ATM fee

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tiagoabner
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Re: ATM fee

Post by tiagoabner » Tue Aug 22, 2017 1:22 pm

I used xe exchange rates in my calculations. I might have mixed up Banco de Chile with Banco Estado, I will check it out.

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tiagoabner
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Re: ATM fee

Post by tiagoabner » Tue Aug 22, 2017 4:34 pm

Just reviewed my numbers. I indeed got the withdrawal fees mixed up for Banco de Chile and Banco Estado. I can only withdraw up to $400000 in Banco Estado, I just checked it out, so I ran a new calculation for this value.

I got $313.35 for Scotia vs $318.71 for Banco Estado for $200000 and $626,69 vs $631,16 for $400000. So the gap closes due to the slightly better exchange rate Banco Estado sported, but it was offset by the withdrawal fee for all values.

Conclusion: for me, it will be roughly $5 cheaper to withdraw at ScotiaBank when compared to Banco Estado. Yes, it is a small difference, but since Scotia charges no withdrawal fees, the economy can be way bigger, as I can do multiple withdrawals per month, without the need of doing a large withdrawal. This can be helpful when getting petty cash at a moment's notice.

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eeuunikkeiexpat
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Re: ATM fee

Post by eeuunikkeiexpat » Tue Aug 22, 2017 5:54 pm

Can't wait to test my card at Scotia (I have to wait till I need to go into centro San Antonio). This would be the first big change for US issued cards since Banco Security started imposing a fee. Banco Estado should allow you to take out more than $400.000, unless there is a NEW change there also.
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tiagoabner
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Re: ATM fee

Post by tiagoabner » Tue Aug 22, 2017 6:31 pm

I specifically tried to withdraw multiple values over $400000, in increments of $20000. I really wanted to be sure regarding which option would be best for me so I could grind my numbers. Of course, maybe another card may get me more than $400000, but that was the limit for this specific card.

I have another card I only use for emergencies that I will also try out tomorrow to double check both on ScotiaBank and on Banco Estado.

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Re: ATM fee

Post by Talty » Wed Aug 23, 2017 6:43 am

These ATM fees are ridiculous!

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Space Cat
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Re: ATM fee

Post by Space Cat » Wed Aug 23, 2017 9:26 am

Talty wrote:These ATM fees are ridiculous!
Nowadays getting CuentaRUT as soon as possible and topping it with Transferwise is the best option.

Scotia could switch to fees at any moment and it actually charges one of my cards (US debit Visa).

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tiagoabner
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Re: ATM fee

Post by tiagoabner » Wed Aug 23, 2017 11:15 am

Space Cat wrote:
Talty wrote:These ATM fees are ridiculous!
Nowadays getting CuentaRUT as soon as possible and topping it with Transferwise is the best option.

Scotia could switch to fees at any moment and it actually charges one of my cards (US debit Visa).
That's actually what I'm going to test next week: I will finally open a cuenta RUT and use Transferwise to do a transfer to check their fees in my specific case.

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eeuunikkeiexpat
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Re: ATM fee

Post by eeuunikkeiexpat » Thu Aug 24, 2017 9:41 pm

Today tried Scotiabank with a Cirrus debit card (Capital One 360) and the fee was $3500 which I declined.
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MichaelM
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Re: ATM fee

Post by MichaelM » Fri Sep 22, 2017 8:11 pm

I walked by a bank in the Central area the other day, stopped out of curiosity, put my card in the ATM, and ... Voila! NO. FEE.

I was shocked. I've used the same ATM with the same card on several occasions since then, withdrawing various amounts, and haven't been charged a fee yet!!!!

BTW, I was using a Wells Fargo Business Debit card: a Visa card with a PLUS symbol on the back. Wells Fargo still nicked me the typical $5 fee, but no fees from the Santiago banking system. (Just FYI--I've tried 25-30 other ATMs here in Santiago since my arrival on Aug. 11 and all of the other machines were going to charge me a fee.)

So, where IS this all-too-good-to-be-true machine? Well, I'd love to disclose the location but ... you see, the Admin pissed me off the other day. I posted a Classified Ad, which was summarily removed without explanation, and the Admin didn't respond to my inquiry either. So, I'm thinking ... why would I SHARE with his Forum?!?!?!?! You know?!? What goes around, comes around. So, maybe send the Admin a note and thank him for this. In the meantime, just keep searching. Maybe you'll find the right ATM. It's out there.

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Re: ATM fee

Post by chesswolf » Sat Sep 23, 2017 10:18 pm

MichaelM wrote:I walked by a bank in the Central area the other day, stopped out of curiosity, put my card in the ATM, and ... Voila! NO. FEE.

I was shocked. I've used the same ATM with the same card on several occasions since then, withdrawing various amounts, and haven't been charged a fee yet!!!!

BTW, I was using a Wells Fargo Business Debit card: a Visa card with a PLUS symbol on the back. Wells Fargo still nicked me the typical $5 fee, but no fees from the Santiago banking system. (Just FYI--I've tried 25-30 other ATMs here in Santiago since my arrival on Aug. 11 and all of the other machines were going to charge me a fee.)

So, where IS this all-too-good-to-be-true machine? Well, I'd love to disclose the location but ... you see, the Admin pissed me off the other day. I posted a Classified Ad, which was summarily removed without explanation, and the Admin didn't respond to my inquiry either. So, I'm thinking ... why would I SHARE with his Forum?!?!?!?! You know?!? What goes around, comes around. So, maybe send the Admin a note and thank him for this. In the meantime, just keep searching. Maybe you'll find the right ATM. It's out there.
Yeah, and maybe your mystery ATM doesn't exist. Nice try.

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tiagoabner
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Re: ATM fee

Post by tiagoabner » Sat Sep 23, 2017 10:47 pm

Meh, plenty of no-fee ATMs out there. Currently ScotiaBank doesn't charge me for any of my cards. I have tried with an US issued Community Federal Savings Bank MasterCard, an UK issued Barclays MasterCard and a Brazilian Pre-paid MasterCard, and I got no fee with any of them.

Of course, YMMV. That was the case for me.

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eeuunikkeiexpat
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Re: ATM fee

Post by eeuunikkeiexpat » Sat Sep 23, 2017 11:43 pm

Of course getting f'ed on your bank's end at $5 a pop is not good planning.

OK, any other US issued card holders from smaller banks, S&Ls or CU's that can duplicate tiagoabner's results?
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

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