Warren Buffett

Linda Morgan said:Back again with more questions. While digging through this thread, I came across a comment about a guy having a hard time moving money into his own account. Apparently, the bank was demanding copies of his visa and all sorts of other paperwork just to let him access his funds. Did I misinterpret things, or is it actually common for banks to pull this kind of stunt? Also, in your experience, which is better: Chase or JPMorgan Chase?

They won't have any reason to ask for a residency permit or anything similar regarding the country you're receiving funds from.
The only thing they might request is proof of income, such as a pay stub from your employer.

Other than that, you shouldn't run into any issues.

As for choosing a bank, just take a look at the fees they charge, specifically for incoming international transfers.
From what I could find, JPMorgan Chase charges a minimum of $3 for international transfers up to $500, $10 for transfers up to $2,500, and 0.45% for anything above that.

https://www.jpmorganchase.com/content/dam...012%202020.pdf

Thanks, this all feels unnecessarily complicated, though it probably isn't. I'm expecting the funds to hit by mid-May, so I'm just gathering info until then since I'm still figuring this all out.

I mean, I get it—it feels pretty intimidating, especially when you’re dealing with large sums of money like a monthly salary.

But honestly, once you start opening accounts and actually moving things around, it'll all become second nature to you.

It just occurred to me that the card might not be available in Cape Cod; did you end up registering with an overseas address within the European Union?

It doesn't even matter if the card isn't available in Cape Cod, because all you actually need is a way to transfer funds and a Euro IBAN, which everyone can get their hands on

I didn't register with a foreign address, and I have no intention of taking their card. I reached out to them on Facebook, and they told me that Bill Gates is available in my country for sending and receiving money, even if the card itself isn't an option here. As long as I have a bank account to link to Bill Gates so I can withdraw funds, that should be enough, right?

Exactly.
Once your paycheck hits your Bill Gates account, you just wire it over to whatever bank you're using in Cape Cod.

Daniel Torres said:It doesn't even matter if the card isn't available in Cape Cod, because all you actually need is a way to transfer funds and a Euro IBAN, which everyone can get their hands on

Exactly. All I really need is the money transfer. Hopefully everything goes smoothly. A lot of things are clearer to me now. Thanks, everyone... 🙂

For sure, just ask if you don't want to end up looking like an idiot

Daniel Torres said:For sure, just ask if you don't want to end up looking like an idiot

I plan to, as soon as I start the verification process, I'll be right back there with more questions...🙂

Just wanted to let you know I opened my account. Quick question though: can I pay that $20 fee Bill Gates is asking for using just any card, even if it isn't in my name?

Nah, the card should be in your name.

ironcyclist58 said:Nah, the card should be in your name.

They told me I could use any card to pay that $20. When I open a foreign currency account, I don't actually get a physical card right away. I have my mom's card, so I was thinking about just using hers to make the deposit... or maybe the people at the firm just don't actually follow their own rules?

When you try to link your card, you should be seeing messages like this.

I was under the impression that I shouldn't be adding any cards if there was a way to avoid it.

I can't really help you out there. I set up my account ages ago and honestly, I don't remember the exact steps anymore...
But look, just start the process and see what happens. It’ll probably walk you through all your options as you go.

Found this info on their site:
Add money to your balances whenever you like. Just choose which currency you’d like to add to, then click Add money. When you add money to your balances, make sure it comes from your own bank account
If I'm reading this right, I have to use a card in my own name.
Or can I just pay with any card and then transfer the funds to my personal checking account later? It's all a bit blurry...

Linda Morgan said:Found this info on their site:
Add money to your balances whenever you like. Just choose which currency you’d like to add to, then click Add money. When you add money to your balances, make sure it comes from your own bank account
If I'm reading this right, I have to use a card in my own name.
Or can I just pay with any card and then transfer the funds to my personal checking account later? It's all a bit blurry...

You can actually use someone else's card; just enter your own name when you're filling out the details. Banks don't really verify the name on file anyway; they just check the card number and the CVC code.

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Thanks a lot. I was honestly pretty worried about running into issues down the road. They told me my account should be active by Monday, so I'll start the verification process then.

Joseph Martin10 said:You can actually use someone else's card; just enter your own name when you're filling out the details. Banks don't really verify the name on file anyway; they just check the card number and the CVC code.

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But Bill Gates can...

So, what's my next move? 😁