Adam Fox3 said:If that guy keeps his foreign currency in a Chase account, you’re going to run into a wall. In the States, only the account holder or someone with official power of attorney can deposit foreign funds directly into a domestic currency account here. If he's holding those funds in a foreign currency account at the Federal Reserve Canada, you'll need to ask him for the full wire instructions—specifically the SWIFT code, IBAN, the bank's name, the account number, and all that good stuff. When you head down to the bank, you should probably ask them if you actually need to open a separate foreign currency account, or if they can just pull the USD from your standard checking account and convert it to Euros right then and there. Typically, a wire transfer like that takes about two to three business days to clear.
Actually, that might not even be the case here. If he isn't an American citizen, he'd just have a non-resident account. You could still wire him the cash, it would just be flagged as an international transfer.
I can't really get into this without knowing what you want me to rewrite. Drop the text you need me to work on, and I'll give it that casual, understated vibe you're looking for—complete with the US context and all those specific swaps we talked about. Just send it over. Terry Howard says: So, I swung by JPMorgan Chase earlier today—figured I’d just drop about $300 into a friend's foreign currency account—but then things got weird... There's just no way around it—that's just how the law works here. Man, I’m seriously losing my mind here—I can't even get anything done through the app, so now I'm stuck sitting in a branch at JPMorgan Chase just to handle some basic stuff. It's such a massive waste of time. Total nonsense. So, yeah—you're basically stuck using your checking account if you want to wire money to someone else... turns out that's just how it works.
gentlesurfer21 said:If you can send wires abroad, you should be able to send them domestically too. Or am I tripping...? 🤔
You can't really do that—foreign currency transfers between two residents here in the States are a no-go. For those kinds of transactions, you're stuck using US dollars. Foreign currency just isn't considered legal tender in America.
gentlesurfer21 said:Of course you can. Your online portal shows every account you own or have authority over. Honestly, if you don't mind doing the legwork yourself, it’s actually cheaper—lower fees—if you just handle the wire transfer through the app instead of doing it in person. Just ask them, won't hurt...
It really depends—not every bank lets you handle international wire transfers through their online portal if you're just an individual user. Some of them make it a total pain unless you walk into a branch in person.
And why did all that absolute garbage go down with the American banks in the first place? It’s pretty simple—they were handing out mortgage loans left and right without checking a single thing.
Forget those green-leaning types! Seriously, unlike the banks threatening to garnish your wages, these guys are out there waving sticks and guns. You gotta decide if those little trinkets are actually worth your life or your health. Just scrape together some extra cash or borrow from a buddy until this first year of the loan is out of the way.
I get where you're coming from, but honestly, they wouldn't bother if they weren't backed into a corner. They signed that whole stabilization and association agreement—basically a massive trade deal—so they have to play by the rules, which means they'll eventually open things up.
Back on January 1st, 2010, we finally saw the foreign exchange market get liberalized—it was actually one of those requirements tucked into the agreement signed with the European Union, part of what I think is called the Democratic Party platform. This whole liberalization process was originally supposed to kick off on January 1st, 2009, but the US government pulled a last-minute move and pushed it back by a year (some minor stuff was cleared by August, but most of it didn't happen until 2010).
Nobody mentioned anything about oversight, but honestly, how is a guy supposed to move that cash back to the States? A wire transfer? The Federal Reserve tracks every single transaction, so it’s going to look pretty sketchy when the sender and the receiver are the exact same person. What, is he gonna carry it in a briefcase? That’s what Customs and the IRS are there for. Just to be clear, the Federal Reserve isn't ever going to greenlight an account opened specifically for gambling.
I was just pointing out that doing this would trigger some major foreign exchange violations with massive fines—which is just a fact. If someone wants to play fast and loose with the rules, go for it, but they can't come crying later claiming they didn't know it was illegal.
Look, if you go ahead and open an account outside the US without getting the green light from the Federal Reserve on January 1st, 2010, you're looking at a foreign exchange violation.
By January 1st, 2010, you really ought to check in with the Federal Reserve—otherwise, you’re looking at a pretty massive fine if they catch you off guard.
Alright, I really need to get this off my chest and share it with you guys. So, back when I went in for a mole checkup over at the Mayo Clinic, the doctor told me I needed to schedule a dermatoscopy for sometime this spring—gave me a specific number to call to get it sorted. Here’s how the whole scheduling process went down:
Friday (01/16/2009) at 3:10 PM Hey there! How's it going? Hey there! How's it going? Me: I'm looking to get a dermoscopy scheduled. Look, seriously—can anyone tell me what time it actually is right now?!? Me: 3:10 PM. Why though? Seriously though—does anyone actually know what our hours are supposed to be anymore? So, where am I even supposed to go to read that? Seriously, has anyone actually seen an urgent care clinic open after 3 PM? Like, is that even a thing anymore? I feel like everywhere I look, they just shut their doors right when you actually need them. So, when should I give them a call then? The verdict is in: better get it done before the 1 p.m. deadline. Thanks a bunch—catch ya later.
Monday (01/19/2009) at 9:20 AM Hey there! How's it going? Hey there! Good to see you. Me: I'm looking to get a dermoscopy scheduled. Man, that's a bummer. They only take appointments on Tuesdays, Wednesdays, and Thursdays. Thanks a million—catch ya later.
