ATM fee

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Space Cat
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Re: ATM fee

Post by Space Cat » Sat May 25, 2019 2:20 am

In addition, Payoneer charges 3.5% for withdrawing or paying in currency other than the card's currency.

It's much cheaper to withdraw from Payoneer to a Chilean bank account: it arrives as a local transfer in CLP and they have no fees other than a lower exchange rate (≈2%). I recently transferred money from Payoneer for USD/CLP 683 when the market rate was around 700.

mem
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Re: ATM fee

Post by mem » Sat May 25, 2019 4:59 pm

Space Cat wrote:
Sat May 25, 2019 2:20 am
In addition, Payoneer charges 3.5% for withdrawing or paying in currency other than the card's currency.

It's much cheaper to withdraw from Payoneer to a Chilean bank account: it arrives as a local transfer in CLP and they have no fees other than a lower exchange rate (≈2%). I recently transferred money from Payoneer for USD/CLP 683 when the market rate was around 700.
Yes, about 2.5'sh % on the exchange rate from 700 to 683. I really dislike the % based fees regardless of the method of transit. Normally, with an ATM withdrawal you are dealing with the best rate conversion available (perhaps 24 hours delayed rolling window) and then a flat rate fee. If you have have a Schwab checking account then the flat rate fees turn into $0 and it is essentially a cost/fee less transaction. But outside of that, I'll take the flat rate fees anyday and do larger amounts as long as they aren't futzing voodoo with the market exchange rate.

That being said, I am transferring $1000+ USD each time. I am surprised at the locals I see withdrawing $5K or $10K CLP from an ATM. I just don't get it, I guess they are doing CuentaRUT withdrawals and so they aren't really paying any fees anyway using an Estado ATM and so if they take out $5k or $500K CLP it doesn't really matter to them

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41southchile
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Re: ATM fee

Post by 41southchile » Mon May 27, 2019 8:25 am

mem wrote:
Sat May 25, 2019 4:59 pm
Space Cat wrote:
Sat May 25, 2019 2:20 am
In addition, Payoneer charges 3.5% for withdrawing or paying in currency other than the card's currency.

It's much cheaper to withdraw from Payoneer to a Chilean bank account: it arrives as a local transfer in CLP and they have no fees other than a lower exchange rate (≈2%). I recently transferred money from Payoneer for USD/CLP 683 when the market rate was around 700.
Yes, about 2.5'sh % on the exchange rate from 700 to 683. I really dislike the % based fees regardless of the method of transit. Normally, with an ATM withdrawal you are dealing with the best rate conversion available (perhaps 24 hours delayed rolling window) and then a flat rate fee. If you have have a Schwab checking account then the flat rate fees turn into $0 and it is essentially a cost/fee less transaction. But outside of that, I'll take the flat rate fees anyday and do larger amounts as long as they aren't futzing voodoo with the market exchange rate.

That being said, I am transferring $1000+ USD each time. I am surprised at the locals I see withdrawing $5K or $10K CLP from an ATM. I just don't get it, I guess they are doing CuentaRUT withdrawals and so they aren't really paying any fees anyway using an Estado ATM and so if they take out $5k or $500K CLP it doesn't really matter to them
There are no charges, that I am aware of, for taking out any amount if you have (any I think, not just cuenta RUT?) local account, that's why people take out 5 or 10k. I sometimes pull out just 10 or 20k at ATM, although more often just ask at the super when paying with redcompra. I dont like carry lots of cash round with me, not much need to nowadays.
With BCI and Santander I pay a monthly account maintenance fee, but I can use any ATM and for any amount and do not get charged a fee when I use them.
“Facts do not cease to exist because they are ignored.”

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tiagoabner
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Re: ATM fee

Post by tiagoabner » Mon Jun 10, 2019 12:37 pm

I believe there was some sort of change on Transbank/Redbank around mid-May. My debit cards for my accounts abroad have started to be recognized as debit cards (previously they were recognized as credit cards in Chile). In fact, even my Transferwise card - which was meant to be recognized as a credit card - now shows as a debit card. Also, Banco Estado ATMs no longer accept any of my foreign cards, regardless of me choosing debit or credit.

I've been withdrawing cash without fees as "Vuelto" at Lider Express. This previously wasn't an option, as this only shows to you if you're using a debit card. I can withdraw up to $90.000 without fees, but it can only be done if you're paying for a purchase. Good thing my Banco Estado account is working, so I only keep cash to pay for the few cash payments I need to make.
I'm NOT your lawyer, accountant or financial planner. All information at this post should be considered for your entertainment only. Consult a professional before making a decision regarding whatever topic was mentioned in this post.

mem
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Re: ATM fee

Post by mem » Mon Jun 10, 2019 4:03 pm

On the Banco Estado ATM's....I have never seen them query if it was a debit or credit card when using a foreign card.

I have noticed some strange behavior with Estado ATM's. There seem to be two versions out there. One version won't work with certain foreign cards, but they don't say they wont. Instead they act like they are going to process it and then they make you wait for an uncomfortable amount of time before saying the transaction is "annulled'. if you look on the online banking it will show a debit and then an immediate credit back. Called the bank and they said it wasn't them, it was the Chile side that accepted and then reversed it.

