4 ms·

What is special about WF? I use schwab as a main account (free ATM usage world wide w/ no currency exchange fees), keep a free BoA eChecking account for cash d

by mahyarm 10y ago

What is special about WF? I use schwab as a main account (free ATM usage world wide w/ no currency exchange fees), keep a free BoA eChecking account for cash deposits that I haven't done in years and have credit cards with various banks. I also use schwab & vanguard for index funds.

nevir 10y ago
Ditto; switched from WF to Schwab and haven't looked back.
- kxyvr 10y ago
  I looked at moving an account to Schwab, but it looked like they cut off their international wires. Did you receive any internal message about this? I may have been mistaken, but I recall when I looked a little over a year ago they offered the service, but when I look now, they do not: https://www.schwab.com/public/file/P-6425867/SLS77378-01.pdf https://www.schwab.com/public/file/P-6425867/SLS77378-01.pdf As a slight aside, since I've been hammered by this in the past, even if the card says no foreign transaction fees, that can be sort of a lie if you're getting screwed on the foreign exchange rate. Unfortunately, figuring out that rate can be extremely difficult not just because the spot rates changes daily, but because most banks won't disclose their formula. At least for wires, some banks like BofA and Wells Fargo take upwards of 4% off the spot rate (think xe.com numbers) in addition to fees. Though, do they do not and not required to call this a fee. Basically, what I found is that the no foreign transaction fee cards can be a scam. I have no idea what Schwab is like and I'd be curious to hear.
ams6110 10y ago
I use a local credit union. I don't understand what the big national banks offer that is appealing. What "online services" do they offer that every local bank/CU in 2016 doesn't offer as well?
- kchoudhu 10y ago
  Global ATM fee reimbursement and 24/7 customer service. Helpful when you travel a lot.
- deleted 10y ago
  [deleted]

by mahyarm 10y ago

nevir 10y ago

Ditto; switched from WF to Schwab and haven't looked back.

kxyvr 10y ago
I looked at moving an account to Schwab, but it looked like they cut off their international wires. Did you receive any internal message about this? I may have been mistaken, but I recall when I looked a little over a year ago they offered the service, but when I look now, they do not: https://www.schwab.com/public/file/P-6425867/SLS77378-01.pdf https://www.schwab.com/public/file/P-6425867/SLS77378-01.pdf As a slight aside, since I've been hammered by this in the past, even if the card says no foreign transaction fees, that can be sort of a lie if you're getting screwed on the foreign exchange rate. Unfortunately, figuring out that rate can be extremely difficult not just because the spot rates changes daily, but because most banks won't disclose their formula. At least for wires, some banks like BofA and Wells Fargo take upwards of 4% off the spot rate (think xe.com numbers) in addition to fees. Though, do they do not and not required to call this a fee. Basically, what I found is that the no foreign transaction fee cards can be a scam. I have no idea what Schwab is like and I'd be curious to hear.

ams6110 10y ago

I use a local credit union. I don't understand what the big national banks offer that is appealing. What "online services" do they offer that every local bank/CU in 2016 doesn't offer as well?

kchoudhu 10y ago
Global ATM fee reimbursement and 24/7 customer service. Helpful when you travel a lot.
deleted 10y ago
[deleted]