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Charles Schwab???


Denise
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Looking to avoid the ATM fees that we are hit with. We bank with Chase and those fees add up, we don't excessively use the ATM.

Alright you got me, I am cheap. I hate paying ATM fees, even here in the U.S. I avoid them every chance I get. If I have to stop and get cash and get charged a fee, I admit I whine , for bit.

So I have been doing my research. Charles Schwab has an online bank and I am wondering if anyone uses them?

I talked to several Charles Schwab specialists and they all give the same information: no minimum balance, insured by the FDIC , they do not have international Debit card fees you can use any ATM anywhere in the world, transfers online are free.

Supposedly, you pay whatever the ATM fee is at that ATM and at the end of the month they reimburse you all of those fees.

Now, I asked a million questions and I have seen it in writing, but I would like to know if anyone else uses them  or have used them?

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I don't use Schwab, but I use Fidelity with the results you are seeking.  I have a cash management account with Fidelity.  When I use my debit card in an ATM here, I get the Mexican bank's fees returned two or three days after my withdrawal.  Fidelity does not charge a fee, but I guess some foreign currency charge is figured into the exchange rate.  My last withdrawal was on 4/17, and I got just over 18.68 to the dollar.

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Switched to Schwab a few years ago when BofA added an international transaction fee.

Everything they told you is true.  But I will caution you to always maintain a US address.  Others have said they got their account closed when they said they lived in Mexico and did not have a US address.

I've used it here and in Austrailia & New Zealand.  A great feature is you can use it in any ATM, that is very convenient.

Yes they reimburse ATM fees.

I reward them with a portion of my business and maintain a balance higher than their minimum, but why not.

The other one to check is the CapOne360.  I don't have one, but remember it was a good deal, but can't tell you anymore about it.

 

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7 minutes ago, wanderer said:

schwab is very good and its all true. but THEY, schwab, tell me that if you open an account just to get and use the atm without any other securities on deposit that eventually they will close your account. call them and find out, 800-435-4000

This is true.  They call it an "investor checking account" and you must also open a brokerage account to go along with it.  Since we already had a brokerage account it was not a big deal to add the checking but, if you open it and never invest with them I can understand why they would close it.  And yes, you MUST have a US address.

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I have had my Charles Schwab account for over a year, opened before I moved here.  No brokerage account.  I use the US Handy Mail address and have my SS check deposited every month in this account.  They are wonderful and all they told you is absolutely true.  Just don't tell them you are going to live in MX.

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We switched to Schwab the same time Gilligan did. We get all fees reimbursed, they are easy to deal with. We have a US address through Sol y Luna. Others use relatives addresses in the States. We also do a lot of international travel and use ATMs all over the world. Am in France right now and got Euros at an Airport ATM here. Love that I never worry which ATM has the lowest fees.

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1 hour ago, Gilligan said:

Switched to Schwab a few years ago when BofA added an international transaction fee.

Everything they told you is true.  But I will caution you to always maintain a US address.  Others have said they got their account closed when they said they lived in Mexico and did not have a US address.

I've used it here and in Austrailia & New Zealand.  A great feature is you can use it in any ATM, that is very convenient.

Yes they reimburse ATM fees.

I reward them with a portion of my business and maintain a balance higher than their minimum, but why not.

The other one to check is the CapOne360.  I don't have one, but remember it was a good deal, but can't tell you anymore about it.

 

 

I will be maintaining a US address but won't the system pick up that all your withdrawals over a very lengthy time are from Mexico and the account will be closed?

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Schwab also has an international account for those living overseas; it has separate rules. You must open it with $25K, I think, and I don't know if that can be mainly in a brokerage account or if it has to be in the checking account.  This is one of the sticking points for me (in the decision about whether to move), as I do not want my relationship with my bank to depend on the falsehood of maintaining a US address.

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Just now, michael2595 said:

I have read so much about getting the wrong amount from an ATM or they arent working. Can I just walk into a bank give them my ATM card and ask for cash ?

