BoA US and Santander - Safe Send

[grotton]

I did my first SafeSend Mexico today, April 23, and the exchange rate was 12.95. No additional fees or deductions were made from the transfer amount (including no wire fees at either end.) Pretty slick. I asked at the BofA branch how the bank makes money of the transactions and they said they did not. The service is offered to attract Mexican customers to their bank.

[Ken Wood]

Originally Posted by grotton

I did my first SafeSend Mexico today, April 23, and the exchange rate was 12.95. No additional fees or deductions were made from the transfer amount (including no wire fees at either end.) Pretty slick. I asked at the BofA branch how the bank makes money of the transactions and they said they did not. The service is offered to attract Mexican customers to their bank.

Thanks for sharing...

[Sisalena]

When I first moved here 6 years ago, I used SafeSend because I was paying out a lot for renovations to my house. I had set it up when I first opened my BOA account before leaving the States. In fact, it's the main reason that I opened a BOA account in the first place! I haven't used it in years, but after the recent fiasco with my debit card being "cloned", I'm thinking about using it again. Please keep us informed about what you find out about the transfer to a Santander bank account, as I have one also, and would be interested in doing that as well.

[grotton]

Originally Posted by Sisalena

When I first moved here 6 years ago, I used SafeSend because I was paying out a lot for renovations to my house. I had set it up when I first opened my BOA account before leaving the States. In fact, it's the main reason that I opened a BOA account in the first place! I haven't used it in years, but after the recent fiasco with my debit card being "cloned", I'm thinking about using it again. Please keep us informed about what you find out about the transfer to a Santander bank account, as I have one also, and would be interested in doing that as well.

As I stated above, we just sent the money to a Santander bank for pick-up, not to an actual account. The representatives at BofA said it was equally easy to send it to a specific account after providing the account number. The only problem I can for see for you is that setting up a new SafeSend relationship has to occur in person and a Bank of America.

[Sisalena]

Originally Posted by grotton

As I stated above, we just sent the money to a Santander bank for pick-up, not to an actual account. The representatives at BofA said it was equally easy to send it to a specific account after providing the account number. The only problem I can for see for you is that setting up a new SafeSend relationship has to occur in person and a Bank of America.

Yes, I know that, which is why I set it up before I ever moved here, so I have that feature on my BOA account already. I used to go into the Santander bank and get the money, but then started just using the ATM instead. But since I already have "safe send" option on BOA and I already have a Santander bank account, hopefully it should be an easy thing to set up. The most difficult thing about SafeSend is getting through to a person at BOA who even knows what it is, and can make the transfer. What number do you use when you call them?

[ABCinATL]

I did a transfer yesterday and got a rate of 12.80.

I setup to do deposits directly into santander accounts. they need the CLAVE code from your bank account (a really long code).

To setup the beneficiaries you have to go to the branch in the USA. Now I will not have to go to the bank to receive the money, it will go directly to my account in Santander in Mexico.

To initiate a safe send you just call the normal 800 number for the bank - same one to check balances, etc, but there is a safe send option buried somewhere in the menu.

TIP i got from another expat board - when you are setting up an American, you should set it up this way to avoid issues picking up on the other end:
First name: first name
Middle name: optional, skip
PATERNAL last name: use your middle name here
MATERNAL last name: use your last name here

This is so that when they look at your ID it will match what the safe send transaction has. BoA would not let you leave the first, paternal or maternal names blank.

I just went to my santander account and do not see the money yet though, does anyone know how fast it posts when you do the direct deposit into santander?

Thanks
abc

[Isla Verde]

Originally Posted by ABCinATL

I setup to do deposits directly into santander accounts. they need the CLAVE code from your bank account (a really long code).

Actually that's CLABE. I have no idea what it stands for though.

[fjack1415]

Originally Posted by ABCinATL

I have an account in the US with Bank of America and know about the Safe Send program.

