Bank question

[AFB_CF_2018]

Hi all- wondering if anyone in the States has any leads on where I can open an account that won't charge me to withdraw money on the camino AND that will give me two duplicate cards (one as a backup). I just closed my Capital One accounts because they were unable to give me two identical cards. I don't care if it's a chip card or not. Just want two identical cards and minimal fees. I'e heard people say they take two as a back up. Does that mean two separate accounts or two identical cards for withdrawing money.

 

[Deleted member 3000]

Charles Schwab.

 

[trecile]

Yup, Charles Schwab: https://www.schwab.com/public/schwab/banking_lending/checking_account

I also take my Wells Fargo debit card as a back up. So far I haven't had to use it.

You wouldn't want two identical cards, because if something happened to one, and you had to cancel it, the other card wouldn't work either, because they change the numbers when you report a card lost or stolen.

 

[tomnorth]

Wow, I’ve never heard of the two cards thing. I would never travel to Europe without a chip card. They’ve been using them for years over there. Since my bank changed over to chip cards I’ve had way less problems using my card overseas.

 

[Deleted member 67185]

I asked an account representative at Charles Schwab about obtaining two debit cards rather than just one. He said that it isn't policy to issue two debit cards, unless there are two people on that account. Then a debit card is issued to each person, but the debit card numbers will be different by one digit, and the name on the cards will match those of each account holder.

That has also been the policy at my primary bank, and at a previous bank to which I had an account prior to having my Chase account.

Schwab's account is free with no minimum balance requirement. It pays 0.20% interest on any account balance. There is no foreign exchange fees, no foreign transaction fees, and all ATM transaction fees -- at any ATM -- are automatically reimbursed back into the account.

No strings, no fine print; the account is free. Nada, zip, zero, nothing.

In case I lose the Schwab card, I do carry my primary bank's debit card as well. I also carry one credit card. It also looks like Schwab is easily reached and will get a replacement card to me ASAP, even in another country.

 

[trecile]

It also looks like Schwab is easily reached and will get a replacement card to me ASAP, even in another country.

I can attest to that. After being pickpocketed in Madrid before I started my first Camino two years ago, Schwab sent me another card to a pensión that I had a reservation at.

 

[Deleted member 3000]

After being pickpocketed in Madrid

For me, it was Barcelona. Schwab was the only one of my three banks that was at all helpful. I money at the Correos the next day. The U.S. consulate was as useful as the proverbial teats on a boar.

 

[Andres Cano]

Hi all- wondering if anyone in the States has any leads on where I can open an account that won't charge me to withdraw money on the camino AND that will give me two duplicate cards (one as a backup). I just closed my Capital One accounts because they were unable to give me two identical cards. I don't care if it's a chip card or not. Just want two identical cards and minimal fees. I'e heard people say they take two as a back up. Does that mean two separate accounts or two identical cards for withdrawing money.

I just brought my bank card and two credit cards and keep them in separate locations. It is unlikely you will lose or all three will be stolen. If your bank card fails or is lost you can always get a cash advance from your credit cards.

 

[OzAnnie]

For me, it was Barcelona.

and
@trecile
Pickpocketed in Madrid

Off topic; but I am interested in ‘how’ ie where were your cards taken from. We all think we are being very careful and wonder how anyone could take them from a ‘bum bag’ under your navel ?
I realise ‘they’ are good ‘at it’ but would like to know how they managed it.
(An afterthought, maybe something you don’t want put out there so understand if you don’t respond )..
Annie

 

[Deleted member 3000]

where were your cards taken from

Wallet in hip pocket after dinner.

 

[Saint Mike II]

Bola @OzAnnie ; @trecile I agree a good question.
I no longer am prepared to trust my fellow traveller so I now travel with one of those Pacsafe shoulder bags. They are most secure; I also have a similar one (Pacsafe wallet around my neck with my passport (and a supply of back up cash - US $ & Euros - together with the second Travel Money cash card)).

