# Charles Shwab Bank Alternative with no International ATM fees?



## xtian12 (Jan 28, 2019)

I was denied an account at Charles Shwab because I have an unpaid account in my credit score. 

So I went hunting for a similar Bank Account. I found Aspiration Bank. Their homepage states: 

"$0 ATM Fees Worldwide. Never Pay Another ATM fee again!" link They have a similar system as Shwab. They reimburse you ATM fees at the end of the month.

They offer a Debit MasterCard. In there FAQ it states

"If you are traveling abroad and incur usage fees from a foreign ATM, those fees will be reimbursed. (However, we do not reimburse third-party currency conversion or foreign transaction fees.)" 

If by the following statement date you do not see a reimbursement deposit for an international ATM fee you incurred while abroad, please contact us at [email protected], and we will look into this on your behalf. Be sure to keep your receipts since this will help us to credit your account with the correct amount if you run into trouble." link

I checked MasterCards conversion rates and they are similar to Visa conversion rates.

As of today Febuary 11, 2018
Visa: 19.02225604
MasterCard: 19.069049027

Here is my question, if Aspiration claims no fees, ATM reimbursements, and only fees by third party companies, what should I expect?

Is there any third party fees I should be aware of? Does MasterCard charge other fees? I will only be using this card at ATM machines. I will not be buying with it.

Thank you all for your help. I love this community.


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## xtian12 (Jan 28, 2019)

I actually found the answer right on there website.

link
"We believe you should be able to spend your money abroad without penalty, so we do not charge any foreign transaction fees! Please note that Mastercard will determine the exchange rate used, and that rate does fluctuate frequently. You can always check the current exchange rate on the Mastercard website - enter 0% when you're asked to enter the 'Bank Fee,' and select US Dollar (USD) as your 'Card Currency.'

Remember, Aspiration also rebates ATM fees! For every ATM fee you are charged by an ATM overseas, you will be rebated $4.00 two business days after the date of your withdrawal. Please reach out to us with your ATM receipt if you were charged a higher fee, and our team will reimburse you the full amount. There is no limit to the amount of ATM fees we rebate monthly."


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## dwwhiteside (Apr 17, 2013)

I have never done business with Aspiration but I have been a customer of Ally Bank for almost eight years. They also reimburse all of my ATM fees, even when I use my card at ATMs here in Mexico.


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## xtian12 (Jan 28, 2019)

dwwhiteside said:


> I have never done business with Aspiration but I have been a customer of Ally Bank for almost eight years. They also reimburse all of my ATM fees, even when I use my card at ATMs here in Mexico.


I created an account with Ally also, and will use it as my primary savings account. The one thing I don't like about Ally, is their 1% foreign transaction fees.

May not sound like a lot, but it can add up.

I was hoping others reported their use with Aspiration since I do notice its a new company. And I am not sure if it will be able to maintain their no fee models, and Free reimbursements.

If anyone has any recommendations for other accounts that work well in Mexico, please let me know. Preferably MasterCard, since their foreign exchange rate is better than Visa.

But if you know of a good visa account, please let me know anyways. Thank you.


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## Stevenjb (Dec 10, 2017)

xtian12 said:


> I created an account with Ally also, and will use it as my primary savings account. The one thing I don't like about Ally, is their 1% foreign transaction fees.
> 
> 
> 
> ...


Here is a link for some options listed by credit karma

https://www.creditkarma.com/credit-cards/i/no-fee-debit-cards-for-international-travel/


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## lat19n (Aug 19, 2017)

I had never heard of Aspiration - but I am not a millennial. $5000 USD initial deposit seems very reasonable. To be honest - I thought they laid the sales pitch - regarding ATM fees etc - on a little too thick. If that is their main claim to fame ... I also didn't much care for the flat fixed 1% interest rate and the single mutual fund investment option. I would hold off giving them a large sum of money - and I would keep transactions small - initially at least. I also would check if there are fees to move monies in/out to other banks, and if there are monthly/daily caps.

Regarding exchange rates - you need to watch it over time. I have seen where Visa holds their rates the same over a few days even though the market moves. Just something to watch. You should also compare the actual rate you get at the ATM with that the Visa/MC sites quote...


