NO FEE ATM's - US BANKS?

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Philipc4u59
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NO FEE ATM's - US BANKS?

Postby Philipc4u59 » Sat May 25, 2013 6:14 pm

I am aware of two (2) US banks, that don't charge a fee for ATM withdrawls in Peru.

*** Scotia Bank
*** Bank of America

Unfortunately, neither of these are even remotely close to my POA in the US; thus causes problems
Any other banks that have NO ATM FEES - for withdrawls in Peru?

Thank you in advance,
Philip :roll:


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chi chi
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Re: NO FEE ATM's - US BANKS?

Postby chi chi » Sat May 25, 2013 7:05 pm

For sure, the exchange rate will be very UNDEMOCRATIC.

Banks always win. The odds of winning the progressive Jackpot at Las Vegas slotmachine are even higher than getting a decent rate for your $$$ at a ATM. Especially, the one with ''no fees''.
Philipc4u59
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Re: NO FEE ATM's - US BANKS?

Postby Philipc4u59 » Sun May 26, 2013 3:52 pm

Chi Chi,

My plan is to withdraw SSS, from the ATM - certainly not soles & get ripped off my BIG BANCO!
I need a Canadian or US bank that has ATM's in Lima & offers NO FEES for sithdrawl of SSS...

Be good & send me a post card from Las Veags; with you holding the GIANT CHECK for WINNING A MILLION!!!

Philip :roll:
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sbaustin
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Re: NO FEE ATM's - US BANKS?

Postby sbaustin » Sun May 26, 2013 9:13 pm

Investigate scotia, HSBC, and Citibank.

Capital one in the USA will refund ATM fees charged by other banks.
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Re: NO FEE ATM's - US BANKS?

Postby richorozco » Mon May 27, 2013 10:44 am

I looked into this 2 years ago and was told that Citibank in Peru has no relationship to Citibank in the US. That is, your accounts are not linked and the folks can't access or see your funds.

I had a Citibank checking account and figured I could withdraw my US $ from my Citibank checking account in the US.

No way.....not possible! They wanted me to do a electronic transfer!
Philipc4u59
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Re: NO FEE ATM's - US BANKS?

Postby Philipc4u59 » Mon May 27, 2013 11:17 am

Electronic (wire) transfers - are EXPENSIVE!
My US bank charges a minimum of $30 just to send; possibly a fee here in Peru.
I have told clients of mine; that apart from real estate - BANKING in Peru appears to be a GREAT BUSINESS!

Maybe Chi Chi will take some of his BILLIONS & start a new bank just for EXPATS - ESPECIALLY FROM BELGIUM!

Philip :roll:
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Re: NO FEE ATM's - US BANKS?

Postby ironchefchris » Mon May 27, 2013 12:30 pm

Look into Charles Schwab Bank. When you open a brokerage account it comes with a free checking account with no minimum balance. Being that Schwab is not a brick and mortar bank and lacks branches and ATM's, at the end of the month Chuck will refund all of your ATM fees - from anywhere in the world. There are also no fees for international use of your card.

The only negatives I've encountered are that you can't go into a branch and make a deposit. Deposits are made by mail through potsage paid envelopes provided by Schwab. No big deal, especially if you link your account to an account you have with an existing bank account you have. I've also recently read online that your account can be shut down after six months of no domestic (US) usage. Apparently they intend for this 'no ATM fee' benefit to be used by their customers when travelling internationally; not living as ex-pats. I've been in Peru for over six months and haven't had a problem with this, though I do make occasional online purchases and have the card linked to my iTunes account.

I haven't once used my brokerage account to buy stocks, but have it linked to my Wells Fargo account so that I can make deposits to my Wells Fargo account and then electronically transfer funds to my Schwab brokerage account. From there I transfer over to my Schwab checking account and if that has no balance Schwab deducts my ATM withdrawals from my brokerage account.

Schwab is by far the most customer friendly bank I've ever used. Have a problem? Call customer service and instantly get a live, knowledgeable person ready to help. I once had my debit card eaten by the machine. After faxing a document granting permission to ship to me at an address other than my US address, Schwab sent me a new card which arrived in Lima in three or four business days. I did have to pay $15 for express international shipping, but we all know that's a bargain price for shipping.

Like most, I detest banks in general. However, I can highly recommend Schwab as one of the best options for international travelers and ex-pats who are looking for a way to not carry excessive cash while not being reamed by ATM fees.
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Re: NO FEE ATM's - US BANKS?

Postby budley » Mon May 27, 2013 4:03 pm

I use USAA. they are not open to everyone, you have to be military, or a veteran, or related to a veteran etc. But if you can qualify they are the best financial services company i have ever dealt with. They charge no fees for foreign ATM withdrawals for their online only checking accounts, and will refund fees for foreign banks up to 10 withdrawals a month. they give a straight exchange rate with no % fee for direct soles withdrawal;s.

the potential downside is that they have no physical branches in the US. Doesn't affect me, and they are 110% trustworthy, but if you need that it wouldn't be for you
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Re: NO FEE ATM's - US BANKS?

Postby randyuko » Fri Jun 07, 2013 2:46 pm

Budley,
Can you tell me what ATM you are using with USAA for no fees? I have a USAA account and tried withdrawals at Citibank, Banbif, and HSBC ATMs and in all cases USAA added their own 1% fee for the withdrawal. On top of that, they passed on the foreign ATM transaction fee that was $1.50 to $2 depending on the bank. They did though refund most of those as they advertise but their 1% fee always remained.
Thanks
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Re: NO FEE ATM's - US BANKS?

Postby budley » Fri Jun 07, 2013 3:26 pm

Hi Randy, I guess it must be the type of USAA account you have?? I have USAA Secure Checking, information at

https://www.usaa.com/inet/pages/no_fee_checking_main

with this if i remember right i get 10 free monthly international ATM withdrawals, and they refund other bank fees up to 5 or 10 withdrawals a month. As always USAA service and support are the best available.

FYI ScotiaBank charges no fee but you can only take out S/500 at a time

saludos

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