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DansDeals Forum => General Discussion => Topic started by: crunch on September 17, 2018, 09:16:52 PM

Title: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: crunch on September 17, 2018, 09:16:52 PM
What's the best way to send money to a child in Israel? I don't want her to worry about large amounts of cash and sending with family and friends puts a burden on them.  Cash advances on credit cards are pricey.  Ditto with wire transfers.  We are looking at amounts totalling about $2000 a month.  Your advice would be appreciated.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: whacked1 on September 17, 2018, 09:25:39 PM
TD bank used to have very small fee to withdraw money in israel

not sure on current info though (i think its the same)
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: TimT on September 17, 2018, 09:27:05 PM
What's the best way to send money to a child in Israel? I don't want her to worry about large amounts of cash and sending with family and friends puts a burden on them.  Cash advances on credit cards are pricey.  Ditto with wire transfers.  We are looking at amounts totalling about $2000 a month.  Your advice would be appreciated.
https://forums.dansdeals.com/index.php?topic=19042.0
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: crunch on September 17, 2018, 10:12:36 PM
Thanks Tim.  There is some good advice on the thread you posted, but some of it is out of date.  Banking laws in Israel have changed (due to folks who were kashering money)  and interbank transfers have apparently gotten fairly complicated, not to mention fee heavy. I'm also dealing with a child who is, thank G-d, financially responsible. We tried transfers and ended up with huge costs. Cash advances via credit card cost between 3-5% of the advance amount, plus a 25%+ variable APR that starts as soon as the money leaves the ATM. The main issue is getting cash to cover rent and other bills that cannot be paid via credit card.  So far the best bet seems to be a debit card with ATM withdrawals in Israel.   Unfortunately, I have no local TD here in Baltimore which seems to be the choice on that thread.  So, if anyone knows of a good resource for an account of that type, or a better/cheaper  means of transfer, I would be grateful.
Thanks again for the ideas
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: sguitarist18 on September 17, 2018, 10:22:30 PM
Charles schwab has a checking account that I believe not only has no fees, but also reimburses ATM fees. Online bank.

Oh, and I think they'll even mail the debit card to israel, if necessary.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: blerbz on September 17, 2018, 10:24:06 PM
It's been awhile but I think you can also do checks where you can deposit money in US and she can write checks there. Most money changers charge a fee though like 3% if I remember correctly and may need someone to vouch for her before they take the first one
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: Abey on September 17, 2018, 10:26:24 PM
Metropolitan bank has no forex fee debit card
All the boys use it for israel
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: crunch on September 17, 2018, 10:28:40 PM
Alas Abey, I live in Golus (ie outside of the NY metro area).  No metropolitan banks here.  But thank you for the suggestion just the same.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: greatluck on September 17, 2018, 10:31:01 PM
Charles schwab checking account
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: Abey on September 17, 2018, 10:31:14 PM
TD is also free with the fancy checking account (forgot the name)
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: ExGingi on September 17, 2018, 10:37:26 PM
Charles schwab has a checking account that I believe not only has no fees, but also reimburses ATM fees. Online bank.

Oh, and I think they'll even mail the debit card to israel, if necessary.
+1

My daughter has a debit card to a Scwhab bank account, which I fund as needed. ATM fees are reimbursed. No account minimums. She loves the arrangement. (Though she's not in Israel, but it should work the same way).
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: gubevo18 on September 17, 2018, 11:23:39 PM
I always did checks.  Parents would Deposit the money here and the money changer charged 1.5-2% and I would write out the checks as needed.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: davidrotts63 on September 17, 2018, 11:23:58 PM


