Alright. So I've traveled before, but only for a couple weeks at a time, a month at most. International fees on banking accounts are horrible. My bank charges me $5 every time I take money out of the bank. Small trips no big deal, you take money out only a couple of times, however, I plan to travel for a year. If I take money out of bank twice a month then the bank takes $120. This means, they will probably take way more from me in a year.
I will be traveling to Central and South America. Are there any banks that are in most of those Countries that I can transfer my money to before I go? Or is there a Latin bank that can be found all over Central and South America that I can get when I arrive and then transfer money to later?
Help me save my money from the US banks, Please!
Reply to this Hey Shelbi. I'm taking off for Asia end of August for extended travel as well and was concerned about the same thing. I stumbled across this artice on the NY Times website that will keep you bank fee free on your travels.
http://frugaltraveler.blogs.nytimes.com/2009/01/27/packing-the-right-credit-card/?scp=7&sq=frugal%20traveler&st=cse
The jist of the article is Capital One and Charles Schwab offer no fee credit cards. You can also set-up a money market account with Capital One and set it up so that you can transfer money from your existing bank account. You can then withdraw money from the money market account for free.
I am currently setting this up with Charles Schwab and will confirm that there money market account is also fee free.
I would not move much money into a Central / South America bank. Think back to when Argentina's financial system went under and people lost money that was in the banks. You never know how things might turn when something like a coup occurs in Honduras, etc.
Todd
Reply to this Hi Shelbi - welcome to the travelblog forums.
You need to study the small print for your bank account.
Usually - there is a fee, commission and exchange rate to worry about.
Fee - the amount per transaction charged by your bank and the bank that you withdraw from - typically between $5-10
Commission - a percentage charged on the withdrawn amount - when you are not taking out cash in your bank accounts currency.
Exchange Rate - typically - you don't get given a good one.
Too minimize the fees - take out the maximum withdrawal in one go - up to $500 normal - then you only get one instance of the fee. Some countries have much lower maximums on ATM's in these places - a visa counter withdrawal (passport and card) is better.
Shop around - look for a bank account in the US (in the UK Nationwide is one of the best) - which has low fees and commission. Look for information on where the exchange rates will come from. Make sure you are given a fair exchange rate.
Slightly off topic; find out the direct number for reporting stolen cards, and the one to unblock cards - the fraud departments tend to block and then ask questions when withdrawals start appearing from developing countries - usually leaving you slightly stranded and looking for a money exchange in order to change some dollars so you can eat and sleep.
Todd: I agree with you about moving into foreign accounts - plus - due to anti-money laundering regulations - it is often very difficult to do this anyway.
HTH
Reply to this If you are using a CC they will charge you a fee for the exchange - but a small one. American Express has a lower fee than Visa or Master Card have.
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