Expat Atm/foreign Transaction Fees In Argentina

saucerfam

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Hello Everyone:

For a relatively long-term stay in Argentina, I've been reading here that Charles Schwab (US checking account) seems like the likely best bet to avoid the constant foreign transaction fees.

- Has anyone experienced any issues with long-term withdrawals from the Schwab accounts while in Argentina?

(A phone representative told me that if they noticed long-term from abroad, they could shut down the account.)


I was thinking a Charles Schwab and a US HSBC account could pretty well cover all needs.


Any thoughts or is most feedback appreciated!


abzo
 

jeff1234

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Schwab is my broker and they are great. The card is just like any other Visa card.
They return the fees at the end of the month. No problem. The refund is about 4.5%
I do some banking at HSBC, very easy and pleasant to deal with.

Another factor might be the currency conversion rate.
Schwab charged my account $1.00 for every 14.2 pesos they gave me at the atm last week, including the atm fee.
Ambito.com says the rate should be 15.7 to buy 16.1 to sell.

I don't know what other banks offer.
 

Rich One

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Schwab is my broker and they are great. The card is just like any other Visa card.
They return the fees at the end of the month. No problem. The refund is about 4.5%
I do some banking at HSBC, very easy and pleasant to deal with.

Another factor might be the currency conversion rate.
Schwab charged my account $1.00 for every 14.2 pesos they gave me at the atm last week, including the atm fee.
Ambito.com says the rate should be 15.7 to buy 16.1 to sell.

I don't know what other banks offer.


Ah well no fee but a lower exchange rate ATM's give about 15.20 pesos depending on the day's exchange????
 

Girino

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They do this also on incoming wire transfers. I regularly receive w/t from clients out of the US who send EUR or GBP and the exchange rate is ALWAYS unfavorable for me.
 

jeff1234

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This discussion motivated me to see if Schwab is still the best ATM Card for me.

First I checked Xoom: 14.59p/usd

Then I made 2 withdrawls from Schwab:
1500p for $101.78usd + refund 4.6% atm fee = $15.78p/usd
2000 for 159.16 16.13


And 2 withdrawls from Bank America which has no atm refunds:
1500 for $101.78 = $14.74p/usd
2000 for 133.66 = 14.96p/usd


My conclusion is that Schwab is still the best ATM card for me.
 

Rich One

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This discussion motivated me to see if Schwab is still the best ATM Card for me.

First I checked Xoom: 14.59p/usd

Then I made 2 withdrawls from Schwab:
1500p for $101.78usd + refund 4.6% atm fee = $15.78p/usd
2000 for 159.16 16.13


And 2 withdrawls from Bank America which has no atm refunds:
1500 for $101.78 = $14.74p/usd
2000 for 133.66 = 14.96p/usd


My conclusion is that Schwab is still the best ATM card for me.

One comment from the matth

Schwab withdrawals

2000 p / 159.16 = 12.56..????

or 2000/151 (less 5 % aprox.) how do you arrive at 16.13..? seems an excellent rate

Thanks
 

jeff1234

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One comment from the matth

Schwab withdrawals

2000 p / 159.16 = 12.56..????

or 2000/151 (less 5 % aprox.) how do you arrive at 16.13..? seems an excellent rate

Thanks

oops. should have been 2400/159.16 + 4.6%=15.78
 

gracielle

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I agree with jeff1234's opinion re Schwab. I also withdrew today AR 2400 with same card.

DÓLAR OFICIAL per AMBITO FINANCIERO

15,71 - 16,11 0,00%
 

r3d3

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When comparing the different options (Xoom, Ria, ATM card) and the corresponding exchange rates - also consider sending in USD instead of pesos. I use Ria and send myself in USD to my local bank account here (caja de ahorro / pesos). That way I get the way better local exchange rate. With Ria I only pay 10 dollars for a transfer of up to 2999 USD. Xoom might be a little more.
 
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