(due to folks who were kashering money)
LOL. Don't know if this is an old one, but I never heard it..
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: mmgfarb on September 17, 2018, 11:32:26 PM
Capitol one 360 is a great option as well, they donít reimburse ATM fees but they donít charge foreign transaction fees and donít charge for international withdrawals. You can use any capitol one branch to do transactions like a regular Cap 1 account.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: davidrotts63 on September 17, 2018, 11:33:56 PM
If eligible USAA can be a great option.
They reimburse $30 a month IIRC in FX fees/ATM fees.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: ExGingi on September 17, 2018, 11:50:21 PM
If eligible USAA can be a great option.
They reimburse $30 a month IIRC in FX fees/ATM fees.
-1
USAA only reimburses ATM fees, and IINM actually charge FX fees. Itís a great bank for domestic use, but for international go with Schwab (Schwab actually are aware that many, if not most, people that open a checking account with them do it for the foreign ATM access).
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: davidrotts63 on September 17, 2018, 11:51:38 PM
-1
USAA only reimburses ATM fees, and IINM actually charge FX fees. Itís a great bank for domestic use, but for international go with Schwab (Schwab actually are aware that many, if not most, people that open a checking account with them do it for the foreign ATM access).
I stand corrected.
I withdrew USD in a foreign country and was reimbursed the ATM fee which confused me...
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: myi on September 18, 2018, 12:57:32 AM
Like mentioned up-thread go for a Charles Schwab Bank account. Now should you go with TD you would need to have a premier checking account with them, which requires 2500 in the account, meaning a daily balance of 2.5k,being that your send 2k monthly doesn't seem like a problem for 2500 to be in the account on a daily basis, now regarding the atm, thereís a fee for a few shekel, and its false info if anyone tells you that they will reimburse you as that is 100% false.
 How td and most banks work is they see how much you took out from the atm and refund you the difference, to explain what I mean; letís say I take out $100 from and ATM which charges $2.50 fee for using their ATM so now my total withdrawal would be $102.50 so automatically at the end of the month td would reimburse you the 2.50 as an ATM doesnít dispense single dollarís bills and coins so it has to be a fee. Now with shekels for some odd reason they chose not to show the conversion rate to the second you made the purchase just like a credit card does for an fx transaction, so the only way one would get back the fees for fx atm fees would be to show the receipts for each withdrawal and let the banker in the branch make themselves crazy.

  If they have a chase branch near you can open one and transfer funds via send money or chase Quick-pay or the feature called Zelle, to your TD bank account.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: JACKBLUE on September 18, 2018, 07:43:50 AM
Investors bank is also an option
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: gubevo18 on September 18, 2018, 07:48:51 AM
Do you have CPC?
Just got an email from chase saying they reimburse all ATM fees worldwide.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: jmz on September 18, 2018, 08:22:41 AM
What's the best way to send money to a child in Israel? I don't want her to worry about large amounts of cash and sending with family and friends puts a burden on them.  Cash advances on credit cards are pricey.  Ditto with wire transfers.  We are looking at amounts totalling about $2000 a month.  Your advice would be appreciated.
Try a brokerage account. I use td Ameritrade   I have an ATM card from them and I get reimbursed for the fees.
I don't have a td near me in the states either and I was able to open the account online.  Just request an ATM card and checks and double check before you open that they'll cover the ATM fees.
Good luck
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: greatluck on September 20, 2018, 12:07:45 PM
Do you have CPC?
Just got an email from chase saying they reimburse all ATM fees worldwide.
can you provide a screenshot?
Title: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: yakrot on September 20, 2018, 12:10:27 PM
can you provide a screenshot?
I was in Israel last year and used my cpc debit with no issues
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: greatluck on September 20, 2018, 12:12:25 PM
what is a cpc?
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: ExGingi on September 20, 2018, 12:22:14 PM
what is a cpc?
Chase Private Client
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: greatluck on September 20, 2018, 12:30:36 PM
Chase Private Client
I got an invite, can I just open or do I need to have heavy money?
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: crunch on September 27, 2018, 10:44:25 AM
Just wanted to say "thank you" to all of those who responded.  I have set up an account based on the advice provided here and although the Capital one 360 was the best for my needs, it's always good to have other options in my pocket as policies and programs are all too often subject to change.  A good Moed and a good Kvittel to all.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: grodnoking on September 27, 2018, 11:16:06 AM
Like mentioned up-thread go for a Charles Schwab Bank account. Now should you go with TD you would need to have a premier checking account with them, which requires 2500 in the account, meaning a daily balance of 2.5k,being that your send 2k monthly doesn't seem like a problem for 2500 to be in the account on a daily basis, now regarding the atm, thereís a fee for a few shekel, and its false info if anyone tells you that they will reimburse you as that is 100% false.
 How td and most banks work is they see how much you took out from the atm and refund you the difference, to explain what I mean; letís say I take out $100 from and ATM which charges $2.50 fee for using their ATM so now my total withdrawal would be $102.50 so automatically at the end of the month td would reimburse you the 2.50 as an ATM doesnít dispense single dollarís bills and coins so it has to be a fee. Now with shekels for some odd reason they chose not to show the conversion rate to the second you made the purchase just like a credit card does for an fx transaction, so the only way one would get back the fees for fx atm fees would be to show the receipts for each withdrawal and let the banker in the branch make themselves crazy.

