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Old 27-07-2021, 08:54   #1
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recomendation for U.S Bank and a rant

I am looking for recommendations for a U.S. bank that understands that the world does not end at the Texas border.
We have been banking with Chase for years but as soon as we tried to do a wire transfer to the U.S.V.I they informed us it was an international move. Apparently the U.S part of USVI is just decoration. When we tried to transfer money to a Panama account they froze all our accounts. Over a long weekend of course. When we finally got hold of someone they "fixed it" until we tried to do the transfer again and they froze all out accounts AGAIN. This time it took our local branch manager 3 days to get it unfrozen. Reason given... no reason.
So we are looking for a new bank.
All recommendations gratefully received
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Old 27-07-2021, 09:14   #2
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Re: recomendation for U.S Bank and a rant

i like usbank. they accommodate me so far quite well. i made my mom a co signer an d so far am golden. so far.
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Old 27-07-2021, 09:34   #3
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Re: recomendation for U.S Bank and a rant

I feel your pain.
Whatever you do, stay away from BofA.
They decide they know better on what you can spend your money....

I've gone to a Credit Union.
So far I've not run into any nuttiness from them.

If you want to stay with a bigger outfit, I second Zee's statement about US Bank.

My experience is old, but it was always common sense with them.

Problem is that big brother now always wants to have an eye on what you do with your money, and oh my, sending money to Panama????You must be buying drugs....I mean, there can't be a legitimate reason
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Old 27-07-2021, 10:09   #4
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Re: recomendation for U.S Bank and a rant

I set up a foreign exchange account with Citizens. Told them it was for business. I can send money in any currency any where at the cheapest rates.
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Old 27-07-2021, 10:25   #5
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Re: recomendation for U.S Bank and a rant

Try https://wise.com/ or https://www.revolut.com/en-US!

Not exactly a bank, but might work for what you describe.
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Old 27-07-2021, 10:30   #6
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Re: recomendation for U.S Bank and a rant

I suggest using a credit union, it is generally a much better experience. I used my ATM card for cash and purchases in USVI with no fees. All over the world, in fact.

For transfers or sending/receiving money from a 3rd party, I use wise.
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Old 27-07-2021, 10:38   #7
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Re: recomendation for U.S Bank and a rant

Look at wise.com (formally Transferwise). Quick and cheap international transfers and international account setup.
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Old 27-07-2021, 10:58   #8
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Re: recomendation for U.S Bank and a rant

Quote:
Originally Posted by Afrinus View Post
I feel your pain.
Whatever you do, stay away from BofA.
They decide they know better on what you can spend your money....

I've gone to a Credit Union.
So far I've not run into any nuttiness from them.

If you want to stay with a bigger outfit, I second Zee's statement about US Bank.

My experience is old, but it was always common sense with them.

Problem is that big brother now always wants to have an eye on what you do with your money, and oh my, sending money to Panama????You must be buying drugs....I mean, there can't be a legitimate reason
I use BoA for my business and it's truly a love/hate (no, much more than hate, despise from the depths of my soul) relationship. I send and receive money all over the world and so far they have done it better, faster and more easily than any other bank I've used.

BUT!!!!!!!!!!!!! If something screws up and you have to enter the BoA phone system be prepared for the worst nightmare of your life. I have a personal business account manager that I can call who can usually fix it from the inside. Occasionally she can't and then the torture begins. I have spent well over an hour trying to reach a human, shuttled from system to system, answered my security questions over and over and over and still could fairly simple problems solved or easy questions answered. The US government bureaucracy has nothing on BoA.

Had several checks stolen and have been fighting BoA for months to get the money back. I've jumped through more hoops than a circus pony any still no joy. In fact, think I'll call tomorrow and complain............. again.
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Old 27-07-2021, 11:29   #9
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Re: recomendation for U.S Bank and a rant

I have used US Bank and Capital One. In recent years I have traveled to Chile, Mexico, and Panama. In each country I have requested funds through my Capital One debit card which charges no transaction fees for international business. Unfortunately, the same cannot be said for the ATMs at the countries I visited. I have not attempted to wire any funds through these accounts
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Old 27-07-2021, 17:48   #10
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Re: recomendation for U.S Bank and a rant

I'm surprised to hear that about Chase. I've used them for over 20 years for business and personal banking, never had any real problems, and any issues I did have were always quickly rectified. I switched to them from a local credit union because I could make wire transfers overseas (China) on-line, for free. Even after I retired and closed the business, I stayed because I could easily send and receive funds to/from our daughter who lives in the UK - without any issues. As a veteran, I also get free checking and other perks.

Maybe try switching branches?
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Old 27-07-2021, 20:53   #11
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Re: recomendation for U.S Bank and a rant

I use a credit union. I've made wire transfers to foreign countries without issue and they happen quickly.
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Old 27-07-2021, 22:25   #12
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Re: recomendation for U.S Bank and a rant

I use Schwab bank and Wise. Wise for international transfers. If something gets wonky with Schwab then my Financial advisor can get it unstuck if I call him. I also keep a Citi bank card with no international fees. So far its worked well for the past 2 years.
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Old 28-07-2021, 03:57   #13
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Re: recomendation for U.S Bank and a rant

Thanks to everyone for the suggestions.
1. Re Wise. I have tried to figure out if one can do transfers in U.S dollars to a country that uses U.S. dollars (eg Panama and Ecuador) and I cannot make their website tell me if it is possible. Has anyone done this?


2. Re Schwab. It is my understanding that to take advantage of their banking system one has to have an investment account with them. Is this correct? If so how much do you have to keep in the account? And just as an aside Schwab is owned by B of A which is legendary for poor customer service so I am surprised that Schwab gets such high marks on the reviews.
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Old 28-07-2021, 04:04   #14
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Re: recomendation for U.S Bank and a rant

We use a debit or credit card in local ATM machines. Our US bank covers the ATM charge. There are some places we also use the card directly but there is often a fee.
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Old 28-07-2021, 04:32   #15
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Re: recomendation for U.S Bank and a rant

More Re Schwab. While they refund ATM fees world wide. Which is good. Do they rape you on the currency spread? None of the online bank reviews talk about this. Is there a banking regulation that limits this?
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