# BoA US and Santander - Safe Send



## ABCinATL

I have an account in the US with Bank of America and know about the Safe Send program.

I just have one question - on the BoA FAQs it mentions that, "Santander customers can have cash transferred directly into their accounts."

I do have a Santander account in Mexico so I am curious if anyone from the Forum has done this? 

I am planning to be NOB in a few weeks and plan on taking my folder with Santander account paperwork with me, but I am curious (A) what you have to have to set it up and (B) how it works when you do the safe send transaction to your own Santander bank account?

Thanks for the help!
ABC


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## Isla Verde

ABCinATL said:


> I have an account in the US with Bank of America and know about the Safe Send program.
> 
> I just have one question - on the BoA FAQs it mentions that, "Santander customers can have cash transferred directly into their accounts."
> 
> I do have a Santander account in Mexico so I am curious if anyone from the Forum has done this?
> 
> I am planning to be NOB in a few weeks and plan on taking my folder with Santander account paperwork with me, but I am curious (A) what you have to have to set it up and (B) how it works when you do the safe send transaction to your own Santander bank account?
> 
> Thanks for the help!
> ABC


I have a BOA account (for direct deposit of my US pension checks) and have had money deposited into this account from the States by third parties. I can access the money in my BOA account through any Santander ATM in Mexico. I also have a Santander account here and have had deposits made to it by third parties for work I have done for them. Is this what you are asking about?


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## ABCinATL

Hi Isla Verde, thanks for your reply.

What you are describing is not exactly what I am asking about.

Bank of America has a program called Safe Send. You can use Safe Send to send up to $3000 USD per month from your US BoA account to anyone in Mexico with no fees on either end. The person in Mexico goes to a bank with their ID and a confirmation code to get the money the same day.

The BoA site said that if the receiver has a Santander account, the money can be deposited electronically into the Santander account in Mexico instead of having to physically show up at the bank and receive cash.

Since I have accounts on both ends, I was hoping to set it up this way.

I was curious if anyone else on the Forum had set up Safe Send this way.

Thanks for your reply.

ABC


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## Isla Verde

ABCinATL said:


> Hi Isla Verde, thanks for your reply.
> 
> What you are describing is not exactly what I am asking about.
> 
> Bank of America has a program called Safe Send. You can use Safe Send to send up to $3000 USD per month from your US BoA account to anyone in Mexico with no fees on either end. The person in Mexico goes to a bank with their ID and a confirmation code to get the money the same day.
> 
> The BoA site said that if the receiver has a Santander account, the money can be deposited electronically into the Santander account in Mexico instead of having to physically show up at the bank and receive cash.
> 
> Since I have accounts on both ends, I was hoping to set it up this way.
> 
> I was curious if anyone else on the Forum had set up Safe Send this way.
> 
> Thanks for your reply.
> 
> ABC


You're welcome. Sorry my reply wasn't what you were looking for. I've never heard of Safe Send, but then I have no need of a service that lets me send money to someone in Mexico. I'd prefer to have people send money to me instead!


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## Ken Wood

Hi ABC, I cannot answer your question, but I can add one of my own. Do you know what kind of exchange rate Safe Send hits you with? The ATM is the best method I have found from the rate perspective, but for large sums, ATM's quickly become inefficient, and to reach the magic mininum where banks treat you decently on the exchange, you have to transfer a small fortune. 
I'm not suggesting you go to the ATM's, I'm suggesting that I might go to Safe Send  Thanks


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## ABCinATL

Hey Ken,

I was planning on doing a little experiment sometime soon by doing a SafeSend transaction and also doing an ATM withdrawl at the same time so I could compare the exchange rates to see how badly you are hit on the rate for Safe Send (if at all).

I used Safe Send once or twice before and was pleased with the rate, it did not seem to be much outside of the going rate for the day. This was about 1.5 years ago, though.

In my experience avoiding the fees charged on both ends for the international transfers would probably make it worthwile to use SafeSend - I just hope to confirm it for myself sometime.

If I am able to do my test soon I will let you know.

Thanks
Angie


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## joaquinx

Ken Wood said:


> Hi ABC, I cannot answer your question, but I can add one of my own. Do you know what kind of exchange rate Safe Send hits you with? The ATM is the best method I have found from the rate perspective, but for large sums, ATM's quickly become inefficient, and to reach the magic mininum where banks treat you decently on the exchange, you have to transfer a small fortune.
> I'm not suggesting you go to the ATM's, I'm suggesting that I might go to Safe Send  Thanks


A few weeks ago when the ATM rate was around 12.60, I withdrew some funds and the exchange rate was a few cents below 12.60. Just for the fun of it, I went to the BofA site and queried on the exchange rate of a wire transfer. Now, you have to pay 35 or 45 usd for the transfer depending on the speed you want, however, the exchange rate was around 12.20. Ouch! I believe that SafeSend would have an exchange rate of a wire transfer. 