But then other Estado atm's (particularly ones inside of EL tit's for some reason) have no problem and allow up to 800K to be withdrawn (provided there is enough money in the ATM to service your request)

I used to think it was the Estado ATM's that "beeped" when you hit the number pad that were the problem, because the others did not beep when I punched in numbers on the number pad, but then I found one that worked in an El tit that did beep...so meh

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tiagoabner
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Re: ATM fee

Post by tiagoabner » Mon Jun 10, 2019 4:52 pm

I'm aware of the Banco Estado different ATMs issue. I'm fact, the one closest to my place is one where foreign cards are "anulado" at the end of the transaction. But now even the ones I was usually withdrawing are rejecting the cards outright. Weird.
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eeuunikkeiexpat
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Re: ATM fee

Post by eeuunikkeiexpat » Mon Jun 10, 2019 5:04 pm

Long time ago before BE started charging, BE ATMs would only accept Cirrus network foreign ATM and debit cards. When they started charging, their machines began accepting Plus network cards. As others have noted, there may have been another "update" recently (noticeable with changes on the max withdraw permitted) leaving some machines under the old system and others under a new system (perhaps again rejecting Plus system cards). Need more info from others to back that observation up.
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mem
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Re: ATM fee

Post by mem » Tue Jun 11, 2019 12:11 am

eeuunikkeiexpat wrote:
Mon Jun 10, 2019 5:04 pm
Long time ago before BE started charging, BE ATMs would only accept Cirrus network foreign ATM and debit cards. When they started charging, their machines began accepting Plus network cards. As others have noted, there may have been another "update" recently (noticeable with changes on the max withdraw permitted) leaving some machines under the old system and others under a new system (perhaps again rejecting Plus system cards). Need more info from others to back that observation up.
I can see a new website that maps the Blessed ATMs that allow the massive 800k withdrawal from BE. www.showmethepesos.cl

But seriously I feel like an ATM ninja knowing the capacities and capabilities of every BE atm within a 75 mile radius. I even have the reloading schedules down by the armed guard cash prosegur people. I could seriously go on ; )

Parkside
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Re: ATM fee

Post by Parkside » Fri Jun 14, 2019 2:04 am

mem wrote:
Sat May 25, 2019 4:59 pm
If you have have a Schwab checking account then the flat rate fees turn into $0 and it is essentially a cost/fee less transaction. But outside of that, I'll take the flat rate fees anyday and do larger amounts as long as they aren't futzing voodoo with the market exchange rate.
Hi Mem. My wife and I are working toward a couple of year expat tour in Chile and we're trying to be smart about our preparations where we can, assuming a good helping of culture shock and a great deal of delight in an entirely new experience - because that's just how we roll.

Anyhow, about the Schwab account (Charles Schwab I'm 'assuming'?) - how satisfied are you with their service? After about 20 years here in the US with Wells Fargo I'm completely over their latest fumbling around and money grabs. (the local folks at the branch are good, but the banking policies that have changed over the past 5 years have gotten on my last nerve, especially their constant raising of the total banking amount required to be a "PMA" member with fees waived)

Secondly, if you get Schwab's ATM fee rebates, why bother with any other account? Trying to get a bigger view of things. Thanks for sharing your experiences!

bones
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Re: ATM fee

Post by bones » Fri Jun 14, 2019 8:59 am

Anyhow, about the Schwab account (Charles Schwab I'm 'assuming'?) - how satisfied are you with their service?
I've been very happy with mine. I go to the ATM 2-3 times a month so over a year I save around $200 per year on ATM fees.

The other thing I like is being able to do international wires online, and their fee is relatively low compared to other banks I've done wires with.

Occasionally people will send me U.S. checks and I can deposit them using the mobile app.

Customer service is usually pretty good.

mem
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Re: ATM fee

Post by mem » Sat Jun 15, 2019 1:22 pm

Parkside wrote:
Fri Jun 14, 2019 2:04 am
mem wrote:
Sat May 25, 2019 4:59 pm
If you have have a Schwab checking account then the flat rate fees turn into $0 and it is essentially a cost/fee less transaction. But outside of that, I'll take the flat rate fees anyday and do larger amounts as long as they aren't futzing voodoo with the market exchange rate.
Hi Mem. My wife and I are working toward a couple of year expat tour in Chile and we're trying to be smart about our preparations where we can, assuming a good helping of culture shock and a great deal of delight in an entirely new experience - because that's just how we roll.

Anyhow, about the Schwab account (Charles Schwab I'm 'assuming'?) - how satisfied are you with their service? After about 20 years here in the US with Wells Fargo I'm completely over their latest fumbling around and money grabs. (the local folks at the branch are good, but the banking policies that have changed over the past 5 years have gotten on my last nerve, especially their constant raising of the total banking amount required to be a "PMA" member with fees waived)

Secondly, if you get Schwab's ATM fee rebates, why bother with any other account? Trying to get a bigger view of things. Thanks for sharing your experiences!
Yes, like bones, I'm satisfied with Schwab. But that's not saying much. Like you I have had WF for years but got the Schwab for the total lack of atm fees with their reimbursements. Why have more than Schwab? I try not keep 10K USD in any US account. So I have many US accounts where I spread stuff around. But I use Schwab to withdraw locally in CLP.

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tiagoabner
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Re: ATM fee

Post by tiagoabner » Mon Oct 28, 2019 11:45 am

I just got money at a Santander ATM and they charged my 7000 pesos, Banco de Chile was charging the same amount. I wonder if this is related to the dollar or to the protests (got to recover their losses, so they might as well start charging more from foreigners).
I'm NOT your lawyer, accountant or financial planner. All information at this post should be considered for your entertainment only. Consult a professional before making a decision regarding whatever topic was mentioned in this post.

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