 

[t2andreo]

I asked an account representative at Charles Schwab about obtaining two debit cards rather than just one. He said that it isn't policy to issue two debit cards, unless there are two people on that account. Then a debit card is issued to each person, but the debit card numbers will be different by one digit, and the name on the cards will match those of each account holder.

That has also been the policy at my primary bank, and at a previous bank to which I had an account prior to having my Chase account.

Schwab's account is free with no minimum balance requirement. It pays 0.20% interest on any account balance. There is no foreign exchange fees, no foreign transaction fees, and all ATM transaction fees -- at any ATM -- are automatically reimbursed back into the account.

No strings, no fine print; the account is free. Nada, zip, zero, nothing.

In case I lose the Schwab card, I do carry my primary bank's debit card as well. I also carry one credit card. It also looks like Schwab is easily reached and will get a replacement card to me ASAP, even in another country.

Dave & all:

The Schwab card is indeed a good deal for pilgrims. HOWEVER, the fine print does point out that you must have a minimum USD $1,000 balance in the account to have all these benefits. I am considering switching from my non-resident EU bank account to the Schwab account, but will likely wait until I return from my month-long volunteer stint at Santiago in July - August before doing so.

I am thinking that I can have a set amount automatically transfer from my "home bank account to this "camino account" each month. Then, and concomitant with my several trips each year, there should be adequate funds available for expenses when I travel for Camino or to volunteer.

As for the carry two card admonition, Davebugg is correct when he indicates that the two cards should be from DIFFERENT companies. If one goes missing, both are cancelled.

So, my advice to all is to carry TWO CARDS that can be used to obtain cash from ATMs. I carry my home bank debit card, a travel credit card, and my EU debit card. All can be used to obtain cash, with the EU card being the easiest to use all over Europe.

My plan is to move to the Schwab card and one or more US based cards. My bank refunds up to 4-ATM transaction fees monthly, including for international use. The exchange rate is the then current interbank rate. So in the end, it is what it is.

Hope this helps.

 

[trecile]

The Schwab card is indeed a good deal for pilgrims. HOWEVER, the fine print does point out that you must have a minimum USD $1,000 balance in the account to have all these benefits

Where did you read that? I haven't found it to be true.

https://www.schwab.com/public/schwab/banking_lending/checking_account

 

[t2andreo]

Evidently, I misspoke. My bad.

I just re-read the very fine print at the bottom of the page you linked to above. While the term "minimum balance does appear 3 or 4 times, in each case, it clearly states that neither the brokerage account, nor the high-yield checking account have a minimum balance requirement or, in the case of the brokerage account, a funding requirement.

So, it does appear to be a perfect solution. In my case, I plan to set up a regular pattern or automatic deposits from my main bank this account to have funds on hand for travel expenses. I regard it as enforced savings for future Camino activity.

If anyone else reports differently, I should like to hear about it. One imagines that enough people maintain some balance so they are not singled out for the ire of the company. They have to make money on this somewhere, somehow...

I regret any misinformation. Hope this clarifies.

 

[Deleted member 67185]

Evidently, I misspoke. My bad.

I just re-read the very fine print at the bottom of the page you linked to above. While the term "minimum balance does appear 3 or 4 times, in each case, it clearly states that neither the brokerage account, nor the high-yield checking account have a minimum balance requirement or, in the case of the brokerage account, a funding requirement.

So, it does appear to be a perfect solution. In my case, I plan to set up a regular pattern or automatic deposits from my main bank this account to have funds on hand for travel expenses. I regard it as enforced savings for future Camino activity.

If anyone else reports differently, I should like to hear about it. One imagines that enough people maintain some balance so they are not singled out for the ire of the company. They have to make money on this somewhere, somehow...

I regret any misinformation. Hope this clarifies.

Whew, t2, you had me wondering how I had overlooked such a big pre-condition. Glad it's still all good