I just had to share this with yall cause I was so excited.

I have been geeking out about how to handle my finances on the road.. which bank of put my $ in to have the lower transaction fees, atm charges etc.

I went into Bank of America today to close down my current account, as they charge $5.00 per international out of network atms, and there werent any associated banks in the area I would be traveling with.

When I went to speak with the BofA rep, he asked I was leaving. I explained to him the reason - and that I had found a credit union that charged much less, if anything. Additionally, I was no longer going to have a direct deposit and didnt want to have to pay a $6.00 a month service fee for my charge account.

With a little work, and some calls... he ended up waiving everything! For 1 year I get completley free international atm usage (on their banks end.. that is) and he also waived the monthly fees.

Yippe! Im so excited! Mostly, because I love their online format & billpay and was sad to have to leave them... but also it made me so excited that he was so accomodating.

So I guess the moral of the story is - it never hurts to ask - and to smile alot!

Sounds great and you were lucky to be asked and be asked by someone prepared to do something about it.

I think a lot of times with banks, what you can get is often related to the person you are dealing with too.

But all the Booties will no doubt be lining up now and saying well if it's good for the goose what about about the gander, not that I'm saying you're a goose K4.

That's awesome!

I agree about BofA online. They have the best billpay system of any bank I've seen.

I like B of A. They have good protection as well, and I have found most of the service people very friendly.

Anybody heard of PNC Bank? They provide a checking account with no ATM charges for global ATM usage AND they reimburse your account for the amounts charged by the other banks you use. They're new to the DC area though. I'm thinking of transferring to them before The Big Trip.

They used to have all sorts of odd rules. Once they bounce a large check of my parents. The money had cleard, but they wouldn't allow such a large sum to leave for a certain amount of time. Doesn't mean it hasn't changed though.

Kelly,

Thanks for the hot tip! I didn't even think about that. Of course my trip will only be about 3 months, but I will give them a call and see if they will do the same for me.

I have been with BofA for 9 plus years too, and they have always been ahead of the curve with online banking.

Hey how long will you be in SE Asia? I'm leave for Hong Kong in December! getting excited.

-chris

Just a followup here.

I tried on both ends of my trip to get my fees waived. It DID NOT WORK.

I racked up $110 in ATM fees due to Bank of America's $5 fee.

Yesterday I went INTO the bank to tell them I wanted my fees refunded or I'm shutting down all of my accounts. They basically said, "ok, the teller will help you take out all of your money."

F#@k Bank of America.

Chris

Hey Chris,

Im really sorry to hear that you were unable to get your fees waived. Im sure its not the norm, and that it largely depends on what representatives you speak with. Or maybe you just need boobs?

Did you end up closing down your accounts?

Yowser, that's a lot of fees. I'm sticking with my credit union as I think it just a buck each time.

Although BofA is a member of the World Alliance Banks, their practice on fees is very inconsistent. Their advertisement states that there's no transaction fee when you withdraw $ from other bank members of World Alliance. In practice, many travellers have cited just the opposite. So be careful and get something in writing.

For credit card, I opened a Capital One Visa (no transaction & currency exchange fees). For banking, I have an account with First Republic (no transaction fee at any bank) but you must keep a minimum balance of $2500. I also have HSBC which has branches in some 70+ countries and charges no transaction fee. Hopefully, this setup will keep the fees down.

Their world bank alliance is a freakin joke if you're traveling in developing countries, as most of us are.
I visited 9 countries. Only two of them, Hong Kong and Spain, had ATM's that were on the system where there were no fees.

And anywhere you are traveling, it's sometimes really difficult to find a SPECIFIC ATM when you don't know the area and are buried in a map all the time.

Basically, I want to get the word out that WE - as international travelers - should not have our money with Bank of America.

I will be closing my accounts with them. I took out $5k from my savings to open a new account elsewhere, probably Washington Mutual, but needed to pay my rent and stuff before I close them down for good. I may try one more time at another branch, because I would really like some or all of my $110 back.



Chris

Hey Chris,

I have WaMu Free Checking and it's convenient... with many branches, no minimum balance and no fees for most things. But since you're in SF, I recommend First Republic bank. They're more of a low volume, high-end bank. The account I have with them is called "ATM rebate" where they will refund the transaction fees you incur when withdrawing $ from other banks. I've used it for 3 months now so it's the real deal. However, this account requires $2500 minimum balance a pays a pittance for interest and they don't have many branches should you need to visit one. For savings, I use ING Direct. They allow 3 links to other accounts to which you can transfer fund free of charge.

Deza,

I'm going to go with WaMu for a while and see how that goes, since closing down my Bank of America accounts. I do have my retirement with ING, so I'll look into that.

I recommend if you are doing extended traveling abroad you figure out a good way to get money. Citibank was the only ATM I saw in almost every country I went to by the way, although HSBC has a pretty good global presence as well.

And as Dezafinado suggested, First Republic may be an option. Just don't use Bank of America for traveling abroad. You will get screwed.

If I go on another extended trip, I will certainly set up a special account just for traveling, which I will research better for ATM fees. And then use my regular ATM card for emergencies. Probably a better way to keep track of expenses too.

Chris

Well, I can't speak for other destinations, but for China BoA is GREAT! I called before I left and it turns out they have a partnership with China Construction Bank. There are offices everywhere. I get free ATMs and the official exchange rate. I haven't paid a fee to 'convert' money since I arrived.