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.
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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?
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MaryMoss
11/1/2019 10:08 EST
I opened before I left US and have a permanent address at sister's.
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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.
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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?
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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.
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Colombian Visa ServicesConnectWe 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.
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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.
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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.
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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
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morganstern
11/7/2019 21:03 EST
Hey you guys...save 10% for me!!!!!!!!!!!!!!!
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