I knew of only one person who opted for SafeSend, but I never found out the rate he was charged.


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## ABCinATL

Yeah I will have to do the math on both scenarios. 

The issue I have is the amounts I need to send on a regular basis from the US to Mexico far exceed what is reasonable to withdraw from an ATM unless I make daily trips. 

Even then, once you hit the x pesos cash deposit amount they start charging a tax to deposit cash in your Mexican account (I cannot do all of my daily living transactions in cash here in Mexico, need to do some things online).

I think also in addition to the BoA fee they might charge an incoming fee on the Mexican account side to receive the money into the bank account. So you have to account for both sides' fees vs the hit on the rate from SafeSend.

I know when I send money from Mexico to the US, BoA charges a fee to receive the money...it is so great getting hit on both sides of the transaction 

If I get to do the test I will let you guys know.

ABC


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## grotton

*Safesend*



ABCinATL said:


> Hi Isla Verde, thanks for your reply.
> 
> What you are describing is not exactly what I am asking about.
> 
> Bank of America has a program called Safe Send. You can use Safe Send to send up to $3000 USD per month from your US BoA account to anyone in Mexico with no fees on either end. The person in Mexico goes to a bank with their ID and a confirmation code to get the money the same day.
> 
> The BoA site said that if the receiver has a Santander account, the money can be deposited electronically into the Santander account in Mexico instead of having to physically show up at the bank and receive cash.
> 
> Since I have accounts on both ends, I was hoping to set it up this way.
> 
> I was curious if anyone else on the Forum had set up Safe Send this way.
> 
> 
> 
> 
> Thanks for your reply.
> 
> ABC


I am familiar with safesend Mexico but provide the caveat that I haven't set it up yet. To set up a safesend Mexico you need to go into a branch of BofA and provide information about the person who is to receive the money in Mexico. You must provide the name of the recipient, address, and if you want the money deposited into a Santander account, the account number. It is not necessary with Safesend to have an account at Santander, you can arrange to have the money sent to Santander and it can be picked up by the recipient after they provide two valid forms of identification. It can be picked up at any Santander in the country. It is very important that the name of the recipient appears exactly the same on their two pieces of identification as how it was provided to BofA when you set up the safesend relationship. Finally, after you have set up the safesend relationship, in person at a branch of BofA, money can be sent by making a phone call to BofA customer service and requesting it. Request to be put through to Safesend Mexico and they will connect you to a representative who handles these transactions. He will speak to you in Spanish initially but don't worry, he also speaks English if you prefer. 

More details. You can transfer up to $3000.00/month in as many as three transfers. There are no fees or conversion commissions with these transactions. Safesend Mexico is different then just safesend which you can set up through your online banking. 

Hope this information is helpful.

Regards,

G


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## Souper

On Thursday, the 17th I did a safesend from BofA to Banorte, the exchange rate was 13.00. I did not send to an account at Banorte, only for pickup.


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## grotton

I did my first SafeSend Mexico today, April 23, and the exchange rate was 12.95. No additional fees or deductions were made from the transfer amount (including no wire fees at either end.) Pretty slick. I asked at the BofA branch how the bank makes money of the transactions and they said they did not. The service is offered to attract Mexican customers to their bank.


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## Ken Wood

grotton said:


> I did my first SafeSend Mexico today, April 23, and the exchange rate was 12.95. No additional fees or deductions were made from the transfer amount (including no wire fees at either end.) Pretty slick. I asked at the BofA branch how the bank makes money of the transactions and they said they did not. The service is offered to attract Mexican customers to their bank.


Thanks for sharing...


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## Sisalena

When I first moved here 6 years ago, I used SafeSend because I was paying out a lot for renovations to my house. I had set it up when I first opened my BOA account before leaving the States. In fact, it's the main reason that I opened a BOA account in the first place! I haven't used it in years, but after the recent fiasco with my debit card being "cloned", I'm thinking about using it again. Please keep us informed about what you find out about the transfer to a Santander bank account, as I have one also, and would be interested in doing that as well.


