Banking for long term world travel?

Hi, I'm an American planning to travel to Costa Rica for six months,
then do some more traveling around the world, mostly in developing
countries in either Latin America and/or Asia.

I'm trying to figure out the best place to stick my money so that I can
earn some interest and also have access to it world wide with minimum
fees. Right now I'm thinking about an ING Direct savings account
linked to a checking account with good world wide ATM access.

I need advice on selecting a good checking account, that is both
accessible via ATM in most parts of the world and does not charge a lot
in foreign exchange or ATM fees. I think my current account
(Washington Mutual) has good access, but I believe they charge 1% on
foreign exchange plus ATM fees.

Any suggestions? I live in Bellingham, Washington if that makes a
difference.

Jacqueline Passey
http://www.JacquelinePassey.com/

Sounds to me like you're getting a good deal already. My bank gives me the
wholesale interbank exchange rate for the day - then charges 2.2% exchange
fee - then charges a $4.50 fee for each foreign ATM usage. All this is
offset by a 'loyalty allowance' which usually amounts to about $10 a month.

I must admit that it still comes out ahead of most other ways of accessing
funds. The wholesale Interbank exchange rate is the best - and not otherwise
available to ordinary travellers!

If you are coming to Australia - the Bank of America has a reciprocal
agreement with Westpac Bank. Neither charges the other's card holders any
ATM fees. There is one bank in each of Canada, the UK and Italy (I think
Italy), also in the group!


wrote in message
oups.com...
Hi, I'm an American planning to travel to Costa Rica for six months,
then do some more traveling around the world, mostly in developing
countries in either Latin America and/or Asia.

I'm trying to figure out the best place to stick my money so that I can
earn some interest and also have access to it world wide with minimum
fees. Right now I'm thinking about an ING Direct savings account
linked to a checking account with good world wide ATM access.

I need advice on selecting a good checking account, that is both
accessible via ATM in most parts of the world and does not charge a lot
in foreign exchange or ATM fees. I think my current account
(Washington Mutual) has good access, but I believe they charge 1% on
foreign exchange plus ATM fees.

Any suggestions? I live in Bellingham, Washington if that makes a
difference.

Jacqueline Passey
http://www.JacquelinePassey.com/

On Sat, 9 Apr 2005 16:41:46 +1000, "A Mate"
wrote:

Sounds to me like you're getting a good deal already. My bank gives me the
wholesale interbank exchange rate for the day - then charges 2.2% exchange
fee - then charges a $4.50 fee for each foreign ATM usage. All this is
offset by a 'loyalty allowance' which usually amounts to about $10 a month.

I must admit that it still comes out ahead of most other ways of accessing
funds. The wholesale Interbank exchange rate is the best - and not otherwise
available to ordinary travellers!

If you are coming to Australia - the Bank of America has a reciprocal
agreement with Westpac Bank. Neither charges the other's card holders any
ATM fees. There is one bank in each of Canada, the UK and Italy (I think
Italy), also in the group!

It sounds like you're both paying too much. My bank has no fees for
using their ATM card overseas, and they give as close to the interbank
rate as anyone. That's a UK based bank, but I'm sure there are US
banks (credit unions?) who do the same.

Chris

wrote in message
roups.com...
Hi, I'm an American planning to travel to Costa Rica for six months,
then do some more traveling around the world, mostly in developing
countries in either Latin America and/or Asia.

I'm trying to figure out the best place to stick my money so that I can
earn some interest and also have access to it world wide with minimum
fees. Right now I'm thinking about an ING Direct savings account
linked to a checking account with good world wide ATM access.

I need advice on selecting a good checking account, that is both
accessible via ATM in most parts of the world and does not charge a lot
in foreign exchange or ATM fees. I think my current account
(Washington Mutual) has good access, but I believe they charge 1% on
foreign exchange plus ATM fees.

Any suggestions? I live in Bellingham, Washington if that makes a
difference.

Jacqueline Passey
http://www.JacquelinePassey.com/

On Sat, 9 Apr 2005 16:41:46 +1000, "A Mate"
wrote:

Sounds to me like you're getting a good deal already. My bank gives me the
wholesale interbank exchange rate for the day - then charges 2.2% exchange
fee - then charges a $4.50 fee for each foreign ATM usage. All this is
offset by a 'loyalty allowance' which usually amounts to about $10 a month.

I must admit that it still comes out ahead of most other ways of accessing
funds. The wholesale Interbank exchange rate is the best - and not otherwise
available to ordinary travellers!

If you are coming to Australia - the Bank of America has a reciprocal
agreement with Westpac Bank. Neither charges the other's card holders any
ATM fees. There is one bank in each of Canada, the UK and Italy (I think
Italy), also in the group!

