Forums > General > Living, Working, Retiring

tonynico

May 4, 2011, 7:02 AM

Post #1 of 12 (4554 views)

Shortcut

Good news for ATM usersI love sharing good news, so here it is In New York they advertise First Rep

Can't Post | Private Reply

I love sharing good news, so here it is

In New York they advertise First Republic bank free checking world wide.
I decided to call.
1 World wide free atms.
2 peso conversion fee that is charged credited back
3 If you are in the U.S. This is done automatic but if you are using the debit card oversees you either can contact the bank online or by phone and request that they go over the account to make sure all conversion fees where credited back.
4 You have to be a U.S. citizen with a U.S. address to open the account.
5 They will not ship card overseas. Either use family or a mailbox drop to get it.
6 You have to maintain a 3000 balance
7 first check deposited takes 30 days to clear. Or you can deposit 500 dollars and the rest in cash the cash is available right away.
8 At this time if you withdraw U.S. dollars the Mexican bank will charge a fee this fee will not be refunded at this time again for U.S. dollars only

Sounds good to me no fees for atms and no conversion fee.

Tony

chicois8

May 4, 2011, 3:23 PM

Post #2 of 12 (4473 views)

Shortcut

Re: [tonynico] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

Please report back in a couple months to see if there were any hidden fees,

I am building a home so I use ATMs regularly, today between my Schawb Bank, Citi Bank and Banamex USA accounts I was able to withdrawl 36,000 Pesos without any fees.....suerte y paz

tonynico

May 4, 2011, 4:21 PM

Post #3 of 12 (4455 views)

Shortcut

Re: [chicois8] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

There may not be any atm fees but are you sure you are not paying the conversion fee it would be built into the amount. You would not notice. But with First Republic they will refund both all you need to do is call and make sure they did it.
There are no hidden fees.

Tony

chicois8

May 4, 2011, 4:47 PM

Post #4 of 12 (4449 views)

Shortcut

Re: [tonynico] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

Tony,

You did not wait a couple of months to see if there were any hidden fees...

I have been doing this since before Christmas and I do know that on each
months statement from Schwab they show the reimbursed ATM fees( and I do not have to call them) and I do check to see I am getting the offical bank rate of the day from them and citibank (who owns Banamex and BanamexUSA)... suerte y paz

tonynico

May 4, 2011, 6:16 PM

Post #5 of 12 (4426 views)

Shortcut

Re: [chicois8] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

I am not talking about the atm fee but there is also a fee charged by visa. visa is the issuer of all cards and they charge the conversion fee. You will never see it being it is built into the exchange rate.
Visa charges 1% but many banks and institutions bump it to 3%. You would think it is the exchange rate since this fee is never listed. First bank returns this fee to you.
Call Schwab and ask them if they charge the conversion fee. Fidelity does 1%

If they do and there is away around it I would take the time to call First Republic.

Tony

chicois8

May 4, 2011, 7:00 PM

Post #6 of 12 (4418 views)

Shortcut

Re: [tonynico] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

tony,tony, tony,

I do not know about Visa Card or Master Card, I use a Schwab Banking Card, a Citi ATM Card and a Banamex Express Card...I do not use credit cards or debit cards and I pay no fees or conversion rates...

For instance today I went to a Banamex ATM and entered 10,000 Pesos, when I got home I went online and saw my account down by $860.93 which equals 11.61 Pesos to the dollar, which is within 1 centavo of the offical Banco de Mexico rate of 11.62....

I really do not know how much planner I can explain it, your New York may be getting on the band wagon but I have paid no fees for years and it is nice to see other banks offering the same services.....suerte y paz

mazbook1

May 4, 2011, 7:09 PM

Post #7 of 12 (4410 views)

Shortcut

Re: [chicois8] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

chicois8, no matter what they call them, all three of your cards are debit cards, since when you withdraw money the bank or financial firm has to debit your account.

tonynico

May 4, 2011, 7:13 PM

Post #8 of 12 (4406 views)

Shortcut

Re: [mazbook1] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

Your right no conversion fee VISA does charge but shcwab picks it up.
Now for all that do not have a Schwab account you now have two options Schwab or First Republic.

Tony

(This post was edited by tonynico on May 4, 2011, 7:26 PM)

chinagringo

May 4, 2011, 7:35 PM

Post #9 of 12 (4386 views)

Shortcut

Re: [tonynico] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

I will tell you that we have both B of A and Compass Bank accounts and each one of them minimizes the various fees if one plays by their rules. To my way of thinking, it is kind of like driving to the other side of the city when a gas station is selling gas for 2 cents less per gallon. Find a bank with an equitable arrangement and quit worrying about the nickel and dime stuff as I can guarantee you will pizz more than these fees away when you decide that you need or require a bottle of Johnny Walker Black or a box of Triscuits!
Regards,
Neil
Albuquerque, NM

chicois8

May 5, 2011, 1:50 PM

Post #10 of 12 (4300 views)

Shortcut

Re: [mazbook1] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

David,
Duh...of course the card debits your account,all cards do weather it says Debit, ATM, Banking or Express on them..

Tony,
I am not trying to get into an argument with you, I was just letting you and other know that there were banks and credit unions that have been fee free for years....and there are alternatives

Chinagringo,
I was just in Tonala last week, your buddy with the restaurant behind Hotel Tonala spent lots of money upgrading the place, only problem is in the ally he is in had public parking on either side of him now where shops used to be...Que Lastima

chinagringo

May 5, 2011, 2:30 PM

Post #11 of 12 (4289 views)

Shortcut

Re: [chicois8] Good news for ATM usersI love sharing good news, so here it is In New York they adve

Can't Post | Private Reply

Chicois8:

The vacating of shops is something that has been going on for close to two years that I know of. He doesn't own that property but we quizzed him about it. Apparently the owner can make more from parking than from all the little shops and apparently when Tonala realized that they had a lack of off street parking, there were some sort of incentives put forth to encourage parking lots.

While I have never been told directly, I am guessing that Oscar enjoys some sort of backing, possibly from the owners of the Hotel Tonala?
Regards,
Neil
Albuquerque, NM

chicois8

May 5, 2011, 2:43 PM

Post #12 of 12 (4281 views)

Shortcut

Re: [chinagringo] Good news for ATM usersI love sharing good news, so here it is In New York they a

Can't Post | Private Reply

I will ask in a week when I am back in Tonala, I know the owners of the Hotel Tonala...later,suerte y paz

(This post was edited by chicois8 on May 5, 2011, 4:17 PM)