Last edit by: seawolf
Google Doc - Debit Cards Available with no Fees
Please refer to the Google doc and update as needed for the most comprehensive list of debit cards and their charges (or lack thereof)
Visa Exchange Rates
MasterCard Exchange Rates
Please refer to the Google doc and update as needed for the most comprehensive list of debit cards and their charges (or lack thereof)
Visa Exchange Rates
MasterCard Exchange Rates
Debit cards without forex fee and other-bank ATM fees?
#61
FlyerTalk Evangelist
Join Date: Dec 2009
Location: HaMerkaz/Exit 145
Programs: UA, LY, BA, AA
Posts: 13,167
The big question is: you said that Visa charges a 1% international fee but MasterCard do not or they also charge the fee?
How can banks offer 0% transaction fee on international transfers (according to Flyerguide Wiki) if there is the 1% Visa fee?
Is it true that BofA charges 3% on foreign purchases?
How can banks offer 0% transaction fee on international transfers (according to Flyerguide Wiki) if there is the 1% Visa fee?
Is it true that BofA charges 3% on foreign purchases?
#62
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
Join Date: Jun 2003
Location: Miami, Mpls & London
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Posts: 48,884
#63
FlyerTalk Evangelist
Join Date: Dec 2009
Location: HaMerkaz/Exit 145
Programs: UA, LY, BA, AA
Posts: 13,167
#64
FlyerTalk Evangelist
Join Date: Sep 2000
Programs: UA Million Miler (lite). NY Metro area.
Posts: 15,053
Capital One to start charging fees for overseas ATM withdrawals
Looks like the party is over. http://www.fodors.com/community/euro...ap-one-atm.cfm
And to add insult to injury... They're also going to start charging fees for checking accounts. They're doing away with what appears to be a four letter word FREE.
And to add insult to injury... They're also going to start charging fees for checking accounts. They're doing away with what appears to be a four letter word FREE.
#66
formerly known as daveland
Join Date: Oct 2003
Location: NY, NY, USA
Programs: Hyatt Globalist, Marriott LTP, Delta Platinum, Hilton Honors Diamond, Wyndham Diamond
Posts: 2,967
I hope this doesn't eventually extend into FOREX fees on their credit cards.... that would be the end of my love affair with the Venture cards.
#68
Join Date: Dec 2008
Posts: 64
This is how easy it was to call Bank of America (non 800 number!):
http://gethuman.com/phone-number/Bank-of-America/
(Useful site)
The rep was surprisingly helpful and knowledgeable for my situation: they said they can easily open an account for me as a non resident I just have to show up at their branch. That's it. I'm still looking for a better option as per the topic title. The 3% forex fee on the debit card does not sound good.
http://gethuman.com/phone-number/Bank-of-America/
(Useful site)
The rep was surprisingly helpful and knowledgeable for my situation: they said they can easily open an account for me as a non resident I just have to show up at their branch. That's it. I'm still looking for a better option as per the topic title. The 3% forex fee on the debit card does not sound good.
#69
FlyerTalk Evangelist
Join Date: Dec 2009
Location: HaMerkaz/Exit 145
Programs: UA, LY, BA, AA
Posts: 13,167
This is how easy it was to call Bank of America (non 800 number!):
http://gethuman.com/phone-number/Bank-of-America/
(Useful site)
The rep was surprisingly helpful and knowledgeable for my situation: they said they can easily open an account for me as a non resident I just have to show up at their branch. That's it. I'm still looking for a better option as per the topic title. The 3% forex fee on the debit card does not sound good.
http://gethuman.com/phone-number/Bank-of-America/
(Useful site)
The rep was surprisingly helpful and knowledgeable for my situation: they said they can easily open an account for me as a non resident I just have to show up at their branch. That's it. I'm still looking for a better option as per the topic title. The 3% forex fee on the debit card does not sound good.
#71
Join Date: Dec 2006
Location: BUE
Programs: AAdvantage, Onepass, Lifemiles, SPG, Marriott. LANPASS s*cks.
Posts: 598
1. Many Latam residents need/want/use US bank accounts for many reasons. Some don't trust their local banks (Argentina, Venezuela), some want to hide their assets from their govt to avoid taxes, some have real estate or want to invest in the US and having a local account makes everything easier.
2. A very flexible account in the US is very cheap. You usually need $500 to $2500 in a balance to operate fee free. You will need north of $250k and even north of $1m to open a private bank account in Switzerland or Liechtenstein. Also those accounts provide almost no flexibily and are normally used for long term investment rather than as transactional accounts (such as the one needed by the OP).