It sounds like you're both paying too much. My bank has no fees for
using their ATM card overseas, and they give as close to the interbank
rate as anyone. That's a UK based bank, but I'm sure there are US
banks (credit unions?) who do the same.

Chris

wrote in message
roups.com...
Hi, I'm an American planning to travel to Costa Rica for six months,
then do some more traveling around the world, mostly in developing
countries in either Latin America and/or Asia.

I'm trying to figure out the best place to stick my money so that I can
earn some interest and also have access to it world wide with minimum
fees. Right now I'm thinking about an ING Direct savings account
linked to a checking account with good world wide ATM access.

I need advice on selecting a good checking account, that is both
accessible via ATM in most parts of the world and does not charge a lot
in foreign exchange or ATM fees. I think my current account
(Washington Mutual) has good access, but I believe they charge 1% on
foreign exchange plus ATM fees.

Any suggestions? I live in Bellingham, Washington if that makes a
difference.

Jacqueline Passey
http://www.JacquelinePassey.com/

Chris,
Could you be more specific - they give as close to the interbank rate as
anyone - doesn't mean much! Wholesale interbank rate?? How Close?? We're
talking money here - a point or two counts!!




"Chris Blunt" wrote in message
...
On Sat, 9 Apr 2005 16:41:46 +1000, "A Mate"
wrote:

Sounds to me like you're getting a good deal already. My bank gives me the
wholesale interbank exchange rate for the day - then charges 2.2% exchange
fee - then charges a $4.50 fee for each foreign ATM usage. All this is
offset by a 'loyalty allowance' which usually amounts to about $10 a
month.

I must admit that it still comes out ahead of most other ways of
accessing
funds. The wholesale Interbank exchange rate is the best - and not
otherwise
available to ordinary travellers!

If you are coming to Australia - the Bank of America has a reciprocal
agreement with Westpac Bank. Neither charges the other's card holders any
ATM fees. There is one bank in each of Canada, the UK and Italy (I think
Italy), also in the group!

It sounds like you're both paying too much. My bank has no fees for
using their ATM card overseas, and they give as close to the interbank
rate as anyone. That's a UK based bank, but I'm sure there are US
banks (credit unions?) who do the same.

Chris

wrote in message
groups.com...
Hi, I'm an American planning to travel to Costa Rica for six months,
then do some more traveling around the world, mostly in developing
countries in either Latin America and/or Asia.

I'm trying to figure out the best place to stick my money so that I can
earn some interest and also have access to it world wide with minimum
fees. Right now I'm thinking about an ING Direct savings account
linked to a checking account with good world wide ATM access.

I need advice on selecting a good checking account, that is both
accessible via ATM in most parts of the world and does not charge a lot
in foreign exchange or ATM fees. I think my current account
(Washington Mutual) has good access, but I believe they charge 1% on
foreign exchange plus ATM fees.

Any suggestions? I live in Bellingham, Washington if that makes a
difference.

Jacqueline Passey
http://www.JacquelinePassey.com/

On Sat, 9 Apr 2005 19:47:30 +1000, "A Mate"
wrote:

Chris,
Could you be more specific - they give as close to the interbank rate as
anyone - doesn't mean much! Wholesale interbank rate?? How Close?? We're
talking money here - a point or two counts!!

Looking at the most recent foreign currency withdrawal on my account,
I was given a rate of GBP=PHP102.528 for a transaction dated April 6th
2005. According to www.oanda.com the average interbank exchange rate
for that day was GBP=PHP103.101, so the rate I got was about 0.5% away
from that.

Chris


"Chris Blunt" wrote in message
.. .
On Sat, 9 Apr 2005 16:41:46 +1000, "A Mate"
wrote:

Sounds to me like you're getting a good deal already. My bank gives me the
wholesale interbank exchange rate for the day - then charges 2.2% exchange
fee - then charges a $4.50 fee for each foreign ATM usage. All this is
offset by a 'loyalty allowance' which usually amounts to about $10 a
month.

I must admit that it still comes out ahead of most other ways of
accessing
funds. The wholesale Interbank exchange rate is the best - and not
otherwise
available to ordinary travellers!

If you are coming to Australia - the Bank of America has a reciprocal
agreement with Westpac Bank. Neither charges the other's card holders any
ATM fees. There is one bank in each of Canada, the UK and Italy (I think
Italy), also in the group!

It sounds like you're both paying too much. My bank has no fees for
using their ATM card overseas, and they give as close to the interbank
rate as anyone. That's a UK based bank, but I'm sure there are US
banks (credit unions?) who do the same.

Chris

wrote in message
egroups.com...
Hi, I'm an American planning to travel to Costa Rica for six months,
then do some more traveling around the world, mostly in developing
countries in either Latin America and/or Asia.

