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The Final Solution To Atm Fees!


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#1 YoloCoz

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Posted 04 October 2015 - 07:19 AM

Hi all, I see a lot of posts about how to access money while on Coz and, although I searched for it, nothing came up about the solution my wife and I use so I will post it here. I do believe it is the finest possible solution (with maybe one limitation).

 

My wife and I have a "Charles Schwab Investor Checking Account". This account has no minimum opening balance, no fees and, here is the best part. They reimburse 100% of ATM fees from any ATM on the planet (Provided the ATM works with the VISA debit card...we found one bank here in Rio that it doesn't).

Schwab does not charge an ATM fee. Yes, they reimburse the fee imposed by the ATM as well. A couple examples: We stayed on the island from January through May of this year (2015). We habitually used the HSBC on the corner of 30 and 11 - but also used others. You will lose a small amount per peso (we typically lost .2 pesos vs the actual exchange rate) - every place on Earth keeps a little to cushion the exchange rate. I forget what the ATM fee was from HSBC but every month Schwab would go in and reimburse us for it.

 

Example 2: Once about three years ago, on our first trip to Cozumel, we stayed at the Secrets down South. We had just finished our first ever dive trip in Coz and immediately signed up for another trip.But...we needed another couple hundred bucks to cover the trip, gear rentals, etc. We hit the resort ATM....$20.00 ATM fee. We were thinking..."Well, let's just bite the bullet" (it was our fifth wedding anniversary trip). we pulled out $200 (the ATM was in US $) and got hit with the $20 fee. The next month rolled in and Schwab had reimbursed the $20.00 fee.

 

We use our Schwab card for ATM withdrawals all over the world. Never a fee!

 

Schwab is mainly online, but is easy to start an account online and transfer money from an existing account. Unless they have changed something since we opened ours about five years ago...I would say this is pretty much "hitch-free"

 

Here is a link: http://www.schwab.co...hecking_account

 

The limitation I mentioned? Well...usually the "Max withdrawal" per day on an ATM is less than Xoom or WU or moneygram. Here in Rio, we start going to the ATM daily about 4 days prior to rent due so we can build up the stash :-)

 

Hope this isn't covering old information. I did search - honest :-)

 

BTW...swinging back to Coz next month! 


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#2 ccannon707

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Posted 04 October 2015 - 05:25 PM

Schwab has been mentioned many times... (even by me) on this and other Mex forums, but thanks for posting your experience. I hemmed and hawed over opening an account after the BofA/Santander connection went south... sure a "catch" would emerge. But Schwab is transparent and honestly doesn't charge and does refund any fees incurred... anywhere! Of course it's a good way for them promote their brokerage business, but in this age of greedy banks they are refreshing. Viva Schwab!


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...Christine

 

I drink to forget, but I eat to remember.... so it all balances out

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#3 cvchief

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Posted 04 October 2015 - 06:26 PM

I keep thinking of opening one and keeping limited funds in it for an ATM backup.  Of course as soon as I opened a BOA account that ended so I am worried about screwing up the Schwab for everyone.....


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El Jefe

Wishing I was retiring to Cozumel.....

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#4 pato52

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Posted 05 October 2015 - 07:22 AM

Thanks for the tip about Schwab. I am in the process of opening an account now.


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#5 itzrandy

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Posted 03 January 2016 - 12:22 PM

I would like to add that USSA Bank does the same thing. I have been coming to Cozumel for over 25 yrs and I have never had a problem with the BANK ATMs. I have had two credit cards compromised in the US!! Both times the fraudulent charges were removed and new cards issued. I keep a separate checking account with a $25 balance and transfer money as needed into it for ATM withdrawals - I change the pin back and forth. We all know how easy it is to transfer money from one acct to another. My daily limit on the vacation acct is $600 unless I request more. When I need pesos I transfer just what I want and leave only $ 25 in there at any given time. Free transactions - you gotta like Schwab and USSA!!! I have most recently used the HSBC atm at mega with no problems .
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#6 ccannon707

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Posted 13 January 2016 - 07:33 PM

Thanks for your posting your experience Randy. It's always good to hear about alternatives to avoid the pesky bank fees. Might you be referring to USAA? I put in USSA and nothing came up... but USAA did. I understand it's only for military & family, but I haven't drilled deep to research. I opened a Schwab account this last fall (see post above) and I'm very happy with them. I'm over in PdC at the moment and at the register at the giant (!) Soriana here I had my regular Capital One credit card rejected because it didn't have a chip :o  Luckily I had my Schwab card that does have a chip and all went smoothly.


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...Christine

 

I drink to forget, but I eat to remember.... so it all balances out

.· `·. ><((((º> .· `·. <º))))>< ,·. ..· `·. .· `·. <º))))>< .· `·.





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