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Setting up bank accounts in a different country...

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  • Claudia Medvik
    Since some of the members have visited and/or lived in Slovakia for a time, I wonder how hard it is to set up a bank account in another country? And do the
    Message 1 of 5 , Nov 3, 2008
      Since some of the members have visited and/or lived in Slovakia for a time, I wonder how hard it is to set up a bank account in another country? And do the rules vary from country to country? I have a missionary living in India and with the horrible violence going on there I'm afraid of anything air mailed not getting through to him. If I could deposit money into an Indian bank so he could withdraw it directly, I think it would be more secure and quicker. Does anyone have any idea?

      Claudia
      _________________________________________________________________
      When your life is on the go�take your life with you.
      http://clk.atdmt.com/MRT/go/115298558/direct/01/

      [Non-text portions of this message have been removed]
    • Ron Matviyak
      I am looking forward to other replies as well. The only idea I can contribute is to open a bank account in the US and regularly deposit the money you wish to
      Message 2 of 5 , Nov 4, 2008
        I am looking forward to other replies as well.

        The only idea I can contribute is to open a bank account in the US and
        regularly deposit the money you wish to transmit into that account.
        Then the recipient can take an ATM bank card you send them and
        withdraw the agreed amounts.

        That is the cheapest way I can think of, as any time I have checked
        into money transfers the lost percentage is horrible.

        Electronic transfers were cheap, convenient and easy in Germany when I
        lived there prior to 1997, and I was shocked that banks were so far
        behind the times when I returned to the US. It seems we have caught
        up, but international transfers are still outrageously expensive.

        Ron

        --- In Slovak-World@yahoogroups.com, Claudia Medvik <cmmedvik@...> wrote:
        >
        >
        > Since some of the members have visited and/or lived in Slovakia for
        a time, I wonder how hard it is to set up a bank account in another
        country? And do the rules vary from country to country? I have a
        missionary living in India and with the horrible violence going on
        there I'm afraid of anything air mailed not getting through to him. If
        I could deposit money into an Indian bank so he could withdraw it
        directly, I think it would be more secure and quicker. Does anyone
        have any idea?
        >
        > Claudia
        > _________________________________________________________________
        > When your life is on the go—take your life with you.
        > http://clk.atdmt.com/MRT/go/115298558/direct/01/
        >
        > [Non-text portions of this message have been removed]
        >
      • Mary Westbrook
        Would PayPal work? Both parties would need an email address and a free account with PayPal? Once one party sends digital money, the other party can withdraw
        Message 3 of 5 , Nov 4, 2008
          Would PayPal work? Both parties would need an email address and a free
          account with PayPal? Once one party sends digital money, the other party can
          withdraw it.

          Mary



          From: Slovak-World@yahoogroups.com [mailto:Slovak-World@yahoogroups.com] On
          Behalf Of Ron Matviyak
          Sent: Tuesday, November 04, 2008 3:14 AM
          To: Slovak-World@yahoogroups.com
          Subject: [Slovak-World] Re: Setting up bank accounts in a different
          country...



          I am looking forward to other replies as well.

          The only idea I can contribute is to open a bank account in the US and
          regularly deposit the money you wish to transmit into that account.
          Then the recipient can take an ATM bank card you send them and
          withdraw the agreed amounts.

          That is the cheapest way I can think of, as any time I have checked
          into money transfers the lost percentage is horrible.

          Electronic transfers were cheap, convenient and easy in Germany when I
          lived there prior to 1997, and I was shocked that banks were so far
          behind the times when I returned to the US. It seems we have caught
          up, but international transfers are still outrageously expensive.

          Ron

          --- In Slovak-World@yahoogroups.com <mailto:Slovak-World%40yahoogroups.com>
          , Claudia Medvik <cmmedvik@...> wrote:
          >
          >
          > Since some of the members have visited and/or lived in Slovakia for
          a time, I wonder how hard it is to set up a bank account in another
          country? And do the rules vary from country to country? I have a
          missionary living in India and with the horrible violence going on
          there I'm afraid of anything air mailed not getting through to him. If
          I could deposit money into an Indian bank so he could withdraw it
          directly, I think it would be more secure and quicker. Does anyone
          have any idea?
          >
          > Claudia
          > __________________________________________________________
          > When your life is on the go-take your life with you.
          > http://clk.atdmt.com/MRT/go/115298558/direct/01/
          >
          > [Non-text portions of this message have been removed]
          >





          [Non-text portions of this message have been removed]
        • Ben Sorensen
          Hi all, First I want to thank everyone in Pittsburgh for making it a great time!!!!! :-) I had a blast... I thought the festival was incredible, and the
          Message 4 of 5 , Nov 4, 2008
            Hi all,
            First I want to thank everyone in Pittsburgh for making it a great time!!!!! :-) I had a blast...
            I thought the festival was incredible, and the seminars were so much fun to listen to! I love you all, and special thanks to Christine Metil, Rob Metil, Martin Votruba, Helene C. (I am NOT going to try to spell that.. :-P) and her mom, and all my new and old friends at the party and the festival itself.
            And extra special thanks to Dr. Joe Q, and his wife, Judy.... :-)
            You all mean a lot to me and my family!