3. For the OP:
a. Do not use your ATM card at POS. You will get your account closed more sooner than later. Dont't ask me why, just have lots of friends that went through this experience.
b. Be prepared to show where your money is coming from (invoices, proof of services, etc). They may freeze your funds if you can't explain.
c. Try to receive regular payments and from the same entity. If you have a company and bill over 10k to more than one customer, avoid using the same account to receive them. Open an account for your company or one personal account per customer. Otherwise, you will find your account closed.
d. Open a virtual address at virtualpostmail.com. Use your real residence address when you open your account, but your virtual address for mailing purposes.
e. Make sure you don't do business inside the US nor hire noone in the US nor stay more than 180 days per year in the US. Fill the W8 regularly so you don't experience withholding taxes.
f. Stick to big banks that have experience dealing with non-residdent aliens. Almost every bank in Miami will help. HSBC USA is run by idiots, however if you have an account in your country they will open one for you in the US very easily. In most cases you can even avoid traveling to the US as they can receive the forms in any branch in the world. If you have more than US$100k in either your local or US account, you'll get Premier status and wont have forex fees. They will also give you a credit card.
g. Get a credit card. Citi, HSBC and BofA will give you credit cards. They will probably request that you create and use a non cancellable CD (certificate of deposit) as collateral. AMEX will also give you one if you already have one and tell them you are planning to move to the US. You can also get an AMEX dollar account for latin american residents at americanexpress.com/lac
h. Get a credit card.
i. Did I say you should get a credit card? Though they are not publicized, there are plenty of options.
j. First get an account wherever you can. Then, try to get ne fee-free.
k. Using your credit card at your home country will expose your international banking relationship.
Your country needs your taxes. Don't use this info to hide assets or avoid being taxed.
2. A very flexible account in the US is very cheap. You usually need $500 to $2500 in a balance to operate fee free. You will need north of $250k and even north of $1m to open a private bank account in Switzerland or Liechtenstein. Also those accounts provide almost no flexibily and are normally used for long term investment rather than as transactional accounts (such as the one needed by the OP).
3. For the OP:
a. Do not use your ATM card at POS. You will get your account closed more sooner than later. Dont't ask me why, just have lots of friends that went through this experience.
b. Be prepared to show where your money is coming from (invoices, proof of services, etc). They may freeze your funds if you can't explain.
c. Try to receive regular payments and from the same entity. If you have a company and bill over 10k to more than one customer, avoid using the same account to receive them. Open an account for your company or one personal account per customer. Otherwise, you will find your account closed.
d. Open a virtual address at virtualpostmail.com. Use your real residence address when you open your account, but your virtual address for mailing purposes.
e. Make sure you don't do business inside the US nor hire noone in the US nor stay more than 180 days per year in the US. Fill the W8 regularly so you don't experience withholding taxes.
f. Stick to big banks that have experience dealing with non-residdent aliens. Almost every bank in Miami will help. HSBC USA is run by idiots, however if you have an account in your country they will open one for you in the US very easily. In most cases you can even avoid traveling to the US as they can receive the forms in any branch in the world. If you have more than US$100k in either your local or US account, you'll get Premier status and wont have forex fees. They will also give you a credit card.
g. Get a credit card. Citi, HSBC and BofA will give you credit cards. They will probably request that you create and use a non cancellable CD (certificate of deposit) as collateral. AMEX will also give you one if you already have one and tell them you are planning to move to the US. You can also get an AMEX dollar account for latin american residents at americanexpress.com/lac
h. Get a credit card.
i. Did I say you should get a credit card? Though they are not publicized, there are plenty of options.
j. First get an account wherever you can. Then, try to get ne fee-free.
k. Using your credit card at your home country will expose your international banking relationship.
Your country needs your taxes. Don't use this info to hide assets or avoid being taxed.
#72
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
Join Date: Jun 2003
Location: Miami, Mpls & London
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Posts: 48,884
http://www.flyertalk.com/forum/ameri...erica-idc.html
#74
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,884
http://www.flyertalk.com/forum/credi...rex-rates.html
#75
Join Date: Jul 2012
Posts: 116
No foreign transaction fee (for ATM withdrawal) debit cards.
I'd always considered the Fidelity and Schwab debit cards about equal when it comes to foreign travel. So I was really surprised when I called Fidelity about opening one of their "Cash Management" accounts to hear the rep downplay their card.
The Fidelity rep told me there's a 1% foreign transaction fee, which I expected. That fee is officially documented in their literature. It's just when you read the message boards that you hear people say it's never charged.
Then the Fidelity rep pointed out something I'd never noticed before. He said that ATM fees charged by the ATM owner are only reimbursed by Fidelity when the machine has a Visa, Plus, or Star logo on them. He said these logos are very common on American ATM machines, but as you leave the country, they get more and more sparse.
Do ATM machines in many foreign countries really not have the Visa logo on them? I would assume they don't if they don't accept Visa. But they accept Visa and don't have this Visa logo on them? That's how the Fidelity rep made it sound, but I don't know how much of a world traveller he is.
That issue, plus the minor advantage that the Schwab card is a chip and pin card, makes it sound to me like the Schwab card is the much better debit card for foreign travel...
The Fidelity rep told me there's a 1% foreign transaction fee, which I expected. That fee is officially documented in their literature. It's just when you read the message boards that you hear people say it's never charged.
Then the Fidelity rep pointed out something I'd never noticed before. He said that ATM fees charged by the ATM owner are only reimbursed by Fidelity when the machine has a Visa, Plus, or Star logo on them. He said these logos are very common on American ATM machines, but as you leave the country, they get more and more sparse.
Do ATM machines in many foreign countries really not have the Visa logo on them? I would assume they don't if they don't accept Visa. But they accept Visa and don't have this Visa logo on them? That's how the Fidelity rep made it sound, but I don't know how much of a world traveller he is.
That issue, plus the minor advantage that the Schwab card is a chip and pin card, makes it sound to me like the Schwab card is the much better debit card for foreign travel...