My How Things Have Changed Yet Not Changed

[Pensador]

After 5 years in Uruguay it is nice to visit again but WoW inflation. Atleast I think I am getting the correct exchange rate which beats hell out of getting ripped off at the ATM. But a few Asados with friends and family I feel much more at home than Uruguay. I do miss the coast of Urugauy so pristine. In all good to back atleast for now.

 

[Ceviche]

STAY CALM, pensador and enjoy BA

 

[gostomper]

The ATM exchange rate is the correct exchange rate now

 

[almogo]

The ATM exchange rate is the correct exchange rate now

But the withdrawal limits are ridiculous so you end up paying a ton in fees.

 

[steveinbsas]

But the withdrawal limits are ridiculous so you end up paying a ton in fees.

Unless you're from the USA and have a Charles Schwab debit card...

 

[Ceviche]

Unless you're from the USA and have a Charles Schwab debit card...

Anyone can have charles shwab irrespective of his/her nationality

 

[steveinbsas]

Anyone can have charles shwab irrespective of his/her nationality

When I wrote "from the USA" I was referring to residence, not nationality.

Your reply makes me wonder if anyone "irrespective of his/her nationality" (aka "regardless of of citizenship"), living outside the USA with no US address or phone number could open a Schwab account?

I believe that someone once posted that a US address was required to open a Schwab account (and possibly a verifiable US phone number as well).

Even If that's correct, it still might be possible tor a non US resident to open an account using a US P.O.Box (with a street address) and a US Skype phone number, and then I wonder if it is necessary to provide a US Social Security number or a US taxpayer ID.

I also wonder for how many non-residents it would be worth the trouble/exposure just to have a Schwab debit card in order to avoid ATM fees.

 

[Ceviche]

When I wrote "from the USA" I was referring to residence, not nationality.

Your reply makes me wonder if anyone "irrespective of his/her nationality" (aka "regardless of of citizenship"), living outside the USA with no US address or phone number could open a Schwab account?

Yes, its possible. Charles Schwab has a international section and one can send them a application with a Argentine address, Argentine phone number and copy of passport, completed application form and open the account without traveling to USA. I think minimum balance required is 10-15 k usd.

Most other US banks allow the account to be opened on walk in at the branch. Best cities are NY, SFO and Miami used to foreigners. Some banks do ask for a local address and a local phone number. Its easy to obtain one. Some banks are OK with a foreign address/phone number . It also depends on who is the person you encounter when you walk in the bank. Two forms of id - passport, dni + electricity bill or internet bill is enough

Its not necessary to provide a US social security number.

If you are even more adventurous, one can even get a US credit card .without having US nationality or residency etc...but I wont bother explaining that here.

 

[steveinbsas]

Yes, its possible. Charles Schwab has a international section and one can send them a application with a Argentine address, Argentine phone number and copy of passport, completed application form and open the account without traveling to USA. I think minimum balance required is 10-15 k usd.

Very useful information, thanks. Are you referring to a Schwab brokerage account or a Schwab bank account?

I ask this because I remember that it was necessary for me to open a Schwab brokerage account in order to get a Schwab bank (checking) account and then receive a debit card.

I don't remember how much I deposited when I opened the account. I don't think it was more than 5K USD and no minimum balance in either account has ever been required.

I have automatic deposits of less than 1K USD made at the beginning of each month and make a ZOOM transfer as soon as the funds show up in my account. I don't even make ATM withdrawals anymore.

My Schwab checking account balance is below $50 USD most of the time and my brokerage account balance has been zero for about five years.

As a result I don't lose any sleep over sharing my bank info/details with XOOM and their Argentine partner or banking on line.

 

[Sockhopper]

Anyone can have charles shwab irrespective of his/her nationality

I don't know of any bank in any country that will open a fully functional, regular personal bank account for somebody who is not a legal resident in the country where the bank is physically located at the time the account is applied for and issued. One's residency status is the status that counts, not his citizenship. I can't use 'Xoom', for example, because I'm not a US resident with an US-located bank account.

The only exceptions I know to this are two. My British bank wouldn't have opened a bank account for me had I been an American because it considers American banks' accounting methods to be highly risky (but not Canada's, note. Canadian accounting methods have excellent safeguards like the UK's, my British bank manager explained.)

Second, many countries' banks (eg. France's) won't open accounts for Americans nowadays because of the massive burden of work that the US' FATCA places on foreign banks to document and file with FATCA on each American account holder with a foreign bank account.


If something I've said is wrong, I'd be grateful to be told so and how I am. I suppose there are always ways around things if one's very wealthy but I'm not that at all!