  If they have a chase branch near you can open one and transfer funds via send money or chase Quick-pay or the feature called Zelle, to your TD bank account.
Re: TD If you go to a bank which charges the fee separate than you won't have that issue 
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: bochur613 on September 27, 2018, 11:34:32 AM
I just left Israel, this worked very well for me. Open a Charles Shcwab online bank account and it has unlimited free ATM withdrawals (any ATM in the world) and if the ATM charges a fee THEY will reimburse YOU! You can make a free transfers between any bank and them. Outstanding Customer service. Hatzlocha
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: emjee on October 02, 2018, 03:58:13 AM
Just wanted to say "thank you" to all of those who responded.  I have set up an account based on the advice provided here and although the Capital one 360 was the best for my needs, it's always good to have other options in my pocket as policies and programs are all too often subject to change.  A good Moed and a good Kvittel to all.
Great choice . I advise all my family who send their kids to israel to use it. Its all around a good option for your situation. You have a branch by you and you can always send the money via p2p/zelle which will instantly be available to them.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: Emkay on October 02, 2018, 05:00:40 AM


now regarding the atm, thereís a fee for a few shekel, and its false info if anyone tells you that they will reimburse you as that is 100% false.
 

I use TD and I get refunded with Israel ATMs. The actual bank ATMs don't have any fees though.
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: micjustin33 on October 02, 2018, 07:00:24 AM
Go Israel by plane and hand over all cash to him and come back safely   :P
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: ~King Lake~ on March 26, 2019, 06:35:30 PM
What's the best way to send money to a child in Israel? I don't want her to worry about large amounts of cash and sending with family and friends puts a burden on them.  Cash advances on credit cards are pricey.  Ditto with wire transfers.  We are looking at amounts totalling about $2000 a month.  Your advice would be appreciated.
the easiest way is to put in the money in a reb meir bal hanes pushka @ home and your son should take it out of a pushka there ;)
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: davidrotts63 on March 26, 2019, 06:37:19 PM
the easiest way is to put in the money in a reb meir bal hanes pushka @ home and your son should take it out of a pushka there ;)
ROTFL
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: ~King Lake~ on March 26, 2019, 09:16:14 PM
ROTFL
Sorry I'm not familiar with this kind of words, could you explain?
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: davidrotts63 on March 26, 2019, 09:23:42 PM
Sorry I'm not familiar with this kind of words, could you explain?
Don't worry, you did well ;)
Rolling
On
The
Floor
Laughing
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: ~King Lake~ on March 26, 2019, 09:29:58 PM
Don't worry, you did well ;)
Rolling
On
The
Floor
Laughing
Thanks
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: myi on March 26, 2019, 09:42:25 PM
Thanks
Wiki has it all..

 https://forums.dansdeals.com/index.php?topic=10531.0
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: ~King Lake~ on March 26, 2019, 11:03:02 PM
Wiki has it all..

 https://forums.dansdeals.com/index.php?topic=10531.0
To remember them all is like memorising your local phone book
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: myi on March 27, 2019, 02:37:14 AM
To remember them all is like memorising your local phone book
believe it or not most of them are used in a day to day conversation so you should be familiar with most of them or if you're on DDF long enough you'll end up knowing all them.

Are you saying I'm capable of knowing my local phone book? 😂
Title: Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
Post by: ~King Lake~ on March 27, 2019, 07:42:03 AM
Are you saying I'm capable of knowing my local phone book? 😂
I think you could know the Manhatten phone book :o