            As far as bank accounts go, I opened mine in Slovakia at VUB- while I was there. Rules are ever-changing, but having a�slovak wife and permanent residence there made it much easier.� However, the banks in Slovakia also charge (or at least charged) a fee for keeping the account open- and also paid interest. However, the monthly fee that was charged was at first a shock since banks in America do that only after you go below a certain cap... in Slovakia, or I should say VUB, charged us if we had 15,000SKK or 50,000SKK.

            Transfering funds from America causes exorbitant fees- as American banks are not so "internationally friendly."� Doing exchanges in the US also costs more than doing the exchange in the host country... but then American personal checks also are not good gifts for Slovak residents as the fees to cash them is exorbitant. The personal check is making its way to Slovakia-- but remember that they are all but non-existant for the most part and at least no one I know (my family included) uses them.

            Because we stopped getting the monthly "materka," we closed our account. We were eligible for this "bonus" until Niki turned three.� Because we no longer had any influx of money going into the account, it made more sense to close it rather than pay the fees to keep the money in.� I would therefore say- unless you want to keep sending money into the account- it really isn't worth opening a savings account in Slovakia unless you have Slovak income. Now, CD's and other investments may be worth it, but opening�a savings account in Slovakia without having a Slovak income results only in loss. It is, however, a good thing to have if you LIVE there or have income (and bills) in Slovakia.

            take care you all!
            Ben�





            --- On Tue, 11/4/08, Ron Matviyak <amiak27@...> wrote:

            From: Ron Matviyak <amiak27@...>
            Subject: [Slovak-World] Re: Setting up bank accounts in a different country...
            To: Slovak-World@yahoogroups.com
            Date: Tuesday, November 4, 2008, 3:13 AM






            I am looking forward to other replies as well.

            The only idea I can contribute is to open a bank account in the US and
            regularly deposit the money you wish to transmit into that account.
            Then the recipient can take an ATM bank card you send them and
            withdraw the agreed amounts.

            That is the cheapest way I can think of, as any time I have checked
            into money transfers the lost percentage is horrible.

            Electronic transfers were cheap, convenient and easy in Germany when I
            lived there prior to 1997, and I was shocked that banks were so far
            behind the times when I returned to the US. It seems we have caught
            up, but international transfers are still outrageously expensive.

            Ron

            --- In Slovak-World@ yahoogroups. com, Claudia Medvik <cmmedvik@.. .> wrote:
            >
            >
            > Since some of the members have visited and/or lived in Slovakia for
            a time, I wonder how hard it is to set up a bank account in another
            country? And do the rules vary from country to country? I have a
            missionary living in India and with the horrible violence going on
            there I'm afraid of anything air mailed not getting through to him. If
            I could deposit money into an Indian bank so he could withdraw it
            directly, I think it would be more secure and quicker. Does anyone
            have any idea?
            >
            > Claudia
            > ____________ _________ _________ _________ _________ _________ _
            > When your life is on the go�take your life with you.
            > http://clk.atdmt com/MRT/go/ 115298558/ direct/01/
            >
            > [Non-text portions of this message have been removed]
            >


















            [Non-text portions of this message have been removed]
          • Julie Michutka
            I asked my resident expert in dealing with foreign money transactions. He suggested going to your bank s website and looking for bank transfer or wire
            Message 5 of 5 , Nov 4, 2008
              I asked my resident expert in dealing with foreign money
              transactions. He suggested going to your bank's website and looking
              for "bank transfer" or "wire transfer". If you call/visit the bank,
              mention that it's "international".

              He printed off the form from a bank he uses and pointed out the most
              crucial bits of info; this bank calls it an Outgoing Eurolink Foreign
              Currency Account Transfer Request. It asks for the name and address
              of the bank, and he said it's important to have the address of the
              particular branch, if possible. The form will request a Routing
              Number/SWIFT Code. The Routing Number is for USA transfers; SWIFT
              Code is the international wire transfer code (it identifies the
              particular bank). It is a long (10 characters or so) alpha-numeric
              code, eg abcde78gh9. The form then asks the name of the person/
              organization to receive the funds ("beneficiary"); this has to be who
              OWNS the account, eg if it belongs to an organization, you don't want
              to put in a person's name. Also need the IBAN, or International Bank
              Account Number.

              The form further asks who is paying the charges, the person sending
              the money or the beneficiary. NB, if the money gets routed thru other
              banks along the way, *they* can add charges, which you might not be
              expecting. A big bank might do things directly and not end up
              surprising you with charges from other banks.

              He also mentioned PayPal, PayPal would put the money directly into the
              beneficiary's bank account. Could get touchy with international
              stuff, if they (PayPal, receiving bank) are unsure how reliable the
              sender (or sending bank) are ... in other words, worries about being
              scammed.

              Lastly, he said that any bank can issue an international bank transfer.

              whew... I hope I got that all down right, and hope it's of some help.
              Any mistakes in the info are probably mine in understanding it all and
              writing it out, as this guy does these things all the time.

              Julie Michutka
              jmm@...


              On Nov 3, 2008, at 9:04 PM, Claudia Medvik wrote:
              > Since some of the members have visited and/or lived in Slovakia for
              > a time, I wonder how hard it is to set up a bank account in another
              > country? And do the rules vary from country to country? I have a
              > missionary living in India and with the horrible violence going on
              > there I'm afraid of anything air mailed not getting through to him.
              > If I could deposit money into an Indian bank so he could withdraw it
              > directly, I think it would be more secure and quicker. Does anyone
              > have any idea?
              >
              > Claudia
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