For Americans,
Wondering what the best bank(s) to use? Sending money? Credit Card? etc
Currently using a online checking BOA account linked to a Charles Schwab checking account which I think is free (reimbursed) atm fees anywhere in the world.
Whats is the best bank and money set up now a days for ITs?
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MedellinHeel
- Posts: 169
- Joined: Wed Jan 01, 2014 1:59 am
Re: Whats is the best bank and money set up now a days for I
I use TD Ameritrade. No ATM fees, can deposit $5000 a day via my iPad (which shows up as soon as the US markets open), and comes with a Visa debit card.
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MedellinHeel
- Posts: 169
- Joined: Wed Jan 01, 2014 1:59 am
Re: Whats is the best bank and money set up now a days for I
marieh wrote:
> I use TD Ameritrade. No ATM fees, can deposit $5000 a day via my iPad
> (which shows up as soon as the US markets open), and comes with a Visa
> debit card.
Looked at their site, says no atm fees nation wide? Is that only in the US or do they reimburse your atm fees anywhere in the world?
> I use TD Ameritrade. No ATM fees, can deposit $5000 a day via my iPad
> (which shows up as soon as the US markets open), and comes with a Visa
> debit card.
Looked at their site, says no atm fees nation wide? Is that only in the US or do they reimburse your atm fees anywhere in the world?
Re: Whats is the best bank and money set up now a days for I
No ATM fees in the US, but they don't charge you any additional fees (some banks do) for using international ATMS. THere's also no foreign transaction fee if you're using your card overseas at shops.
Response
It depends what your needs are and where you are going.
You essentially are looking for the right combination of four factors: 1) Online banking tools, 2) Wire capability, 3) Fees. 4) Customer Service. As a fifth factor if its relevant to you investment services.
1) In general the big multinational banks have the best and largest set of online banking tools. The ability to check balances, deposit checks remotely (can be a cheap alternative to a wire), wire service tools and bill pay, are key aspects of online banking. An online banking app is nice as well.
2) Wires is probably the biggest issue. It can cost anywhere from $0-$50 to send a wire and there can be another charge to receive a wire. The big commercial banks are usually the ones that charge fees to receive wires and institutions such as credit unions do not BUT, most credit unions and state banks do not have IBN (International Banking routing Numbers) this means when you want to send a wire overseas to your domestic bank it has to go through an intermediary bank (such as a bank in New York) and that bank could charge a fee of anywhere from $10-$100 depending on the originator and amount of the wire. These are also slower since large commercial banks have SWIFT numbers that speed up international wires since they are then handled electronically instead of being processed by TelX.
3) You want the lowest fees possible, but that means checking into not just how much but where you are charged those fees. You will do the vast majority of your banking locally with a bank the IS sets up for you. You wont be using your US/UK cards or account very much. Essentially ask yourself what your home bank will do. For most ITs its paying bills they have back home and getting coin into that account to pay those bills. ATM fees should be a rare and minor occurrences for emergencies. How much your ATM fee is and the exchange rate or exchange fee shouldnt be that much of an issue for you, since you will rarely be making withdrawals or use on your accounts at home. What you want to know is how much it will cost to receive a wire, and what potential options there are to reduce or eliminate that fee while keeping your account maintenance fees (the monthly fee if any you are charged on your account).
4) Customer service is hard to quantify. On one side large multinational banks will have 24/7 customer support and will have local, international or free contact numbers for you to get a hold of someone wherever you are in the world. A local credit union or bank may not, meaning you not only have to pay for the call 9avoided with something like Skype or google voice) but you have to call during that banks business hours which could easily be the middle of the night. Large commercial banks have processes for fixing problems. if you lose a credit/debit/ATM card a large multinational will think nothing of sending you a replacement by FedEx, a local credit union or bank may not do so.
The other side of that coin is if you have a good relationship with your banks staff and bankers, a call or email to "Peggy" at your local bank may be all you need to do to fix a problem.
When looking at Multi-National Banks two stand out from the others and those are HSBC and Citi, only because these banks have true international access as they have branches globally, though in most (many) cases this means a single branch in a foreign city. In addition you may need to either have the premier level account or some type of business account to actually make deposits. HSBC has an international banking account but its $50/month account maintenance fee. Cost efficient if you send a lot of wires (more than 2 a month), but you could easily pay half that if you only sent one wire a month or less frequently. Citi seems to be everywhere and you can use the Citi ATM for no charge with a retail banking account, though you may likely spend more in getting to their branch than the fees. The problem with Citi is you need a commercial/business account to make direct deposits and even then you essentially have two accounts that you are transferring coin between. The only real advantage is that if you have a retail Citi account you can get a cashiers check or bank draft and then use remote deposit to deposit the check into your account, just tell the bank clerk you are making a tuition or Uni remittance back in the states for your childs room and board, tuition, books, gold fish funeral. Still its a pricey account.
