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Post by bickmed on May 7, 2016 9:50:35 GMT -5
For Americans here, what is the US bank that refunds the ATM fees for overseas transactions and also doesn't have a currency fee?
Thanks for any assistance.
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Post by scumbuster on May 7, 2016 10:32:38 GMT -5
Charles Schwab is one. That's what I use Capital One Bank used to and I gave one. But haven't used it in a couple years so not sure now. Also heard Fidelity has one but don't know anything about it.
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Post by Deleted on May 7, 2016 11:08:11 GMT -5
I've been using TD Bank (aka Commerce Bank) for almost 30 years. I have a TD Bank premier checking account which affords me many privileges including no foreign transaction fees, no ATM fees, and reimbursement of ATM fees (if charged by another bank). TD Bank has excellent customer service. The minimum balance for a premier account is $2,500 US.
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Post by coolcoil on May 7, 2016 11:10:52 GMT -5
I use a Citibank Citigold checking account. No foreign ATM fees and a good exchange rate. Their website works well and their customer service has been excellent. It costs $30/month unless you keep a very high balance. I don't recall the balance required to skip the fee, but I'm thinking it was something like $50,000. I find the monthly fee to be well worth the cost.
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Post by buenopues on May 7, 2016 16:52:38 GMT -5
Capitol One 360.
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Post by gallito on May 7, 2016 17:09:06 GMT -5
I've been using TD Bank (aka Commerce Bank) for almost 30 years. I have a TD Bank premier checking account which affords me many privileges including no foreign transaction fees, no ATM fees, and reimbursement of ATM fees (if charged by another bank). TD Bank has excellent customer service. The minimum balance for a premier account is $2,500 US. Does TD (Canada) have affiliate banks in Colombia?
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Post by Deleted on May 7, 2016 21:49:54 GMT -5
I've been using TD Bank (aka Commerce Bank) for almost 30 years. I have a TD Bank premier checking account which affords me many privileges including no foreign transaction fees, no ATM fees, and reimbursement of ATM fees (if charged by another bank). TD Bank has excellent customer service. The minimum balance for a premier account is $2,500 US. Does TD (Canada) have affiliate banks in Colombia? None that I know of. TD Canada Trust bought out Commerce Bank and changed the name to TD Bank NA about 8 years ago. TD Bank (USA) is limited to the Eastern seaboard.
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Post by scumbuster on May 8, 2016 6:48:45 GMT -5
It doesn't seem to matter if a bank has offices in both the US and Colombia. I had checked with Citi Bank thinking it may facilitate my banking in Colombia if I had a US account. They said accounts couldn't be linked and that they were not connected in any way with the US banks. I had some hope it would have similar efficiencies that you see in the US..LOL
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Post by coolcoil on May 8, 2016 7:35:14 GMT -5
It doesn't seem to matter if a bank has offices in both the US and Colombia. I had checked with Citi Bank thinking it may facilitate my banking in Colombia if I had a US account. They said accounts couldn't be linked and that they were not connected in any way with the US banks. I had some hope it would have similar efficiencies that you see in the US..LOL I had hoped for the same as was disappointed as well. However, there are a couple of benefits, though they are pretty much moot as Citi has announced plans to sell off the Colombian operations. The benefits are: 1) Free transfer between Citi accounts. Essentially, a fee-free wire transfer. You still have to wait three days and go through all of the paperwork hoops of a regular wire transfer, but without paying anything. Citi charges $25 for wire transfers to non-Citi banks. 2) If you have a Citigold account, help with acquiring credit in your new country. I never bothered with this, so I can't say if it's of value.
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Post by livinginmedellin on May 8, 2016 7:59:52 GMT -5
Another way to avoid ATM fees and currency fees is with a bank in Colombia that doesn't charge ATM fees. In my experience, Colpatria in Colombia doesn't charge ATM fees when using their ATM machines. So you can wire transfer money to a Colpatria account from the US and then use Colpatria's ATM card to withdraw funds.
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Post by scumbuster on May 8, 2016 10:50:36 GMT -5
The way I have been doing it, is to use my Schwab card to pull moneys from the US when the exchange rate is favorable and deposit it in a Colombian bank for use when the rates go the other way. No ATM fees or exchange rate at the ATM with Schwab.
With the new tax regs in Colombia I will probably in the future opt to only take money from my US account as needed. I will not keep any money in Colombia.
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