Chile Forum

[quote="admin"]I love my etrade bank account. No hassle, their web site just works, and their call center has always solved my problem. No ATM fees, and my exchange rate is typically within a peso or two of the whole sale rate published on XE.com. Because they are an online bank, I believe they have some sort of ATM fee refund policy in the States. In Chile there are no ATM fees, or at least I have never been nailed with one.quote]


Let me see if I understood completely; through your etrade bank account you are able to get an ATM card which you use to withdraw from ATMs in Chile... no fees for withdrawal and a near spot on exchange rate?

From what I could find, E Trade debit card has a 1% exchange fee and is on the PLUS system.

I don't track it very closely, but I have not seen any big difference. It is at least cheaper than taking the same amount of money out in the states, considering the $2-5 ATM fees charged. The ATM card is a visa. I have a couple of accounts so I can move money back and forth between them fairly fast, each with their own card. I was thinking about asking if they could issue more than one card on an account also. I have not checked the purchases.

I just got back from the ATM and took out 200,000 CLP and it came out in my etrade account as $440.24 US


Xe.com is currently giving me this:
440.480 USD
Chile Pesos United States Dollars
1 CLP = 0.00220240 USD 1 USD = 454.050 CL

The fact that I can do most of my international banking without needing to stand in line at Banco Estado all day is priceless.

Just reminder people. Now that the peso seems to be bouncing the other direction, do not forget to change your vote. The idea is for the poll to be dynamic and a measure of members confidence in the direction. Change it as much as you like. Everyone only gets one vote in good democratic form.

admin wrote:Everyone only gets one vote in good democratic form.

I'm a strong believer in that... as long as you're in the Supreme Court.

admin wrote:. . . change your vote. . . . Change it as much as you like. Everyone only gets one vote . . . .

I'm confused. I already voted (for 450, if I remember correctly). Must I, then, somehow remove my old vote before casting a new one, if I thought a new exchange rate more likely now? How would that removal be accomplished?

just click and vote, and it should change it if you are logged in. I had thought about giving everyone the chance to vote like 5 or 10 times , essentially allowing you to weight the vote for the options you thought where most likely. kind of like super delegates. Perhaps we will try it on the next go around. I am sure we will be talking about the exchange rate for years to come.

admin wrote:. . . . the chance to vote like 5 or 10 times , essentially allowing you to weight the vote for the options you thought where most likely. . . .

I'd like that.

yea, what the hell. Lets give it a try.

I set the poll to allow each user to select 3 options. So, essentially you can pick your top 3 choices, and change them as you like.

Wow, Charles, thanks!

('Sorry, I just spent a day listening to yells and screams.)

I wrote to the bank about the sucky rate (3% off from the real time rate) I received on Friday afternoon and in typical fashion they brushed me off claiming VISA determines the rate.

IF THIS IS TRUE, then a warning is in order if you use an ATM debit card on the VISA/PLUS system.

If this was a fluke, the only thing I can come up with was that this was close to or after normal FX trading hours on a day the rate made a big move in favor of the dollar which for some reason was not reflected like it normally would when I made the transaction.

I received a rate of 435.205 CLP to 1 USD when the real time exchange rate at the time was 449.400 CLP to 1 USD. I paid nearly $15 more than I should have on this transaction. The name of the bank is EverBank and I have experienced worse customer service from them than with Citibank. The only advantage left with them is the no fee for incoming wires.

Cuidate.

Yea, I just opened a Bank of America account again after about 10 years of protest against them loosing my money all the time. Well the first thing they did was loose my $25 opening deposit, then I had to stop in to a branch in the States to get the mess sorted out and get my "online" account to work. Luckily a week later I just happened to make my first trip to the States in the last 4 1/2 years.

So, after getting that all sorted out I ran a few transactions. They charged me $5 for an off network ATM transaction. There web site is just garbage, constantly logging you out and presenting all kinds of fake security features to make their users feel safe by confusing them with what they are doing and why they are doing it. JUST GIVE ME A PASSWORD AND A SECURE CONNECTION!!!! Don't make your site function like some phishing scam with arbitrary security notices every 30 seconds.

I have a Citi bank regular credit card. Those guys have been robbing me for years. I never use it unless someone has a gun to my head in the back ally of some third world country and demands I take money out of the ATM. Even then I might second guess the cost of being shot vs taking a cash advance on it.

I am SOOOO going to see if I can get more ATM cards on my current etrade account. My transfers between one account and the next are typically instant to about 10 mins after initiating, and I can also link to my brokerage account.

I am telling you guys, even if you don't have an account just call up their customer service line and have a chat. It will blow you away.

I also asked them the other day if I could use my direct mailing address and phone number in Chile on my account rather than using a U.S. proxy, and they said no problem. They have branches in Hong Kong and I think Europe also, so they can deal with international accounts. Most banks in the States now will not let me open an account online because I do not have a U.S. drivers license anymore. Without a state ID you are not considered a citizen, and passports don't seem to count for banking purposes.

Just by way of full disclosure, I don't get any kick back from Etrade but I am looking in to it. They really need an affiliate program, and I would plaster a banner across the top of all my sites.

admin wrote:... Most banks in the States now will not let me open an account online because I do not have a U.S. drivers license anymore. Without a state ID you are not considered a citizen, and passports don't seem to count for banking purposes. ...

Charles, this needs to be posted somewhere those planning to become expats can easily see. I can also confirm this FME and it is even applicable to non online applications. Open all brokerage, bank and credit accounts you think you will need for many years to come while you are still in the States as it will be very difficult to do once you no longer have a visible paper trail that actual USA residence and living leaves behind. The War on Drugs, The War on Money Laundering, KYC, Patriot Acts 1 and 2, War Against 'Terra", and now REAL ID all make the Land of the Free, Home of the Brave a joke.

Just to ensure I don't do anything dumb let me lay out my action plan and see if anyone can notify me of potential dangers. Shortly before leaving for Chile I will move my checking funds from WellsFargo to an etrade savings account (which I assume offers an ATM card). I will maintain my savings in an ING savings account and move thisr funds to the etrade account ad needed. Anyone see any pitfalls in that? Hopefully that way I can avoid ATM transaction fees and get the best exchange rates.

Just my advice, NIA, DYODD ...

I would keep every financial account you have and find the ways to minimize their costs. For example, I maintain my access for "free" to the kick azz Citibank online banking platform by strategically depositing via an online ACH transfer (again for free) of $10 per bank month from my nasty Everbank account.

Any remaining costs should be seen as the cost of living an expat life as you never know when those other accounts might be needed due to unforeseen events and circumstances.

Again NIA, DYODD.