Smart money logistics?

[steveinbsas]

Five of "the best"VPN's:

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[Caribbean Cool]

VPN....umm.....living outside the U.S. you will not be able to avail many websites. Sometimes using a VPN will get you through to the sites you want, sometimes. A VPN will show you located in the U.S. You cannot really get along without one living outside the U.S. I don't always use it but have sometimes. So Google VPN and read about it. I use HOTSPOT SHIELD. I cannot testify that it is the best....but works for me. Many people will recommend others. I pay for it....I needed it to enroll on WU

 

[NeoWonk]

There's conflicting information on whether Fidelity charges the one percent foreign transaction fee. Some comment that the fee only applies to purchases requiring a signature when using the card like a credit card.

*In February 2019, ITN wrote to Robert Beauregard, Director of External Communications at Fidelity, who had informed ITN in late 2016 about the 1% FTF on ATM withdrawals with a Fidelity Cash Management Account Visa debit card. Asked whether that 1% fee is still in effect or if ATM withdrawals are FTF-free, Mr. Beauregard wrote, “Currently, the 1% foreign transaction fee for any PIN-based transaction, including ATM withdrawals, is being waived.

“ATM withdrawals will only be subject to the ATM surcharge fee and currency exchange rate. For Cash Management Accounts, Fidelity reimburses the client for the surcharges.”

**Mr. Beauregard added, “Any purchase needing a signature in a foreign country will be subject to the 1% foreign fee and currency exchange rate. Any PIN-based purchase or transaction will only be subject to the currency exchange rate.”

With Fidelity, no FTF at ATM

I want to share with ITN readers how I save on ATM fees. First of all, I never use a currency-exchange desk — either at the airport or in the city — because of the unfavorable exchange rate and fees. Besides, ATMs are ubiquitous. I always travel with two debit cards that do not incur a foreign...

www.intltravelnews.com

 

[gracielle]

...... (what no one has mentioned is that the Schwab account is a BROKERAGE account with all the documents required to open a brokerage account....meaning your personal info is much more open including a 1099!!!!!!!. And you must open the account in the states or successfully hide your location out of the states).....

I opened the Schwab High Yield Investment Checking Account in 2009. To date, I have never transferred a dime into the Schwab One Brokerage feature of the account as it is not mandatory. Nor have they ever issued a 1099. The ATM fees are rebated at the end of every month (statement cycle) for all foreign transaction fees worldwide. They do require that you open the account using a US address and maintain a US address for the duration. They only mail renewal cards within the US and is done automatically every 2 years.

 

[HelaineT]

There's conflicting information on whether Fidelity charges the one percent foreign transaction fee. Some comment that the fee only applies to purchases requiring a signature when using the card like a credit card.

With Fidelity, no FTF at ATM

I want to share with ITN readers how I save on ATM fees. First of all, I never use a currency-exchange desk — either at the airport or in the city — because of the unfavorable exchange rate and fees. Besides, ATMs are ubiquitous. I always travel with two debit cards that do not incur a foreign...

www.intltravelnews.com

Helpful. Thanks, NeoWonk. Oddly, I quoted a Fidelity customer service rep’s message I received today that told me about the 1% foreign transaction fee. I’m staying with Fidelity to use as needed for this trip (in addition to WU), not moving over to Schwab, and will see how it goes.

 

[jeff1234]

Hi Helaine;
I've been here for 7 years. For the first few years I used Xoom. That always involved going to their offices waiting on line then proving my identity. But I began to encounter more and more times when they told me to go home and bring back proof of the source of my funds or various other documents. There were times when I had to make 2 or 3 trips and spend hours just to get cash once. There were also times when my money disappeared in their system and I had to spend days calling their headquaters to find it.
Thats when I switched to Schwab + ATMs. The most I've asked for is 6000 pesos twice (12,000) in one day. Different atms have different, and continually changing limits so you might be able to get more. Sometimes I've had to go back the next day to get additional cash but all in all I'm happy with this solution to getting funds.
I am able to charge Walmart, Mercado Libre, vet bills and other large expense on my US American Express then pay Amex remotely from Schwab.

About the economics.... It's not as simple as not paying atm fees. A few years ago I got cash from Xoom and Schwab on the same day then compared how much pesos I got per USD. Schwab netted me the most cash but it wasn't at all a simple calculation. I posted the numbers here and, if my memory is working today, RichOne tweaked it to account for factors I hadn't considered.
Good luck.

