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4 years ago

Charles Schwab accounts

4 years ago
Often on this site I hear about how good Charles Schwab accounts are because of no foreign money transfer fees. I currently use my hometown USA bank to receive my income monthly then I use a local Mexican banks ATM to get pesos. My hometown bank has no fee for their portion of the transactions and returns a maximum of 4 fees per month of the fee (17 pesos) charged my Cibanco here is San Carlos. However my Visa debit card charges me 1.1% to convert my USDs to Pesos. Assuming the USD to Peso for that day is 19.5 my bank give me the same rate....19.5 or withing .1 approx. but Visa takes 1.1%. So $19,5000 pesos at the ATM charges my account $1000 US. but Visa takes about $11,00......I am trying to figure out if with a Schwab account my will save me any money. Some here swear by Schwab but I would like to know what they are actually getting charged.
I tried to open a Schwab account online but once they knew I was physically in Mexico they said I had to be stateside to continue. They cannot answer my question about total fees because their debit cards are visa and they said for me to ask Visa. I can't find that information on Visas website so I am asking here to those who have accounts what the total fees are. Then of course I will confirm when I open an account stateside. Thanks

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