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mrfatboy
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Posts: 478
Registered: 4-17-2008
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| Quote: | Originally posted by Bob H
This is very good information Doug! Thank you....
When opening a Schwab High Yield Investor Checking account you must also open a Schwab Brokerage Account (if you do not already have one), but there
are no fees and no required minimum balances in either account.
If Audrey and I would have had this years ago we would have saved a ton on transaction fees during our extensive travels over the last 25 years... !!!
And, all of the ATM cash withdrawal fees while Audrey is flying internationally for American Airlines... wow! |
Yes. I made the same mistake years ago also. Now with a CS ATM and my British air visa (no fees) I'm covered.
Btw. If you open your CS ATM as a joint account each card has a separate number so if on card gets compromised you can cancel it while still be able
to use the other. Plus you get double withdrawal power.
You can also use CS smartphone app to quickly transfer more money into your ATM account if need be. I do it this way as not to expose my normal
checking account.
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mtgoat666
Select Nomad
Posts: 18141
Registered: 9-16-2006
Location: San Diego
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Mood: Hot n spicy
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| Quote: | Originally posted by mrfatboy
| Quote: | Originally posted by Bob H
This is very good information Doug! Thank you....
When opening a Schwab High Yield Investor Checking account you must also open a Schwab Brokerage Account (if you do not already have one), but there
are no fees and no required minimum balances in either account.
If Audrey and I would have had this years ago we would have saved a ton on transaction fees during our extensive travels over the last 25 years... !!!
And, all of the ATM cash withdrawal fees while Audrey is flying internationally for American Airlines... wow! |
Yes. I made the same mistake years ago also. Now with a CS ATM and my British air visa (no fees) I'm covered.
Btw. If you open your CS ATM as a joint account each card has a separate number so if on card gets compromised you can cancel it while still be able
to use the other. Plus you get double withdrawal power.
You can also use CS smartphone app to quickly transfer more money into your ATM account if need be. I do it this way as not to expose my normal
checking account. |
Try Fidelity too. No fee ATM, free visa and Amex with cash back. Also good cheap index funds. And a brick/mortar in most major metros
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Bob H
Elite Nomad
Posts: 5867
Registered: 8-19-2003
Location: San Diego
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| Quote: | Originally posted by BajaNomad
| Quote: | Originally posted by Bob H
Oh, Looks like Fidelity has the same thing. |
A couple of the links I posted note that Charles Schwab doesn’t have a foreign transaction fee, whereas Fidelity charges 1.00% of the withdrawal
amount.
The link you posted has this in the fine print:
"Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your
account." |
My main concern is fees for drawing out foreign money from ATM's.... I don't think Fidelity charges a fee for this....
The SAME boiling water that softens the potato hardens the egg. It's about what you are made of NOT the circumstance.
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oio14644
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How do you know that there is no foreign transaction fee? I cannot find any such information on their website.
http://www.schwab.com/public/schwab/banking_lending/checking...
| Quote: | Originally posted by BajaNomad
I've seen passing references to it posted here in the past couple of years, but nobody's really pointed out that Schwab has an ATM/debit card with no
ATM fees (they're refunded actually), and no foreign transaction/conversion fees.
If you're USA-based, and traveling internationally, many consider this the very best way to get cash while on-the-road.
Anyone else have any experience with this?
| Quote: | The Schwab Bank Visa Platinum Debit Card is a traveler's dream come true. It's an ATM and debit card, which means you can withdraw cash at ATMs
worldwide and use it at retail establishments and other merchants who accept Visa. While credit cards are more ideal, the debit card's elimination of
conversion fees makes it a great choice for foreign travelers. This card offers unlimited ATM fee rebates worldwide and no conversion fees on
purchases or cash withdrawals. The card is automatically issued with a Schwab High Yield Investor Checking account. With this card, you actually have
more purchasing power, because you pay no transaction fees, and your foreign purchases will cost no more than if you never left the country. It's
accepted at any ATM machine with a Visa logo with Interlink or Plus networks.
http://www.jlfwealth.com/tips/special_situations/internation...
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| Quote: | Once you open the Schwab Bank High Yield Investor Checking account, there's no monthly service fee, no currency exchange fee when using ATMs overseas
and no minimum balance requirement. Plus, it pays a 0.25% yield. Schwab will also let you use any ATM at zero charge and offers unlimited ATM fee
rebates for the fees other banks charge.
http://money.cnn.com/galleries/2011/pf/1101/gallery.least_ev...
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http://www.travelbypoints.com/2012/08/21/charles-schwab-atm-...
http://www.vagabondjourney.com/best-banks-for-world-traveler...
http://www.schwab.com/public/schwab/banking_lending/checking... |
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mrfatboy
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Posts: 478
Registered: 4-17-2008
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I use my CS ATM card all the time in other countries. No foreign transaction fees. Call them.
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BajaNomad
Super Administrator
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Registered: 8-1-2002
Location: San Diego, CA
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https://www.google.com/search?q=Schwab+Bank+High+Yield+Inves...
"TD Bank, Charles Schwab and Capital One 360 are some of the few banks that don't charge any foreign transaction fees":
http://money.usnews.com/money/blogs/my-money/2013/07/17/Save...
When I was young, I admired clever people. Now that I am old, I admire kind people.
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We know we must go back if we live, and we don`t know why.
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Affordable Domain Name Registration/Management & cPanel Web Hosting:
https://www.regionalinternet.com |
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Hook
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Posts: 9009
Registered: 3-13-2004
Location: Sonora
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| Quote: |
After reading those same posts on this site I opened a Schwab banking account a few months ago to avoid the ever increasing fees charged by both
Mexican banks dispensing cash and BOA.
I did it from Mexico and the only way, or at least the easiest way, to do it was to open a brokerage account at CS, which can be done online, as well
as the new bank account. Then arrange, also online, for transfer of funds from BOA to the new Schwab brokerage account. Funds can then be moved
online from the brokerage account to the CS bank account.
There is no minimum balance that must be maintained.
Initial daily limit on debit card withdrawals is 10,000 pesos.
The CS debit card also acts as a credit card.
Interest accrues on the monthly balances in both the bank and brokerage accounts.
It works like a charm. I should have done it ten years ago. |
Well, I think it's time to revisit this post, given the recent introduction of the 3% transaction fee from B of A.
Bill, I understand the ease of opening a Schwab account on line and transferring money into it online............but how did you take possession of
your ATM card down here?
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Hook
Elite Nomad
Posts: 9009
Registered: 3-13-2004
Location: Sonora
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Bump.
I am gonna try this but might run afoul of the Patriot Act as we only have a PMB in the States anymore. We have been blocked from opening financial
accounts in the past due to this partially misguided Act.
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