 

[domthegreat]

I opened the Schwab High Yield Investment Checking Account in 2009. To date, I have never transferred a dime into the Schwab One Brokerage feature of the account as it is not mandatory. Nor have they ever issued a 1099. The ATM fees are rebated at the end of every month (statement cycle) for all foreign transaction fees worldwide. They do require that you open the account using a US address and maintain a US address for the duration. They only mail renewal cards within the US and is done automatically every 2 years.

I also have a Schwab account and I have used it extensively here for the last few years. Once the cepo went away and the spread between the blue and the official was not so much I started using my card to withdraw cash more often. I have never had problems getting the fees refunded each month though as commented on by others the withdraw limits can be annoying if the bank isn't right next to your house. Now that the blue is starting to spread again it might be time to start doing more blue transactions or money transfer services for more regular and larger transactions.

Also I did lose my card once and Schwab agreed to send it Fedex to my apartment here no problem. I told them I have a residence here and they were willing to send a replacement for my replacement they had sent to my US address.

 

[HelaineT]

Hi Helaine;
I've been here for 7 years. For the first few years I used Xoom. That always involved going to their offices waiting on line then proving my identity. But I began to encounter more and more times when they told me to go home and bring back proof of the source of my funds or various other documents. There were times when I had to make 2 or 3 trips and spend hours just to get cash once. There were also times when my money disappeared in their system and I had to spend days calling their headquaters to find it.
Thats when I switched to Schwab + ATMs. The most I've asked for is 6000 pesos twice (12,000) in one day. Different atms have different, and continually changing limits so you might be able to get more. Sometimes I've had to go back the next day to get additional cash but all in all I'm happy with this solution to getting funds.
I am able to charge Walmart, Mercado Libre, vet bills and other large expense on my US American Express then pay Amex remotely from Schwab.

About the economics.... It's not as simple as not paying atm fees. A few years ago I got cash from Xoom and Schwab on the same day then compared how much pesos I got per USD. Schwab netted me the most cash but it wasn't at all a simple calculation. I posted the numbers here and, if my memory is working today, RichOne tweaked it to account for factors I hadn't considered.
Good luck.

Thanks for the helpful info, Jeff!

Regarding using a credit card, I was about to post another question here, but first I’ll ask you directly. Do you have any tips for using a credit or debit card as a foreigner in a way that eliminates any extra paperwork before they accept payment? Or am I letting a couple of experiences (that made me give up) give me an exaggerated impression?

 

[HelaineT]

I also have a Schwab account and I have used it extensively here for the last few years. Once the cepo went away and the spread between the blue and the official was not so much I started using my card to withdraw cash more often. I have never had problems getting the fees refunded each month though as commented on by others the withdraw limits can be annoying if the bank isn't right next to your house. Now that the blue is starting to spread again it might be time to start doing more blue transactions or money transfer services for more regular and larger transactions.

Also I did lose my card once and Schwab agreed to send it Fedex to my apartment here no problem. I told them I have a residence here and they were willing to send a replacement for my replacement they had sent to my US address.

Thanks very much, Dom! How does one do “more blue transactions or money transfer services for more regular and larger transactions”?

 

[jeff1234]

Thanks for the helpful info, Jeff!

Regarding using a credit card, I was about to post another question here, but first I’ll ask you directly. Do you have any tips for using a credit or debit card as a foreigner in a way that eliminates any extra paperwork before they accept payment? Or am I letting a couple of experiences (that made me give up) give me an exaggerated impression?

I use 2 US cards.. Amex and a Visa debit/atm card. I dont recall ever having any extra paper work except that on the receipt I have to sign once, write my name and then enter my dni. Thats it.
However, you've got me looking at my spending.
Today I charged 10,000 pesos on my Bank of America Visa Debit Card. At the offical rate (61:1) they should have charged my U.S. account $163. When I checked I saw the charge was $185 plus a $3.50 Foreign Transaction Fee. That means it cost me $22.50 to make a $163 charge (13.8%)
I'm going to look at some of my other charges and credit cards. If the result is much different I'll let you know.
Previously we tried having an American Express Card at a local bank. I used Xoom to get pesos then the bank required me to deposit pesos in to a savings account then transfer it, then pay the bill. They moved the money in strange ways, sometimes it disappeared for awhile. The banks service department would draw charts for us showing where the money went, when the bills would get paid, etc. It was surreal.