I was in Colombia for a month recently and got hit with some ugly charges for using my card (Chase bank) to get pesos from ATMs.

I'm hittin the road again in a few weeks, but I don't want to make the same mistake. Any advice on a good bank to use for traveling?

Open a Charles Schwab brokerage account. it's free and you get a free checking account with it. No exchange fees, market exchange rates, no ATM fees, works with every ATM in the world.

We're also discussing this in another thread. Check it out: http://www.rooshvforum.network/thread-6120.html

I also vouch for the Charles Schwab account. Been using it the past 8 months and am getting exchange rates very close to spot.

I used Bank of America last time I was abroad. Horrible horrible fees, shitty shitty phone support. Today I actually switched over to Capitol One. No international ATM fees, and I get "points" for every purchase I made on my card. I don't want to say that Capitol One is good just yet, but I've heard good things

Ditto with Schwab. I've been using it for the past 1.5 years abroad and I've never had a SINGLE problem in the roughly 40 countries I've used it. It's amazing, they even refund the ATM withdrawal fees some foreign banks charge in countries like Panama, Malaysia, and Thailand ($5 per ATM withdrawal there). And when my card expired they even sent me a new one in some fucked up country by Fedex (which must have cost them at least $80).

Quote: (08-24-2011 02:57 AM)nomadicdude Wrote:  

Ditto with Schwab. I've been using it for the past 1.5 years abroad and I've never had a SINGLE problem in the roughly 40 countries I've used it. It's amazing, they even refund the ATM withdrawal fees some foreign banks charge in countries like Panama, Malaysia, and Thailand ($5 per ATM withdrawal there). And when my card expired they even sent me a new one in some fucked up country by Fedex (which must have cost them at least $80).

Damn that's impressive. So Schwab the shiznit... Ok cool thanks fellas!

In case any of you live on the east coast, TD bank also offers amazing international exchange rate at the ATM. I'm in Europe right now and every ATM I used gave exact rates plus no ATM fees.

Problem is they are not a national bank yet so only popular in northeast and Florida: tdbank.com

The Schwab account looks awesome however, it's only open for US citizens/residents. Now a question to my canuck brothers in here: is there a similar account for us Canadians where you wouldn't be charged international ATM fees? I'm all ears guys!

Quote: (08-24-2011 07:07 PM)Vacancier Permanent Wrote:  

The Schwab account looks awesome however, it's only open for US citizens/residents. Now a question to my canuck brothers in here: is there a similar account for us Canadians where you wouldn't be charged international ATM fees? I'm all ears guys!

For Canucks who can maintain the $100-50k+ balance for HSBC Premier/HSBC Offshore, you can wrangle to not get any exchange fees (plus a whole host of other banking awesome).

For normal people, the closest I've found are credit unions and Desjardins at 1.8%. (Small Canadian banks are way more stable than American banks)

Do a google search for flyer guide debit card and hsbc offshore to see more details

Be glad your Canadian, yeah the shopping is usually shittier, but if you move away, you don't have to pay taxes like Americans do! (And not be treated like a banking pariah like americans / USA residents do.)

Every traveler should have a bank account so that you can keep your money safe. You can also transfer your money before your tour. If you're traveling around then, then best option for you to go with the bank which has most branches and ATM's so that you can use their ATM without paying big fees and for using other banks ATM's.

Quote: (08-25-2011 12:06 AM)ersatz Wrote:  

Be glad your Canadian, yeah the shopping is usually shittier, but if you move away, you don't have to pay taxes like Americans do!

Americans are exempted from most income taxes if they spend 11 months of the year abroad. It's a complex rule, but I used it last year and I plan on using it again this year.

This is a little off topic, but for the guys having issues with regular post mail, I suggest using something like Earth Class Mail. They open and scan your snail mail, and you have the option to shred it or have it forwarded to anywhere in the world. Earth Class Mail is expensive, it's at least $40 a month (not $20 like they want you to think when you sign up). I believe there are competitors, maybe some are cheaper.

Quote: (08-26-2011 10:05 PM)The Duke Wrote:  

Quote: (08-25-2011 12:06 AM)ersatz Wrote:  

Be glad your Canadian, yeah the shopping is usually shittier, but if you move away, you don't have to pay taxes like Americans do!

Americans are exempted from most income taxes if they spend 11 months of the year abroad. It's a complex rule, but I used it last year and I plan on using it again this year.

This is a little off topic, but for the guys having issues with regular post mail, I suggest using something like Earth Class Mail. They open and scan your snail mail, and you have the option to shred it or have it forwarded to anywhere in the world. Earth Class Mail is expensive, it's at least $40 a month (not $20 like they want you to think when you sign up). I believe there are competitors, maybe some are cheaper.