I advise that you do all three have a big multi-national account (such as BoA), a credit union account (doesnt really matter which as long as its as close to free everything as you can find), and an investment account (dont need to be investing yet, just open the account) you can then figure out what will work best for you later.
Whats more important is who you bank with locally and what services they offer you, the bank your IS sets you up with likely is the best for them, and not necessarily you. Once you have a residence card you can open a bank account anywhere, preferably one thats more convenient, has better online tools (such as English) and more available ATMs, and really offers you the perks and benefits that are relevant to you. If your IS sets you up with whatever the local "big bank" they might only have foreign teller service once a week ( the cause for ISs having bank day in your schedule, a day you have a lighter schedule and either a late start or early finish so that you have a few hours during the day to do things that must be done during business hours), or they might make you wait forever to get an actual credit card, where another bank might have far fewer and lenient requirements.
You essentially are looking for the right combination of four factors: 1) Online banking tools, 2) Wire capability, 3) Fees. 4) Customer Service. As a fifth factor if its relevant to you investment services.
1) In general the big multinational banks have the best and largest set of online banking tools. The ability to check balances, deposit checks remotely (can be a cheap alternative to a wire), wire service tools and bill pay, are key aspects of online banking. An online banking app is nice as well.
2) Wires is probably the biggest issue. It can cost anywhere from $0-$50 to send a wire and there can be another charge to receive a wire. The big commercial banks are usually the ones that charge fees to receive wires and institutions such as credit unions do not BUT, most credit unions and state banks do not have IBN (International Banking routing Numbers) this means when you want to send a wire overseas to your domestic bank it has to go through an intermediary bank (such as a bank in New York) and that bank could charge a fee of anywhere from $10-$100 depending on the originator and amount of the wire. These are also slower since large commercial banks have SWIFT numbers that speed up international wires since they are then handled electronically instead of being processed by TelX.
3) You want the lowest fees possible, but that means checking into not just how much but where you are charged those fees. You will do the vast majority of your banking locally with a bank the IS sets up for you. You wont be using your US/UK cards or account very much. Essentially ask yourself what your home bank will do. For most ITs its paying bills they have back home and getting coin into that account to pay those bills. ATM fees should be a rare and minor occurrences for emergencies. How much your ATM fee is and the exchange rate or exchange fee shouldnt be that much of an issue for you, since you will rarely be making withdrawals or use on your accounts at home. What you want to know is how much it will cost to receive a wire, and what potential options there are to reduce or eliminate that fee while keeping your account maintenance fees (the monthly fee if any you are charged on your account).
4) Customer service is hard to quantify. On one side large multinational banks will have 24/7 customer support and will have local, international or free contact numbers for you to get a hold of someone wherever you are in the world. A local credit union or bank may not, meaning you not only have to pay for the call 9avoided with something like Skype or google voice) but you have to call during that banks business hours which could easily be the middle of the night. Large commercial banks have processes for fixing problems. if you lose a credit/debit/ATM card a large multinational will think nothing of sending you a replacement by FedEx, a local credit union or bank may not do so.
The other side of that coin is if you have a good relationship with your banks staff and bankers, a call or email to "Peggy" at your local bank may be all you need to do to fix a problem.
When looking at Multi-National Banks two stand out from the others and those are HSBC and Citi, only because these banks have true international access as they have branches globally, though in most (many) cases this means a single branch in a foreign city. In addition you may need to either have the premier level account or some type of business account to actually make deposits. HSBC has an international banking account but its $50/month account maintenance fee. Cost efficient if you send a lot of wires (more than 2 a month), but you could easily pay half that if you only sent one wire a month or less frequently. Citi seems to be everywhere and you can use the Citi ATM for no charge with a retail banking account, though you may likely spend more in getting to their branch than the fees. The problem with Citi is you need a commercial/business account to make direct deposits and even then you essentially have two accounts that you are transferring coin between. The only real advantage is that if you have a retail Citi account you can get a cashiers check or bank draft and then use remote deposit to deposit the check into your account, just tell the bank clerk you are making a tuition or Uni remittance back in the states for your childs room and board, tuition, books, gold fish funeral. Still its a pricey account.
I advise that you do all three have a big multi-national account (such as BoA), a credit union account (doesnt really matter which as long as its as close to free everything as you can find), and an investment account (dont need to be investing yet, just open the account) you can then figure out what will work best for you later.
Whats more important is who you bank with locally and what services they offer you, the bank your IS sets you up with likely is the best for them, and not necessarily you. Once you have a residence card you can open a bank account anywhere, preferably one thats more convenient, has better online tools (such as English) and more available ATMs, and really offers you the perks and benefits that are relevant to you. If your IS sets you up with whatever the local "big bank" they might only have foreign teller service once a week ( the cause for ISs having bank day in your schedule, a day you have a lighter schedule and either a late start or early finish so that you have a few hours during the day to do things that must be done during business hours), or they might make you wait forever to get an actual credit card, where another bank might have far fewer and lenient requirements.