I just have one question - on the BoA FAQs it mentions that, "Santander customers can have cash transferred directly into their accounts."

I do have a Santander account in Mexico so I am curious if anyone from the Forum has done this?

I am planning to be NOB in a few weeks and plan on taking my folder with Santander account paperwork with me, but I am curious (A) what you have to have to set it up and (B) how it works when you do the safe send transaction to your own Santander bank account?

Thanks for the help!
ABC

BOA has the SafeSend program available for three banks in Mexico, I believe, Santander being one of them. I have been using SafeSend BOA ==> Santander with no problems for over two years, and recommend using it. I applied for Safesend at the BOA branch near my house in N. Virginia and just supplied the CLABE number for my Santander account in Puerto Vallarta. Usually the transaction goes through in a matter of one or two days, which is quite good. If you simply wire the money from BOA you will need a token to do this on line. To use Safesend, I call BOA and go through a few hoops to get to an operator who can handle the SafeSend (keep punching zeros!). The operator is always Spanish speaking, but usually speaks English as well. The charge is about 2.5% I believe, based on comparison of the peso amount transfered compared the posted (eg Xe trade) exchange rates. As you noted you are limited to transferring $3000 USD per month and no more than $1500 per transfer.

Recently, I set up a Mexican Paypal account so that I can send money from my US PayPal account to my Mexican PayPal account. BUT BEWARE, PAYPAL WILL BE CHARGING 3.5 PERCENT BEFORE THE END OF THE MONTH AND ALSO THEY HAVE BEEN ACCUSED OF CAPRICIOUSLY FREEZING ACCOUNTS FOR VERY LONG PERIODS OF TIME. Paypal has no posted limits but I am leary of putting too much in a transfer, never over $2000. Also note that to get your money out of your Mexican PayPal account YOU WILL NEED TO VERIFY YOUR BANK INFO BY HAVING A CREDIT CARD WITH SANTANDER, not just a debit card. Fortunately I had just gotten my FM-2 Visa so I was able to get a Santander CC and get my money out of my Mexican Paypal! A complete Paypal transaction will take about 10 days (the time in going from bank1 to kitty1 and kitty2 to bank2, not in going from PayPal kitty1 to kitty2, which is instantaneous) assuming they decide not to sequester your money!

In sum, I RECOMMEND YOU GO AHEAD WITH SETTING UP A BOA SafeSend. [

PS When you return to Mexico be sure you can supply some identity info to the Safesend operator like your BOA debit card number, home address, state driver´s lic. etc.

[fjack1415]

Originally Posted by joaquinx

A few weeks ago when the ATM rate was around 12.60, I withdrew some funds and the exchange rate was a few cents below 12.60. Just for the fun of it, I went to the BofA site and queried on the exchange rate of a wire transfer. Now, you have to pay 35 or 45 usd for the transfer depending on the speed you want, however, the exchange rate was around 12.20. Ouch! I believe that SafeSend would have an exchange rate of a wire transfer.

I knew of only one person who opted for SafeSend, but I never found out the rate he was charged.

The SafeSend charge is about 2.5% based on my comparison of my transfers with posted Xe trade exchange rates. I forget the wire transfer charges. But to do a wire transfer on line one with BOA one now needs an electronic token, and that may run you about $45. I do not believe there are limits on the wire transfer amounts, while SafeSend limits you to no more than $3000 USD per month.

[joaquinx]

Originally Posted by fjack1415

Recently, I set up a Mexican Paypal account so that I can send money from my US PayPal account to my Mexican PayPal account.

Interesting statement. I opened a PayPal account while here in Mexico and added not only my Mexican bank to it but also my US bank. Having both banks on one account permitted me to transfer funds without having two PayPal accounts.

Just a note: I checked on BofA's wire transfer this morning. While the exchange rate this morning is 12.96, the wire transfer is 12.44. Adding a 35 or 45 usd fee will make this an expensive way to transfer money, but it only takes a day to make a bank to bank transfer.