I'm trying to figure out the best place to stick my money so that I can
earn some interest and also have access to it world wide with minimum
fees. Right now I'm thinking about an ING Direct savings account
linked to a checking account with good world wide ATM access.

I need advice on selecting a good checking account, that is both
accessible via ATM in most parts of the world and does not charge a lot
in foreign exchange or ATM fees. I think my current account
(Washington Mutual) has good access, but I believe they charge 1% on
foreign exchange plus ATM fees.

Any suggestions? I live in Bellingham, Washington if that makes a
difference.

Jacqueline Passey
http://www.JacquelinePassey.com/

On Sat, 09 Apr 2005 22:57:00 +0800, the renowned Chris Blunt
wrote:

On Sat, 9 Apr 2005 19:47:30 +1000, "A Mate"
wrote:

Chris,
Could you be more specific - they give as close to the interbank rate as
anyone - doesn't mean much! Wholesale interbank rate?? How Close?? We're
talking money here - a point or two counts!!

Looking at the most recent foreign currency withdrawal on my account,
I was given a rate of GBP=PHP102.528 for a transaction dated April 6th
2005. According to www.oanda.com the average interbank exchange rate
for that day was GBP=PHP103.101, so the rate I got was about 0.5% away
from that.

Chris

A HK bank told me that any fees like the 2.5% or whatever results from
using the Cirrus/Maestro network, and that they only charge a flat fee
of HKD25 per transaction. I don't bank with them so I don't know how
true that is.


Best regards,
Spehro Pefhany
--
"it's the network..." "The Journey is the reward"
Info for manufacturers: http://www.trexon.com
Embedded software/hardware/analog Info for designers: http://www.speff.com

On Sat, 09 Apr 2005 22:57:00 +0800, the renowned Chris Blunt
wrote:

On Sat, 9 Apr 2005 19:47:30 +1000, "A Mate"
wrote:

Chris,
Could you be more specific - they give as close to the interbank rate as
anyone - doesn't mean much! Wholesale interbank rate?? How Close?? We're
talking money here - a point or two counts!!

Looking at the most recent foreign currency withdrawal on my account,
I was given a rate of GBP=PHP102.528 for a transaction dated April 6th
2005. According to www.oanda.com the average interbank exchange rate
for that day was GBP=PHP103.101, so the rate I got was about 0.5% away
from that.

Chris

A HK bank told me that any fees like the 2.5% or whatever results from
using the Cirrus/Maestro network, and that they only charge a flat fee
of HKD25 per transaction. I don't bank with them so I don't know how
true that is.


Best regards,
Spehro Pefhany
--
"it's the network..." "The Journey is the reward"
Info for manufacturers: http://www.trexon.com
Embedded software/hardware/analog Info for designers: http://www.speff.com

Spehro Pefhany wrote:
Chris Blunt wrote:
Looking at the most recent foreign currency withdrawal on my account, I
was given a rate of GBP=PHP102.528 for a transaction dated April 6th
2005. According to www.oanda.com the average interbank exchange rate for
that day was GBP=PHP103.101, so the rate I got was about 0.5% away from
that.

A HK bank told me that any fees like the 2.5% or whatever results from
using the Cirrus/Maestro network, and that they only charge a flat fee
of HKD25 per transaction. I don't bank with them so I don't know how
true that is.

I think the HK bank was lying, unless there's something special about Hong
Kong. Like Chris, I usually pay 0.5% over interbank for withdrawals in major
currencies, and I don't pay any other fees for ATM transactions.

miguel
--
Hit The Road! Photos from 36 countries on 5 continents: http://travel.u.nu
Latest photos: Jordan, Turkey, Malaysia, Thailand, Indonesia, Israel

Spehro Pefhany wrote:
Chris Blunt wrote:
Looking at the most recent foreign currency withdrawal on my account, I
was given a rate of GBP=PHP102.528 for a transaction dated April 6th
2005. According to www.oanda.com the average interbank exchange rate for
that day was GBP=PHP103.101, so the rate I got was about 0.5% away from
that.

A HK bank told me that any fees like the 2.5% or whatever results from
using the Cirrus/Maestro network, and that they only charge a flat fee
of HKD25 per transaction. I don't bank with them so I don't know how
true that is.

I think the HK bank was lying, unless there's something special about Hong
Kong. Like Chris, I usually pay 0.5% over interbank for withdrawals in major
currencies, and I don't pay any other fees for ATM transactions.

miguel
--
Hit The Road! Photos from 36 countries on 5 continents: http://travel.u.nu
Latest photos: Jordan, Turkey, Malaysia, Thailand, Indonesia, Israel