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## dwwhiteside (Apr 17, 2013)

xtian12 said:


> I created an account with Ally also, and will use it as my primary savings account. The one thing I don't like about Ally, is their 1% foreign transaction fees.
> 
> May not sound like a lot, but it can add up.
> 
> ...


Interesting. I have never been charged a foreign transaction fee by Ally. I used my Ally card in an ATM here on Monday and by my calculations I got an exchange rate of 18.82 pesos to the dollar.


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## lat19n (Aug 19, 2017)

dwwhiteside said:


> Interesting. I have never been charged a foreign transaction fee by Ally. I used my Ally card in an ATM here on Monday and by my calculations I got an exchange rate of 18.82 pesos to the dollar.


And does your Ally debit card have a Visa or MC logo ?


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## xtian12 (Jan 28, 2019)

lat19n said:


> And does your Ally debit card have a Visa or MC logo ?


Ally is a Visa.

Which from my research has a lower exchange rate than MasterCard.

Today's MasterCard Exchange Rate is: 19.352466472 to 1 USD
Today's Visa Exchange rate is: 19.210450485 to 1 USD

Not much of a difference. But at 1% transaction fees from Ally it comes out to about 19.0183 which is about $10USD per $1000USD withdrawn.


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## xtian12 (Jan 28, 2019)

Let me be clear, I am a newbie on all this, and I am simply preparing my paperwork, and getting my banking. I am planning on making the move as soon as I can.


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## lat19n (Aug 19, 2017)

dwwhiteside said:


> Interesting. I have never been charged a foreign transaction fee by Ally. I used my Ally card in an ATM here on Monday and by my calculations I got an exchange rate of 18.82 pesos to the dollar.


Sorry - call it whatever you want but your bank charged you 1% on that transaction.


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## chicois8 (Aug 8, 2009)

Monday exchange rate was 19.25...


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## lat19n (Aug 19, 2017)

chicois8 said:


> Monday exchange rate was 19.25...


I'm no currency wizard but at midnight on Sunday/Monday the spot rate was 19.07 . It varied quite a bit during the day (perceived Pemex crisis). At midnight Monday/Tuesday the rate was 19.30 . 

I used a withdrawal of 7000 pesos from a Mexican ATM as an example in the Visa online rate calculator. If I plug in a 1% bank charge it tells me I should get charged 371.62 dollars (from Visa - for the day - it does not vary). 

7000 / 371.62 = 18.83 rate


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## xtian12 (Jan 28, 2019)

lat19n said:


> I also would check if there are fees to move monies in/out to other banks, and if there are monthly/daily caps.


There is no fees at all. Literally no fee's. This includes free ACH tranfers. I went through their fee schedule, and found no fee's.

Even their wiring service for domestic accounts are 88 cents. They say they will only charge you what they pay.They have a pay what you want model. Your options are $0 to $10 USD monthly. They say you can pay what you think is fair. But paying is optional.

It's a weird model, so I am skeptical. Too good to be true?

Who knows, but I genuinely hope they are successful. Their goal is make a profit, and I hope they do. So they can be a long-term viable option for international use.


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## dwwhiteside (Apr 17, 2013)

lat19n said:


> And does your Ally debit card have a Visa or MC logo ?


My Ally debit card has a Mastercard logo.


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## dwwhiteside (Apr 17, 2013)

You will never, from any bank, get the published exchange rate. Even if the bank tells you there are no fees, they will still manipulate the exchange rate to make money on the exchange. Some banks are better than others but, even the best will give you at least 30 centavos less than the published exchange rate.


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## lat19n (Aug 19, 2017)

dwwhiteside said:


> You will never, from any bank, get the published exchange rate. Even if the bank tells you there are no fees, they will still manipulate the exchange rate to make money on the exchange. Some banks are better than others but, even the best will give you at least 30 centavos less than the published exchange rate.


The best exchange rate I have seen is that which my wife gets on her social security payments which are direct deposited in our Mexican bank via the Bank of Mexico. 

True - I used the Visa calculator yesterday but I think hopefully you understand that if on 2/11 you received a rate of 18.83 or so, Ally charged you a 1% fee - on top of the rate exchange MC gave you. Had there been NO bank fee you would have received something closer to 19.02 . But again that is Visa. I'll let you do the math using MC yourself.


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