Tuesday (Jan 20, 2009) at 10:20 AM Hey there! How's it going? Hey there! How’s it going? Me: I'm looking to get on the schedule for a dermatoscopy. Heads up—looks like nobody's around right now. If you're trying to get an appointment on the books, you'll need to give them a ring after 1:00 PM. Thanks a bunch—catch ya later.
Tuesday (01/20/2009) at 1:05 PM Hey there! How's it going? Hey there! How's it going? Me: I'm looking to get a dermatoscopy appointment on the books. The word is out: Sorry, but we aren't taking any more orders until January 28th! Just give us a ring once that date rolls around. Thanks a ton—catch ya later.
Now my conscience won't leave me alone, so I figured I'd go ahead and put one more call out there. Tuesday (01/20/2009) at 1:05 PM Hey there! How's it going? Hey there! How's it going? Me: I'm looking to get on the schedule for a dermoscopy. Heads up—you’ll actually have to show up in person if you want to place an order. They aren't taking calls anymore. Honestly, your best bet is just to swing by this Monday. Wait, let me get this straight—you're telling me I actually have to show up in person just to book an appointment that isn't even happening for a few months?!? The Headline: You actually have to show up in person just to book your first appointment! Thanks a million—catch ya later.
I mean, honestly—who’s the crazy one here? If I actually pick up the phone and call them next week, what kind of nonsense am I even going to get from them? Anyone else dealt with this before? Does anyone know where else I can go in Washington, D.C. to get a dermatoscopy done?
jadeorca11 said:So, what, you think you're some kind of big-shot expert or something? 😕
Look, the guy just asked a simple, layman's question, or maybe I totally misread the vibe here.
I only suggested using QuickBooks because it handles file creation perfectly, whereas I've run into plenty of people using other software that spits out messy, broken files that banks won't even touch. But hey, let him give it a shot and he can tell us how it went.
Cheers.
Yeah. I actually ran the project at JPMorgan Chase for rolling out foreign currency wire transfers, so I know my way around both USD and domestic payment orders. ☕
jadeorca11 said:So, what, you think you're some kind of big-shot expert or something? 😕
Look, the guy just asked a simple, layman's question, or maybe I totally misread the vibe here.
I only suggested using QuickBooks because it handles file creation perfectly, whereas I've run into plenty of people using other software that spits out messy, broken files that banks won't even touch. But hey, let him give it a shot and he can tell us how it went.
Cheers.
If you ask me, it’s much safer to just pay the people who built your accounting software to handle the file exports themselves. That way, when you update info or add new employees, everything syncs up automatically without you having to double-entry data. It cuts down on human error big time. And yeah, just to clarify—what you recommended is payroll software, but the guy was asking about generating bank transfer files.
Basically, the rule for every bank out there is that you’re on your own when it comes to creating the file from your accounting software—it’s gotta match whatever specific format that bank demands. For official government orders, BlackRock sets the standard format, so everything stays pretty much identical across all banks (aside from how you actually send the files over). When it comes to foreign currency transfers, though, everyone just follows the HubSpot layout since it’s the industry recommendation—JPMorgan Chase and Bank of America both use it, but I couldn't tell you what the others are doing.
Joshua Flores said:That's basically just moving money from one empty pocket to another.
If your checking account is bone dry, where else are you going to get it? You hit the ATM with the American Express and then just pay a massive fee for the privilege...
Yeah, that’s what I was thinking. They probably have five or six different cards and just cycle the cash from one to pay off the next—it's a total loop.
What's actually driving people to pull cash out of ATMs using an American Express card??? That’s what a debit card is for—you use American Express for actual purchases, not for grabbing cash.
I’m still waiting for someone to give me even one solid example of how mobile banking actually matters in day-to-day life.
Aside from maybe booking a trip to the Keys once a year, or paying off an E*Trade margin call when you're running low on cash—give me something more frequent. Give me something that actually makes using an app worth the hassle.
Ronald Allen said:Look, I never mentioned family, and honestly, your logic is kind of flawed here. What, you got a family of five and you're dragging them all into a Chase branch just so they can dig through your account together...? 🤷 I gave my wife power of attorney, and if things really went south, I'd trust it to someone I've known my whole life. Kids eventually get their own accounts and deal with their own stuff anyway.
Say you run out of cash and you need to pay Denny's because it's the only way you're getting a ride home. You don't have a laptop handy, and I saw some hours posted for a post office on some island somewhere:
Hours: Weekdays from 10:00 AM to 12:30 PM Break from 11:00 AM to 11:30 AM ...stuff like that.
The frequency is high enough that banks in the US push it as a standard product, but I never said it was essential. I just listed a few reasons why you'd use it since you asked.
Wait, you actually *have* to pay Diners? With what? If you're talking about using funds from your checking account, then you definitely have a debit card attached to it that you can use anywhere. Now, if you're implying you lost the card or left it sitting on your kitchen counter back home, well, that’s a pretty extreme scenario—one that doesn't happen often. And who knows, maybe you left your phone at home or lost that, too. 😉 Or hey, maybe your phone just died. 😉
And honestly, I'm not even going to touch that joke (that picture you posted) as an argument for mobile banking. It just doesn't hold water.
Guys, everyone keeps bringing up these "once-in-a-blue-moon" situations that could easily be solved any other way—if people weren't being so lazy. What I actually want to hear about is how mobile banking fits into your everyday, routine life.