Banking tips

[TarHeelBluze]

Hello,

I'm moving from the USA in a month to live in BA for a year. I am trying to decide how best to minimize the costs of banking. I know that I can use my US bank ATM card and eat the fee, but that seems expensive and unnecessary. I don't want to eat $10 US each time I need to withdraw $100 US. So...

Does anyone know if there any US banks with retail branches in BA with whom I could set up a checking account and thus avoid the fees? If not, does anyone know of any US banks that have reciprocity agreements with Argentine banks such that no fee is required? If not that, then which Argentine retail banks are the least expensive/difficult to use to set up a mere checking account?

Finally, if there are any horror stories/tricks/snags of which I should be wary, please let me know.

Thanks so much and see you all soon!

John

 

[oxente!]

Search the forums there is tons of advice on this.

Get a Capital One credit card to use here as much as possible and pay bills online with your checking account in the States. Capital one doesn´t charge any intl transaction fees.

Bring lots of US Dollars in CASH:

Amex Travelers checks can be exchanged (only for pesos) without commission.

You cannot open a bank account without residency documents (DNI, etc). I have never had any luck getting a local Argentina Citibank, for example, to have any relationship with an international branch (ie, in USA).

Prepare to deal with a lot of fees.

 

[sesamosinsal]

Schwab Checking Account... You'd have to be crazy not to have one if you're coming here for a year. They refund all of your ATM fees.

I personally would avoid bringing cash, unless you want to be a nervous wreck the entire time. If you need dollars, you can buy them.

 

[davonz]

Bring travellers cheques - they can be changed for US$.. well at banco frances and AMEX office anyways.. and some cash too..
A couple of years ago the banks limited the withdrawal of 100 pesos per day with foreign ATM cards (it lasted for 2 or 3 weeks from what i remember), so its always worth having cash and travellers chqs, you can never be sure what will happen here.

 

[SaraSara]

I believe now you can withdaw more than that, but sometimes ATMs run out of money.

 

[sesamosinsal]

It's about $1,000 ARG per transaction with my Schwab card.

Unless you plan on making a huge purchase with dollars, having large amounts of dollars with you is unnecessary with a Schwab account.

I always keep a few a hundred just in case the banks crash again, and I need a ride to the airport. ;-)

 

[Sleuth]

I's also recommend Schwab. Almost two years here and I've never had a problem with getting money and having all ATM fees refunded. Plus, they even sent me a replacement card to my Buenos Aires apartment when I lost mine.

 

[sharron8]

Hi, I'm coming from Australia and have the same question about the cost of banking. This Schwab account everyone is talking about, is this an Argentinian bank?? - Please excuse my ignorance, but we haven't heard of that here in Australia. Can I set up an account from Australia before coming across?

 

[SaraSara]

Schwab is in the US. Here's the link:

http://www.schwab.com/public/schwab/banking_lending

 

[AlexfromLA]

Schwab Checking Account... You'd have to be crazy not to have one if you're coming here for a year. They refund all of your ATM fees.

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