Using ALLIANT Credit Union to bank from Argentina

[Macanudo]

I've never heard of that company. Congrats on your success to date.

I think the best thing about these forums Is the sharing of education. So please share with us the perils of having a Charles Schwab account and being an expat. Don't just say "you shouldn't have one". No one knows who you are so please list out your rationale. THAT will be educational.

So explain to us. Why specifically wouldn't you advise to be an ex-pat and have a brokerage account? I'm just trying to understand your thought process. I honestly always am striving to learn so please share your knowledge with us.

I don't know that firm but if you were a VP obviously you have knowledge that I'd love to learn from. Thanks in advance.

I am thankful to the people on this forum for recommending the Charles Schwab debit card. It has been very useful. In this thread from 2019 Smart Money Logistics, Caribbean Cool tried to undermine recommendations to open a Charles Schwab account. https://baexpats.org/threads/smart-money-logistics.41760/page-2

CC claimed that going to Western Union in Uruguay was the best banking option for getting dollars from the States and then converting them into pesos at the blue rate in Argentina. CC admitted that he had actually never done it.

In 2015 I visited Colonia and, before leaving, researched multiple Western Union locations by phone and couldn't find any that could guarantee having a few thousand dollars on hand for payout. I ended up doing a Xoom transfer for $3K with a $30 transfer fee. I also contacted Charles Schwab in advance and again from Colonia the day of the withdrawal, and they approved a 4K limit withdrawal from an instant teller with all bank fees refunded.

After I had suggested that the CS debit card could be used to withdraw large amounts of dollars in the 2019 Smart Money Logistics thread, CC commented, "Using a Schwab card to withdraw money in Uruguay? Or anywhere else! A sizeable amount of money? (In the thousands of dollars?) No way." "I don't have the experience but.....the amount of money withdrawn using a Schwab card is not only limited by Schwab....but MUCH more restrictive would be the limit applied by the owner of the ATM.....so the thought of withdrawing larger amounts of money via ATMs is goofy...."

About the same time as the 2019 Smart Money Logistics thread was posted, Oldgringo created the Western Union thread that changed the way that most of us get our pesos.

Caribbean Cool has a history of discouraging the use of CS debit cards on this forum and giving advice without first-hand experience. He has a right to his opinion and can say whatever he wants. Whether anyone believes what he says is up to them.

 

[earlyretirement]

I am thankful to the people on this forum for recommending the Charles Schwab debit card. It has been very useful. In this thread from 2019 Smart Money Logistics, Caribbean Cool tried to undermine recommendations to open a Charles Schwab account. https://baexpats.org/threads/smart-money-logistics.41760/page-2

CC claimed that going to Western Union in Uruguay was the best banking option for getting dollars from the States and then converting them into pesos at the blue rate in Argentina. CC admitted that he had actually never done it.

In 2015 I visited Colonia and, before leaving, researched multiple Western Union locations by phone and couldn't find any that could guarantee having a few thousand dollars on hand for payout. I ended up doing a Xoom transfer for $3K with a $30 transfer fee. I also contacted Charles Schwab in advance and again from Colonia the day of the withdrawal, and they approved a 4K limit withdrawal from an instant teller with all bank fees refunded.

After I had suggested that the CS debit card could be used to withdraw large amounts of dollars in the 2019 Smart Money Logistics thread, CC commented, "Using a Schwab card to withdraw money in Uruguay? Or anywhere else! A sizeable amount of money? (In the thousands of dollars?) No way." "I don't have the experience but.....the amount of money withdrawn using a Schwab card is not only limited by Schwab....but MUCH more restrictive would be the limit applied by the owner of the ATM.....so the thought of withdrawing larger amounts of money via ATMs is goofy...."

About the same time as the 2019 Smart Money Logistics thread was posted, Oldgringo created the Western Union thread that changed the way that most of us get our pesos.

Caribbean Cool has a history of discouraging the use of CS debit cards on this forum and giving advice without first-hand experience. He has a right to his opinion and can say whatever he wants. Whether anyone believes what he says is up to them.

Thanks for taking the time to post this DETAILED information. I've been posting on the internet since it began. I've been a prolific poster on many large boards. I've been moderator of many investment, city and other sites since the Internet began. People ask me sometimes why I take all the time to share information. The only reason is the sharing of valuable information.

See, the way I figure it the good sites will last FOREVER. And you can easily see who was right and who was wrong. Forget about the people that post bad content and seek out those that provide great content.

That's where the Internet is the most useful. There are a lot of trolls out there. Always have been and always will be. That's what happens when there is an anonymous system. People can say stupid things and unfortunately some people believe them. The best thing you can do is call people out when they post stupid stuff. I think we can agree to disagree but you have to back up what you say with logic which I haven't found CC does.

