ATMs and fees
 

Someone mentioned that getting a money market account from Capital One Direct Banking made for less fees when withdrawing money in Argentina. I understand that Argentine Banks charge a fee anyway, but this just means you don't have a second one. Can anyone confirm? I have a Capital One Credit card which I got for foreign travel to use when purchasing things, but I will need to make withdrawals. Thanks.

Deb,

There are US banks in Argentina.

I know of Citibank and HSBC for certain. Maybe you should get one of these bank's debit cards so that you can avoid fees.

I've used Citibank in both Singapore and Taiwan without fees.

I know Citibank has quite a few locations throughout the country.

As far as a money market account, you'll have read Capital One's policy and fine print. You should be able to get information from their website. Maybe you should 'borrow' the money here and take it with you to Argentina or deposit them into one of the above banks.

One caveat, always call your bank and credit card companies before you leave the United States and let them know that you will be in Argentina, and for how long.

I don't believe Citi waives the 3% forex fee at Citi ATMs outside of the US anymore (only the per transaction fee) unless your account type is one of the ones where the forex fee is waived anyway, i.e. Citigold, Private Banking, etc.

Patty,

I've done some research and you are correct.

Citigold is Citibank's upscale version of Comcast and ATT trying to get you to buy internet, tv and phone all on one setup.

The difference is that they want to put all of your eggs in their basket. Check the following out....

"How it works
The Citigold Relationship
A $500 minimum deposit opens your Citigold account. Within six months, the combined average balance of your linked eligible accounts has to be:

$100,000 or more across all your linked Citi accounts
OR
$250,000 or more if your Citibank first mortgage is included in the total relationship.
If you maintain the balances shown above, we'll waive the $25 monthly service fee."

What a deal!!

Very helpful. So I think I am back to Capital One where I may pay the fee that the Argentine banks charge, as I understand all of them do, and at least no other add on. But I will Call Capital One before starting a new account. Too bad about Citi Bank There's one near where I live!

Deb,

So, I've looked a little bit harder
at various fees. If anything, I've learned a lot and have gotten confused even more.

Skipping all the links to links that I looked up, the Citibank int'l fee is either 2% or 3%. I've found both fees listed on various Citibank links.

The two main advantages that I see in having a Citibank card and withdrawing money in Argentina, is as follows:

1) Argentine banks have much lower limits (currently 300 pesos or about US$85). You can withdraw the 300 pesos several times, but each time there is a transaction fee.

2) You will be charged two fees, one from your bank and one from an Argentine bank. Double charges.

Here's a real kicker, there are two types of ATMs at / around a Citibank. Here's a posted comment on one of the myriad of forums out 'there'.

This is posted by a Doggboy - "OK-FOR THE LAST TIME! I have a USAA Mastercard debit card. I usually go to the Citi on Santa Fe, near Montevideo, though I have tried others successfully as well. You will see the usual bullshit Banelco ATM machine. AVOID! Go to the Citi ATM machine which is right next to it. The machine is configured differently, but is not confusing. Put in your card and then pull out. Follow the directions on the screen. Voila! I pull $1,500 pesos regularly. I have not tried to pull more than that."

Caveat weinor.

While I don't have a Capital One Direct Banking account, I'm pretty sure they charge neither a % forex fee nor a per transaction fee. From what I understand, this is not the case with Capital One bank accounts opened at a Capital One bank branch. The latter do have per transaction fees. It <i>does</i> get very confusing.

Here's a good summary http://flyerguide.com/wiki/index.php...reign_Exchange

Patty,

I looked at that website an hour or so ago.

I was going to post it, but I thought it might be too confusing as the fees are listed by anyone who wants to edit the site, and that it had various CC information on it.

The answer(s) provided are really not that clear.

Yes, anyone can edit it but there's one person who actively manages it. I still find it's the best currently available resource. That's not to say you shouldn't re-verify the information.

If going to Argentina from the US: take as much US cash as you feel comfortable carrying and exchange it on as needed basis.

Get a debit card from one or more credit unions, (You'll have to officially join and become a member ) preferably card(s) with mastercard logo, and use it for atms. My credit union does not charge a fee for the first 4 withdrawals each month.
tptr