Dec. 27...I used my Schwab ATM card at Banco Santander Rio Banelco (AB). Extracted maximum allowed amount per transaction of AR$2400. Foreign fee...AR$185.50.
Used it minutes later at Banco Ciudad (LINK) for another AR$2400.00. Foreign fee....AR$111.30. A difference of AR$74.20. Either way Schwab will reimburse my account at the end of the month
Follow-up on my previous post.... Dec 28....did an ATM withdrawal of AR$2400 at Banco Ciudad. The fee charged was AR$112.20. So currently, the RED LINK foreign transaction fee is significantly lower than the one levied by RED BANELCO.
Those using foreign debit cards at Banelco are going to pay the withdrawal fees. We all know they are excessive, but we have to pay them. The banks are international and charge what the market will bear.
Citibank is headquartered in New York, New York
HSBC is headquartered in London, England
Santander Rio is in Spain
Banks are in business to make money, and lots of it. I remember the days when I had an account with a Savings and Loan. The big banks put them out of business.
I have my money in a credit union in the USA since 1984, and use XOOM for money transfers.
minor point....they don't charge what the market will bear....they charge what they are allowed to get away with, and that becomes the market.....here in AR, abuse is not challenged...if you recall, a few years ago customer fees were excessive in the US and the regulators stepped in when it became abusive...with the new bills in AR they could increase the withdrawal amount considerably and still make money.....but since the are not held accountable, they just shrug, dispense less, and charge more.....I thank God, Yahwe, Buddah, et al. for internet banking....I get the quoted daily conversion for charges and debits, and then get cash transferred once a month via Xoom for tips and purchases that require cash (at a very nominal fee)....Argentine banks are completely out of my loop....I have nothing but sympathy for locals that don't have that choice .
zensailor - I AGREE...with the new bills in AR they could increase the withdrawal amount considerably and still make money.....but since the are not held accountable, they just shrug, dispense less, and charge more.....
.....I have nothing but sympathy for locals that don't have that choice. Locals do not have to pay a bank transaction fee when withdrawing pesos from a local ATM if they are using an ARG debit/cc. Although some local banks only allow a certain number of ATM withdrawals per month and over that number may incur a charge. It depends on the type of account.