Then as a website what I would do when I was a Moderator is I would give them a warning. Then another but if they continued to post incorrect information or disrupt the board then you ban them and all their IP addresses. When there is a consequence then stupid people start wising up quickly. At least in my experience that's been the case when I was Moderator of some sites. Also, a helpful people which I don't think this site has and I'd really recommend to the owner of the site is a "Ignore" button so you can instantly ignore any posts from that member so you don't have to read their drivel.

My best advice is to go back and see who posts good content. See who has been right. Then just follow their advice. I've done that whether it was finding great restaurants, great hotels, places to go, tour guides or tours or even when I was single looking for the best places to pick up girls. I can say that confidently as a married guy now. I was single and I don't find anything wrong with that.

The internet is a wonderful place but you have to pick and choose who you listen to. You have to drown out the noise. And I think it's great you took the time to post about CC's bad track record. Kudos to you for taking the time to do it. Thanks.

 

[sts7049]

I've never heard of that company.

me either, it seems it was acquired by paine webber in 1973. been awhile.

 

[Caribbean Cool]

me either, it seems it was acquired by paine webber in 1973. been awhile.

Mitchum was owned or acquired at different times in its history by Rick Guerin. Rick was sometimes referred to as the 'the third partner' to Charles Munger and Buffett. Mitchum had a close relationship with Wheeler, Munger, where investments in Sees Candy and other wonders seeded from.

 

[Caribbean Cool]

Banking Service Restrictions Present New Problem for Americans Abroad.....oops

Why U.S. Brokerage Accounts of American Expats Are Being Closed

Why are U.S. expat brokerage and bank accounts being closed? Learn about banking service restrictions for Americans living abroad.

creativeplanning.com

Charles Schwab Announces Account Closures For US Citizens In Five Countries, More Expected - Expat Focus

Over the last few years I have written a number of articles on why US brokerage firms are closing accounts for American citizens living outside the USA and how we help those affected address the situation. It seems the severity of this issue is increasing. Recently Charles Schwab, which up until...

www.expatfocus.com

 

[lunar]

Banking Service Restrictions Present New Problem for Americans Abroad.....oops

Why U.S. Brokerage Accounts of American Expats Are Being Closed

Why are U.S. expat brokerage and bank accounts being closed? Learn about banking service restrictions for Americans living abroad.

creativeplanning.com

Short summary: Some financial advisor is spreading FUD while promoting his services.

 

[earlyretirement]

Short summary: Some financial advisor is spreading FUD while promoting his services.

Ha, ha. My thinking exactly. The truth of the matter is that foreign banks do NOT want American clients. I've held bank accounts in Switzerland, UK, Argentina, Germany, Mexico, Brazil, Uruguay, and several other countries. IRS is a pain in the ass and has a lot of red tape and reporting. This causes all these countries to not want to deal with you until you are a permanent resident in their country.

Most ex-pats that I know don't even tell their banks they are moving out of the USA. It's business as usual. They just get their mail address changed to a relative or friend's house. And go on with their business as usual.

I own houses in several different countries and have permanent residency in several countries. I just have each bank statement for corresponding bank in that country sent to my address in my home in that country. Besides HSBC which is all linked and I can see all the balances when I log into my International account, all of them are isolated from one another. I've never had any issues.

I report all the accounts and pay appropriate taxes and never had any issues or problems. Same with friends and clients I know.

 

[Caribbean Cool]

Short summary: Some financial advisor is spreading FUD while promoting his services.

Actually, my comments are not to disparage Schwab. The thing is that Schwab gets all the publicity and Capitalone gets none and remains in the background to most expats. My opinion applies to those with simple banking needs....not to those who have assets that are at the next level. I cannot testify to the present situation but sometime back if Schwab got a hint that you were living outside the U.S. they would shut the door. Again, sometime back, for Schwab you had to fill out a brokerage application just to have a simple debit card....not a great idea.

 

[Caribbean Cool]

Ha, ha. My thinking exactly. The truth of the matter is that foreign banks do NOT want American clients. I've held bank accounts in Switzerland, UK, Argentina, Germany, Mexico, Brazil, Uruguay, and several other countries. IRS is a pain in the ass and has a lot of red tape and reporting. This causes all these countries to not want to deal with you until you are a permanent resident in their country.

Most ex-pats that I know don't even tell their banks they are moving out of the USA. It's business as usual. They just get their mail address changed to a relative or friend's house. And go on with their business as usual.

I own houses in several different countries and have permanent residency in several countries. I just have each bank statement for corresponding bank in that country sent to my address in my home in that country. Besides HSBC which is all linked and I can see all the balances when I log into my International account, all of them are isolated from one another. I've never had any issues.

I report all the accounts and pay appropriate taxes and never had any issues or problems. Same with friends and clients I know.

Wow...you own more houses than Warren Buffett. And so many bank accounts! Listening to you...does Elton Musk call you often? Please don't tell us he doesn't call you......

 

[lunar]

...if Schwab got a hint that you were living outside the U.S. they would shut the door.

Does CapitalOne know that you permanently reside abroad? Do you have your foreign address on your bank statements, etc.?