We've transferred money to Colombia for gifts and financial assistance a handful of times the last few years through Western Union type services, which cause quite a bit in fees.
Last time it cost us $538 to send $500.
I had an idea and tried googling it, but apparently can't seem to come up with the correct search terms. I know that when I use a debit card down there at an atm machine, there are no fees from my bank, and the conversion rate is pretty much spot on. Is it legal for a non-resident to be a co-owner of a bank account in the US? My idea was I put the money in the account when needed, and my father-in-law could then use a debit card to withdraw it in Colombia. Is this a good way to do it, or is there a much easier, cheaper way to send money internationally?
I know several people on here regularly send money overseas, so am hoping for a good solution.
Thanks all.