Colombia, here are 10 tips for digital nomads living in Colombia.

Colombian Visa Services
Colombian Visa Services

Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Learn More

Colombian Visa ServicesColombian Visa Services

Take the stress out of immigrating to Colombia by working with an experienced, bilingual immigration attorney.
Learn More

Contribute to Colombia Network Contribute
Help others in Colombia by answering questions about the challenges and adventures of living in Colombia.

Universal Tax Professionals
Universal Tax Professionals

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal