I live in Venezuela. How can my parents in the U.S send money to me without paying high fees? We have a Citibank here, maybe i could open an account and my parents could deposit there?
We want to avoid services like Western Union since they charge too much. What are my options?
Thanks in advance
2007-02-06 13:00:25 · 5 answers · asked by Francisco L 1 in Business & Finance ➔ Personal Finance
(New over here, surprised to see so many answers in so little time, this service is pretty good)
The problem is that in Venezuela you can't exchange U.S dollars easily since the goverment controls incoming/outgoing dollars to avoid a massive capital leak.
I don't know if actually opening the account in Citibank would work because of this restriction, but i guess i should call them up and try. Since i provided my own answer, i don't know what do do about selecting the best answer, but i will choose the one that mentioned the TT expense.
Thanks!
2007-02-06 14:06:57 · update #1
Oh, i forgot. I understand that i can't withdraw money on Venezuela with paypal, maybe if i had the account.
About the credit card suggestion. That used to work here before the current president arrived, but since the currency block applied we can't use our credit cards outside our country unless we make a request to the goverment, which limits the usage to 4000$ a year.
2007-02-06 14:09:14 · update #2
Open a Citibank account and get an ATM card if you can.
Get your parents to deposit money into your account.
Withdraw as you wish.
The costs would be Telegraphic Transfer (TT) and a little lost in the currency change - but you get the latter with all transfers.
The beauty of this is that it is safe and easy!
2007-02-06 13:08:48 · answer #1 · answered by Biz Guru 5 · 0⤊ 0⤋
An easy approach is to use a check card or credit card and get cash at an ATM. I've used that approach several times in Europe and it's always worked. Be aware though that the transaction will be flagged if you move a lot of money (this means don't do anything illegal)
2007-02-06 13:05:14 · answer #2 · answered by John 4 · 0⤊ 0⤋
open an account with citibank, they deposit in the US, you withdraw in Venezuela... you even have the option to withdraw in US dollars if you want...
2007-02-06 13:04:22 · answer #3 · answered by Clive Roland 5 · 0⤊ 0⤋
I think that you have answered you own question, by having them deposit it into your account from their bank.
2007-02-06 13:12:25 · answer #4 · answered by Kathleen J 2 · 0⤊ 0⤋
You might look into PayPal. They charge too though.
2007-02-06 13:04:46 · answer #5 · answered by grasshopper 6 · 0⤊ 0⤋