Duke -

"Americans are exempted from most income taxes if they spend 11 months of the year abroad."

Can you bust a thread on this?

Great tip on that mail service.

Quote: (08-26-2011 10:29 PM)thegmanifesto Wrote:  

Quote: (08-26-2011 10:05 PM)The Duke Wrote:  

Quote: (08-25-2011 12:06 AM)ersatz Wrote:  

Be glad your Canadian, yeah the shopping is usually shittier, but if you move away, you don't have to pay taxes like Americans do!

Americans are exempted from most income taxes if they spend 11 months of the year abroad. It's a complex rule, but I used it last year and I plan on using it again this year.

This is a little off topic, but for the guys having issues with regular post mail, I suggest using something like Earth Class Mail. They open and scan your snail mail, and you have the option to shred it or have it forwarded to anywhere in the world. Earth Class Mail is expensive, it's at least $40 a month (not $20 like they want you to think when you sign up). I believe there are competitors, maybe some are cheaper.

Duke -

"Americans are exempted from most income taxes if they spend 11 months of the year abroad."

Can you bust a thread on this?

Great tip on that mail service.

G, if I'm not mistaken you can earn up $91,000 tax free if you spend a certain amount of days outside the u.s. I have thought about doing this next year. If Duke knows more this would be some great information.

If you make more then that, or live somewhere else where the cost of living makes going over that wage easy then you have to deal with tons of BS, and possibly be double taxed. You'll have to fill FBARs and tax returns constantly even if you never step foot into the US again, and if you screw up even with small numbers (like forgetting about $4000 of interest over several years) the IRS can and does stack penalties in the multiples of $10'000 for very normal people, even if they had no tax liabilities. And then you have people who never lived in the US but have citizenship because they were born there, maybe lived there for a few months as a baby, maybe they were adopted by canadians or europeans, or their mother was american or whatever and find out your due 8 years of tax returns and FBAR reports for income you earned while living in another country and not realizing that you had to file a tax return to the USA, a place you never lived or had a job at.

Just look at this tax lawyers blog to see tar pit you can fall into:
hodgen dot com/phils-blog/
hodgen dot com/what-hath-god-wrought-fbar-edition/

TLDR: If your American and move out of the USA and never come back, still keep the fuck on top of your USA taxes.

Quote: (08-24-2011 07:07 PM)Vacancier Permanent Wrote:  

The Schwab account looks awesome however, it's only open for US citizens/residents. Now a question to my canuck brothers in here: is there a similar account for us Canadians where you wouldn't be charged international ATM fees? I'm all ears guys!

Hey Vacancier, I believe TD bank is actually Canadian..I've seen bunch of them while I was visiting Quebec City. See if they have a branch near you. Benefit from Charles Schwab account is that in addition to online banking, you also have access to a physical branch. They print you a debit card there as well, so no waiting for your card, this came real handy when I lost my card 2 days before heading to Europe.

Again they have no ATM fees or charge commission for taking money out of any international ATM. I tried it in Poland, Ukraine, Austria and Slovenia so far..and I could take out 10 euros or 400 euros, still the same awesome exchange rate. (They also can increase ATM limit too in case you need more dough for your trip)

Check it out.

Anyone know if a Charles Schwab account can be opened from overseas? Online or by phone?

Quote: (08-30-2011 04:23 AM)Beyond Borders Wrote:  

Anyone know if a Charles Schwab account can be opened from overseas? Online or by phone?

Yeah, I met a guy who opened it overseas. You should be able to do it online, but the card will only be sent to a US address unless you agree to pay like $80 for Fedex to send it overseas

Quote: (08-31-2011 04:22 AM)nomadicdude Wrote:  

Quote: (08-30-2011 04:23 AM)Beyond Borders Wrote:  

Anyone know if a Charles Schwab account can be opened from overseas? Online or by phone?

Yeah, I met a guy who opened it overseas. You should be able to do it online, but the card will only be sent to a US address unless you agree to pay like $80 for Fedex to send it overseas

Solid - good to hear that and I'm going to check it out.

cheers

Quote: (08-23-2011 06:58 PM)Tbone Wrote:  

I was in Colombia for a month recently and got hit with some ugly charges for using my card (Chase bank) to get pesos from ATMs.

I'm hittin the road again in a few weeks, but I don't want to make the same mistake. Any advice on a good bank to use for traveling?

Another great alternative, if you qualify (usually means you are or were in the US military...or even your parents), is USAA. Use their ATM card to get money overseas. They refund the ATM fees up to a certain amount each month (I think $15 or $20), and you don't get gouged on the exchange rate.

I have found that using a credit card to get cash (regardless of the issuing bank) is usually not the best option. For getting ATM cash with a credit card, you pay a small percent of the amount upfront, and then you get dinked on the "cash advance" APR they have.