Bank of America's Safe Send - what's the catch?

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Bank of America's Safe Send - what's the catch?


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Old 31st August 2010, 06:39 PM
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Default Bank of America's Safe Send - what's the catch?

I use Bank of America in the USA for my banking.

I just found out about their Safe Send program for sending money to Mexico.

There is no transaction fee to send the money, and today's exchange rate was 13.1 pesos per dollar.

I was at the Mexico City airport yesterday and the money exchange rate was 12.5 there.

What is the catch? How is BoA making money? They are not charging a transaction fee and the exchange rate is good...so what's the catch? My person has not picked up the money yet at Santander...maybe there is a fee to pick up the money?

Thanks
Angie

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Old 1st September 2010, 01:21 PM
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I doubt if there will be a fee to pick up the money. I selected BoA for banking specifically because they have some type of relationship with Santander, as I can use my BoA ATM card without any type of fees at any Santander ATM.

The exchange rate in the Mexico City airport will always be lower than what you can find at many of the banks in DF. The exchange rates in the US airports (i.e; Houston) is alwyas much worse than that.

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Old 1st September 2010, 02:18 PM
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Now this is interesting. My aunt is with BofA, and she and I have to go back and forth in the states when we travel. My dad wants to give me a housewarming gift, and it's tough because he's in the states and can't easily get money to me.

He was going to deposit USD in my aunt's account, and then we were going to have to put my gift on her CC, and then pay the CC from her BofA account.

So what you are saying is that BofA has an agreement with Santander where you can transfer money safely between BofA with no fees?

Is it just Santander? Or will they do it with Bancomer? HSBC (shudder)?

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Old 1st September 2010, 02:34 PM
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If you look at the list of international no-fee ATMs for BoA, they list Santander for MX. You should be able to have the money deposited in the BoA account in the US and use an ATM card to withdraw the funds at a Santander branch without fees. This was the primary reason I chose BoA when switching banks recently, as I spend time in both the US and MX and wanted easy access to my money.

There are some limitations to SafeSend. You can only send $1500 US at a time and a max of $3,000 US per month. Here is a link to the info on the BoA site. (if the URL will post)
Bank of America | Please Select Your State

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Old 1st September 2010, 02:38 PM
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Thanks!! I appreciate the information. That's great to know.

M--

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Old 1st September 2010, 03:31 PM
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Quote:
Originally Posted by tanderson0o View Post
If you look at the list of international no-fee ATMs for BoA, they list Santander for MX. You should be able to have the money deposited in the BoA account in the US and use an ATM card to withdraw the funds at a Santander branch without fees. This was the primary reason I chose BoA when switching banks recently, as I spend time in both the US and MX and wanted easy access to my money.
I looked at the BOA site and it does list Santander in Mexico as part of their Global ATM Alliance for which no ATM fees are charged. However, they say an International Transaction Fee of 3% is charged if withdrawals are made in any currency other than dollars, even at a no-fee ATM. How has that worked out in practice?

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Old 1st September 2010, 10:27 PM
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I recently withdrew money (pesos) from my BOA account at a Santender ATM
with no fees. I have also used SafeSend with good results. However, sometimes the exchange rate I get for SafeSend is a little lower than the exchange rate shown on the internet.

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Old 2nd September 2010, 01:59 AM
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Scotia Bank has the same agreement with The Bank of America. They have branches here in Aguascalientes. If I want to put money into my Santander account, I just withdraw funds from my Bank of America accounts. You can withdraw $1000.00 US per day from each account and then put the money into Santander, or whatever bank you wish, to keep in pesos. It's pretty simple and there are no fees, whatsoever. I use Bank of Americaq online banking and it's great. It keeps a record of each transaction, daily, for each account. I hope this helps. Tom


Last edited by RVGRINGO; 2nd September 2010 at 04:16 PM. Reason: Clarity
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Old 4th September 2010, 01:57 PM
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I also use B of A in P.V. No need to have an acct at Santander, I just use my ATM card, no fees whatsoever, and the return is about 12.5. Works great!


Last edited by RVGRINGO; 4th September 2010 at 03:13 PM. Reason: Typo
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Old 19th November 2012, 08:35 PM
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11/12 Safe Send has been discontinued by BOA.

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