Banking tips

[sesamosinsal]

Charles Schwab refunds your ATM fees ? Even the transaction fees imposed by the Argentinian banks ?

Yes. Schwab doesn't charge you for using any foreign or domestic ATMs. They also will refund fees charged to you by other foreign or domestic banks.

 

[AlexfromLA]

Looks like i'll be opening an account soon . Thanks alot. I had no idea.

 

[billsfan]

Yes. Schwab doesn't charge you for using any foreign or domestic ATMs. They also will refund fees charged to you by other foreign or domestic banks.

Do I need to be american to open an account with them? What are the requirements?
Thanks.

 

[sesamosinsal]

Do I need to be american to open an account with them? What are the requirements?
Thanks.

I'm not too familiar with the process of opening up a bank account for non-U.S. residents. However, at the very least, you would need a social security number (our DNI), I believe. I'm afraid if you don't have that, then you can't open an account.

I also know that after 9/11, new regulations made the process of opening up an account in the U.S. quite difficult for non-residents.

Perhaps someone has better info. You could also give Schwab a call, perhaps?

 

[mini]

Do I need to be american to open an account with them? What are the requirements?
Thanks.

You don't need to be American but you do need to be resident in the US.

The account you want is the Charles Schwab brokerage account with checking. The other ones have a limit of fees they refund.

So, John et al, it's best to set up this account before you leave the US.

http://www.schwab.com/public/schwab/home/account_types?cmsid=P-986308&lvl1=home&lvl2=account_types&

 

[TarHeelBluze]

Thanks very much. Very helpful.

 

[davonz]

Wizard (from AU) did have transaction free fees for withdrawals from overseas ATMs, but this maybe have changed.. Other aussie banks charge $5 per transaction, plus there is the visa charge of a couple of dollars, then there is the local withdrawal fee which i think is around 12 peso - cant remember, as i got pissed off with paying all the fees and ended up just bringing cash and travellers chqs, and then when i go somewhere else i stock up again on US$ or euros and travellers chqs.
The daily limit on withdrawals is 300 peso, but some people have told me that at some ATMS it can be 1000 peso, and if you have a citi card can withdraw 2000 or more from citi ATM.. but i have only ever been able to withdraw a max of 300 with my commonwealth bank ATM card..

 

[sharron8]

I just spoke to HSBC in AU - they say the banking regulations in Argentina are very strict...so I can't really open an account in AU and then one in Argentina and transact without incurring fees. Is there a fee involved in exchanging Travellers Cheques? can someone please tell me the Peso value. Also spoke to ANZ Bank, they mentioned a Travel card where I basically top up with my own money and it can be used as a Visa Debit card as well as used to withdraw money. It locks in the exchange rate at the time of purchase and it saves me 3% on every transaction and the transaction fee is $US2.20 as opposed to $AUD5.00. This might be the only viable option for me as I am not a US resident hence can't qualify for the Schwab account. Whichever way you look at it, there doesnt appear to be an option for fee free transactions- except carrying cash but as I am coming for 12 months its will not be possible to carry more than USD$10,000 into the country.... gees this is really frustrating

 

[qwerty]

I just spoke to HSBC in AU - they say the banking regulations in Argentina are very strict...so I can't really open an account in AU and then one in Argentina and transact without incurring fees. Is there a fee involved in exchanging Travellers Cheques? can someone please tell me the Peso value. Also spoke to ANZ Bank, they mentioned a Travel card where I basically top up with my own money and it can be used as a Visa Debit card as well as used to withdraw money. It locks in the exchange rate at the time of purchase and it saves me 3% on every transaction and the transaction fee is $US2.20 as opposed to $AUD5.00. This might be the only viable option for me as I am not a US resident hence can't qualify for the Schwab account. Whichever way you look at it, there doesnt appear to be an option for fee free transactions- except carrying cash but as I am coming for 12 months its will not be possible to carry more than USD$10,000 into the country.... gees this is really frustrating

You can bring more, you only need to explain where you get it from if you get caught. Change your money you bring with you to 500 euro bills, if you bring 20 of them you have about 13000 dollar and it's highly unlikely they will find it. I guess up to like 50 bills would still be easy. Just have them on you and not in your luggage(theft!!!!)

Don't tell anybody as well that you have that kind of cash and take a cab from the airport to your apparment or hotel

 

[qwerty]

Peso is about 3,90 dollars and about 5,00 in euro's. AUD you can find at www.oanda.com