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## grotton

Sisalena said:


> When I first moved here 6 years ago, I used SafeSend because I was paying out a lot for renovations to my house. I had set it up when I first opened my BOA account before leaving the States. In fact, it's the main reason that I opened a BOA account in the first place! I haven't used it in years, but after the recent fiasco with my debit card being "cloned", I'm thinking about using it again. Please keep us informed about what you find out about the transfer to a Santander bank account, as I have one also, and would be interested in doing that as well.


As I stated above, we just sent the money to a Santander bank for pick-up, not to an actual account. The representatives at BofA said it was equally easy to send it to a specific account after providing the account number. The only problem I can for see for you is that setting up a new SafeSend relationship has to occur in person and a Bank of America.


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## Sisalena

grotton said:


> As I stated above, we just sent the money to a Santander bank for pick-up, not to an actual account. The representatives at BofA said it was equally easy to send it to a specific account after providing the account number. The only problem I can for see for you is that setting up a new SafeSend relationship has to occur in person and a Bank of America.


Yes, I know that, which is why I set it up before I ever moved here, so I have that feature on my BOA account already. I used to go into the Santander bank and get the money, but then started just using the ATM instead. But since I already have "safe send" option on BOA and I already have a Santander bank account, hopefully it should be an easy thing to set up. The most difficult thing about SafeSend is getting through to a person at BOA who even knows what it is, and can make the transfer. What number do you use when you call them?


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## ABCinATL

I did a transfer yesterday and got a rate of 12.80.

I setup to do deposits directly into santander accounts. they need the CLAVE code from your bank account (a really long code).

To setup the beneficiaries you have to go to the branch in the USA. Now I will not have to go to the bank to receive the money, it will go directly to my account in Santander in Mexico.

To initiate a safe send you just call the normal 800 number for the bank - same one to check balances, etc, but there is a safe send option buried somewhere in the menu.

TIP i got from another expat board - when you are setting up an American, you should set it up this way to avoid issues picking up on the other end:
First name: first name 
Middle name: optional, skip
PATERNAL last name: use your middle name here
MATERNAL last name: use your last name here

This is so that when they look at your ID it will match what the safe send transaction has. BoA would not let you leave the first, paternal or maternal names blank.

I just went to my santander account and do not see the money yet though, does anyone know how fast it posts when you do the direct deposit into santander?

Thanks
abc


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## Isla Verde

ABCinATL said:


> I setup to do deposits directly into santander accounts. they need the CLAVE code from your bank account (a really long code).


Actually that's CLA*B*E. I have no idea what it stands for though.


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## fjack1415

*BOA to Santander via Safesend*



ABCinATL said:


> I have an account in the US with Bank of America and know about the Safe Send program.
> 
> I just have one question - on the BoA FAQs it mentions that, "Santander customers can have cash transferred directly into their accounts."
> 
> I do have a Santander account in Mexico so I am curious if anyone from the Forum has done this?
> 
> I am planning to be NOB in a few weeks and plan on taking my folder with Santander account paperwork with me, but I am curious (A) what you have to have to set it up and (B) how it works when you do the safe send transaction to your own Santander bank account?
> 
> Thanks for the help!
> ABC



*BOA* has the *SafeSend program *available for three banks in Mexico, I believe, Santander being one of them. I have been using *SafeSend BOA ==> Santander* with no problems for over two years, and recommend using it. I applied for Safesend at the BOA branch near my house in N. Virginia and just supplied the CLABE number for my Santander account in Puerto Vallarta. Usually the transaction goes through in a matter of one or two days, which is quite good. If you simply wire the money from BOA you will need a token to do this on line. To use Safesend, I call BOA and go through a few hoops to get to an operator who can handle the SafeSend (keep punching zeros!). The operator is always Spanish speaking, but usually speaks English as well. The charge is about 2.5% I believe, based on comparison of the peso amount transfered compared the posted (eg *Xe trade)* exchange rates. As you noted you are limited to transferring $3000 USD per month and no more than $1500 per transfer. 

Recently, I set up a *Mexican Paypal* account so that I can send money from my US PayPal account to my Mexican PayPal account. BUT BEWARE, PAYPAL WILL BE CHARGING 3.5 PERCENT BEFORE THE END OF THE MONTH AND ALSO THEY HAVE BEEN ACCUSED OF CAPRICIOUSLY FREEZING ACCOUNTS FOR VERY LONG PERIODS OF TIME. Paypal has no posted limits but I am leary of putting too much in a transfer, never over $2000. Also note that to get your money out of your Mexican PayPal account YOU WILL NEED TO VERIFY YOUR BANK INFO BY HAVING A CREDIT CARD WITH SANTANDER, not just a debit card. Fortunately I had just gotten my FM-2 Visa so I was able to get a Santander CC and get my money out of my Mexican Paypal! A complete Paypal transaction will take about 10 days (the time in going from bank1 to kitty1 and kitty2 to bank2, not in going from PayPal kitty1 to kitty2, which is instantaneous) assuming they decide not to sequester your money! 

