Money Issues

 I used to think the hard part is making the money needed to get some savings together. Well, yes, that was hard, too. But that's in the past, and accomplished, so it lost its teeth!

Now, the issue is: How the heck do I get the money from the US to Panama?

Here's a log of methods and paths I tried. If you don't care about this, skip to the bottom, where I'll describe the one method that finally worked...

1. Wise (formerly Transferwise) directly into my Panamanian account

I used Wise multiple times to transfer money from the US to Europe. It works excellently, is quick, and inexpensive! I paid an Austrian company for the replacement windows, a German freight forwarder for their transport, refunded some AirBnB guests their downpayment, sent money to my kids, and such.

Not wanting to support the international money-extorting scheme of the banks (called internationl wire-transfer), I tried to use Wise.

However, Wise doesn't support sending money to banks with a Panamanian SWFIT code. I guess they don't want to risk getting into trouble with the US authorities about potential money-laundering? Although, when there's a clear path of where the money comes from and goes to, it can't be money laundering. So, who knows what's going on!

2. Wise via intermediary bank

My Panamanian bank gave me a list of half a dozen connections they have with intermediary banks in the US and in Germany. 

So, next I tried a transfer using Wise, to send money to my bank's account at one of their intermediary banks. However, that money came back again three days later.

Conclusion: Wise is excellent for whatever countries they do support. But it's useless for Panama!

3. ACH transfer to intermediary bank

The US banks on the list also have ACH codes. ACH is a relatively new system in the US, which facilitates easy and quick money transfers from an account in one bank to an account at another bank. Similar to the "Ueberweisung" that is standard in Austria (and other European countries) for more than 1/2 a century.

So I tried to make an ACH transfer into the account of my bank (Banesco Panama) at their sister bank (Banesco USA), specifying myself as beneficiary and my Banesco Panama account # in the memo field. 

Well, that money came right back as well (3 days later).

I guess, they don't want to do this, because then they miss out on the 25$ wire fee they charge for doing that same work!

4. US check deposit

I could have tried to write out a US check and deposit that at my Panamanian bank. However, don't have any checks for my US accounts anymore. I never use them - this is the least secure method of payment, the easiest to forge, and as such totally outdated! So, I don't have any checks for my US account any more. And, if I had some, I wouldn't carry them with me on an international trip!

I'm thinking this method might work, though. I have paid my alimony/child-support to Austria like this for close to 30 years. So, at least, for "smaller" amounts this might work... I haven't tried it though...

5. ATM withdrawals

I had been using my US debit card at the Panamanian ATMs a few times since I arrived here. That is a very expensive option! The ATM charges 5.25$ per transaction. The US bank charges another 2.50$ for using an international ATM. And, the Panamanian ATM network does not give out more than 250$ per transaction!

Now, after having made 4 or 5 withdrawals, every ATM suddenly claims my "card is not enabled for this service". What the heck is that supposed to mean?

I checked with my US bank, and they have no trace of the ATM even trying to contact them!

Awesome! I have 14.87$ in cash. Aside of gringo restaurants and gas-stations credit-cards are rarely accepted and sometimes they add between 3 to 10% to the amount when using credit-card, versus paying in cash. My return flight is in roughly 2 months.

How am I going to buy food, or pay for buses, or anything else?

6. Online international wire transfer

Out of options, and in dire need to get funds here, so I can buy a car and don't have to rent a car any longer (another fraudulent system, here in Panama), I broke down and tried to make an international wire transfer.

Well, turns out, that my bank's online system only support domestic wire transfers! (Why, in the world, would anybody send a domestic wire, with all its cost, when there's ACH? It's beyond me!) They require me to call them on the phone!

Sure! No problem. Simply make an international call, sit in the waiting queue for 1/2 hour or more until you get to talk to somebody. Answer the same questions you could answer in the app. And finally get your funds on their way!

7. Initiate international wire by calling US number from overseas

Luckily, my friend and AirBnB host Kyle reminded me of Skype. I had used it 10+ years ago to stay in touch with US and Austrian friends and family while I was living in Tobago. It has a feature, where you can call any regular (land or mobile) phone number for a few cents per minute. Yeay! So I just added 5$ to my Skype Credit, which reinstated my long dormant account...

I finally was able to call my US bank, complain bitterly about them not giving me any other option (like WhatsApp) but require me to make an overseas call, and, to top it off, stick overseas calls into the same queue as domestic calls! After crying enough, I finally was able to get the international wire transfer initiated. Hurray!

By the time I was at the bank, just about 1 1/2 hours later, the funds were already in my account!

But, Oh what a difficult birth!!!