I can only speak for my bank which is Bancomer and you cannot do that with a non Bancomer card.

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4 hours ago, rvanparys said:

Recommend Capital One 360.. They have been outstanding!

We have both Schwab and Capital One 360.  However, since we opened the Capital One 360, they no longer have any associated fee-free ATMs in Ajijic that I know of.   Has that changed (I realize they have one at the Folliati Casino, but that's not convenient)?  

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1 hour ago, Bisbee Gal said:

We have both Schwab and Capital One 360.  However, since we opened the Capital One 360, they no longer have any associated fee-free ATMs in Ajijic that I know of.   Has that changed (I realize they have one at the Folliati Casino, but that's not convenient)?  

I looked for it one day at the casino and neither of the machines there was marked Allpoint or Banorte that I could see, so I put my CapOne360 card away and just use my Schwab card.  By the way all the fears expressed in other posts are unfounded.  They will not close your account for making withdrawals in Mexico or any foreign country.  They do realize this is why people want their card...for frequent travel.  But it is very true that you never tell them you live here full time and you must maintain a US address.  They will not close your account if you don't invest with them.  They told me I have to have it first to get the debit card second but that I could keep a zero balance in it and that I'd earn a bit better interest in the checking account anyway.  I've kept $50 in it for 6 years with no problems.

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6 hours ago, rvanparys said:

Recommend Capital One 360.. They have been outstanding!

But no more Allpoint machine available at Lakeside now that the one at El Torito broke and they removed it.

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On April 27, 2017 at 2:19 PM, NLU said:

I have used my Schwab account here for 10 years. They know I live in Mexico. I have never had a problem.

I told them I'd exclusively be using the card in Mexico.  For years my wife has used it here to withdraw funds I deposit for her into account while I'm working in US.  Never had a problem or question.  It is the account I'll use when I finally completely retire and have SS direct deposited to it.  I think the only equivalent is the Capital One online account?

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On 4/27/2017 at 4:16 PM, michael2595 said:

I will be maintaining a US address but won't the system pick up that all your withdrawals over a very lengthy time are from Mexico and the account will be closed?

The majority of my usage is in Mexico at a specific set of ATM's where I always have good luck, meaning they are well stocked and I don't get kicked out.  But, when I travel outside of Mexico I always try to use it once or twice so there is some variety.  Like I said I keep a higher balance than required and occasionally make a stock trade so they see some activity other than the ATM withdrawals.  Others are saying that Schwab knows they live in Mexico and Schwab is okay with that, but I have also seen posts where people have had there accounts closed.  So, I don't know.  I try to make sure all my bases are covered because it would be a pain to have to get another card.

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For those who either don't want to or can't maintain a U.S. address, there are alternatives.  Check out American Citizens Abroad website.  There are banks and credit unions who cater to expats.  When Banamex USA kicked a bunch of us expats under the bus for no other reason than that we were using a Mexican address, many had to scramble to find a way to have an account and a credit/debit card.  We now have an account, a high limit credit card and all at very good rates. Why not give it a try? I'd provide specifics but I keep my specific banking arrangements to myself for all the usual good reasons.:ph34r:

 

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On 4/29/2017 at 0:22 PM, gringal said:

For those who either don't want to or can't maintain a U.S. address, there are alternatives.  Check out American Citizens Abroad website.  There are banks and credit unions who cater to expats.  When Banamex USA kicked a bunch of us expats under the bus for no other reason than that we were using a Mexican address, many had to scramble to find a way to have an account and a credit/debit card.  We now have an account, a high limit credit card and all at very good rates. Why not give it a try? I'd provide specifics but I keep my specific banking arrangements to myself for all the usual good reasons.:ph34r:

 

Gringal, thank you for this very helpful suggestion.  I will join ACA if we decide to make this move.  For others, if you look at membership benefits you will find a banking solution.

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