I previously wrote about how my new E*Trade checking account included ATM refunds. I confirmed I was wrong, as Frank so kindly pointed out in the comments. In the end though, it didn’t make a difference whether I had the checking account or the money market account.
I reviewed the current features of the money market account, and I’m quite sure the policy must’ve changed under my nose. I’d have to keep $5,000 in the account, which is too much for my purposes, or I’d have to meet some rather high standards ($50,000 in E*Trade linked accounts, or 30+ stock trades/year). You can read E*Trade’s current policy on ATM refunds here.
So, it looks like I’ll be going with a run of the mill checking account to compliment my high-yield E*Trade savings account. I’m using my previously established ING Direct savings account to tuck away the money I saved to re-establish myself upon returning home.
Based on my reading, ATM bank fees are *not* the norm outside the United States, so hopefully this will all be a non-issue. And if I’m able to arrive back in the US with some travel money to spare (as planned), then I should be able to use my debit card with most merchants, thus limiting the need for cash via ATM’s.
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Categories: Budgeting & Finances, Planning
6 Comments
It’s not the norm for our banks to charge us when in the EU, for example, but here in Vietnam I am charged 2 Euro per withdrawal. Also, your bank will hold its policy abroad, so you’ll end up paying the charge wherever you go.
Hope all is well!
-t.
It’s not the norm for our banks to charge us when in the EU, for example, but here in Vietnam I am charged 2 Euro per withdrawal. Also, your bank will hold its policy abroad, so you’ll end up paying the charge wherever you go.
Hope all is well!
-t.
Timen –
Good to hear from you. E*Trade doesn’t charge a fee normally, however I’ll have to cover any ATM owner fees assessed. And, suck up a 1% fee on foreign transactions.
A small price to pay for the fun that awaits!
Timen –
Good to hear from you. E*Trade doesn’t charge a fee normally, however I’ll have to cover any ATM owner fees assessed. And, suck up a 1% fee on foreign transactions.
A small price to pay for the fun that awaits!
Hello again. It’s not that big a point about the refunds, as I have never been charged fees at an ATM (unlike here in the USA) while traveling overseas, other than the 1% conversion fee (which is not refundable, I think). I am also considering the ING account. While the Flyertalk website implies an 1% conversion fee, the ING website says 2%. However, that higher fee is balanced by the fact that the ING account has a very high interest rate, which is important when putting several thousand dollars in an account for several months at a time.
Frank
Davis, California
Hello again. It’s not that big a point about the refunds, as I have never been charged fees at an ATM (unlike here in the USA) while traveling overseas, other than the 1% conversion fee (which is not refundable, I think). I am also considering the ING account. While the Flyertalk website implies an 1% conversion fee, the ING website says 2%. However, that higher fee is balanced by the fact that the ING account has a very high interest rate, which is important when putting several thousand dollars in an account for several months at a time.
Frank
Davis, California