*In sum, I RECOMMEND YOU GO AHEAD WITH SETTING UP A BOA SafeSend*. [ :clap2:

PS When you return to Mexico be sure you can supply some identity info to the Safesend operator like your BOA debit card number, home address, state driver´s lic. etc.


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## fjack1415

joaquinx said:


> A few weeks ago when the ATM rate was around 12.60, I withdrew some funds and the exchange rate was a few cents below 12.60. Just for the fun of it, I went to the BofA site and queried on the exchange rate of a wire transfer. Now, you have to pay 35 or 45 usd for the transfer depending on the speed you want, however, the exchange rate was around 12.20. Ouch! I believe that SafeSend would have an exchange rate of a wire transfer.
> 
> I knew of only one person who opted for SafeSend, but I never found out the rate he was charged.


The SafeSend charge is about 2.5% based on my comparison of my transfers with posted *Xe trade *exchange rates. I forget the wire transfer charges. But to do a wire transfer on line one with BOA one now needs an electronic token, and that may run you about $45. I do not believe there are limits on the wire transfer amounts, while SafeSend limits you to no more than $3000 USD per month.


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## joaquinx

fjack1415 said:


> Recently, I set up a *Mexican Paypal* account so that I can send money from my US PayPal account to my Mexican PayPal account.


Interesting statement. I opened a PayPal account while here in Mexico and added not only my Mexican bank to it but also my US bank. Having both banks on one account permitted me to transfer funds without having *two* PayPal accounts. 

Just a note: I checked on BofA's wire transfer this morning. While the exchange rate this morning is 12.96, the wire transfer is 12.44. Adding a 35 or 45 usd fee will make this an expensive way to transfer money, but it only takes a day to make a bank to bank transfer.


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## fjack1415

joaquinx said:


> Interesting statement. I opened a PayPal account while here in Mexico and added not only my Mexican bank to it but also my US bank. Having both banks on one account permitted me to transfer funds without having *two* PayPal accounts.
> 
> Just a note: I checked on BofA's wire transfer this morning. While the exchange rate this morning is 12.96, the wire transfer is 12.44. Adding a 35 or 45 usd fee will make this an expensive way to transfer money, but it only takes a day to make a bank to bank transfer.


That's very intresting that you did it with one PayPal account. I was really fishing on how to do the transfer. And almost screwed up royally with having my money stuck in the Mexican account after a PayPal help desk person advised me that I could proceed with the transfer no problem. But I needed to validate my Mexican bank account by having a cretdit card with the bank. Lucky I had an FM-2 and could do this! But now that PayPal is raising its rate to 3.5% I may stop using PayPal for money transfers! :spit:

Yes also on the wire transfers, now that you have jogged my memory. Fee plus percentage cut. That is why SafeSend is pretty good, just the 2.5% cut, no fee.


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## fjack1415

fjack1415 said:


> That's very intresting that you did it with one PayPal account. I was really fishing on how to do the transfer. And almost screwed up royally with having my money stuck in the Mexican account after a PayPal help desk person advised me that I could proceed with the transfer no problem. But I needed to validate my Mexican bank account by having a cretdit card with the bank. Lucky I had an FM-2 and could do this! But now that PayPal is raising its rate to 3.5% I may stop using PayPal for money transfers! :spit:
> 
> Yes also on the wire transfers, now that you have jogged my memory. Fee plus percentage cut. That is why SafeSend is pretty good, just the approximately 2.5% cut, no fee.


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## fjack1415

BOA's Safesend has been terminated. PayPal has raised their cut to 3.5% of the trade and so is prohibitively expensive. (See also the F*** PayPal Web site for more reasons on to use PayPal for money transfers). I now use my BOA debit card for ready cash at Santander ATMS with no ATM fees and a transfer to pesos at the going (eg X*e*) exchange rate. Talking to a friend today, he says he gets a better rate using his CREDIT card over his ATM/debit card. For bank to bank transfers I am now using *Xoom*,. *Xoom* is really fast (one day) and cheap (1.5%). So between the BOA-Santander zero cost cash withdrawals and the low percentage Xoom transfers I am pretty satisfied at present.


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