Favorite Brokerage?

[crimsonghost747]

(10-01-2019, 10:52 AM)MikeWa Wrote:

(10-01-2019, 10:26 AM)Otter Wrote: I will probably open a Schwab account now.

If you open their brokerage/checking combo "High Yield Investor Checking Account" you will also get a free and unlimited access to ATM worldwide with no foreign transaction fee.

I opened their account just for that, ATM access, but now I may be moving one of my brokerage accounts to Schwab as well.

Carefull!!
So they say that there is no transaction fee but what does it really mean?


Firstly, and most importantly, your card issuer has zero control over the fees that the owner of the ATM charges.  Your card issuer can promise you the world but if the ATM owner says there is a surcharge, then there is a surcharge. (and this is often the case)

Secondly, in a foreign country you will very likely be withdrawing something else than your regular currency. Sure, no transaction fee, but at what rate will they give you the currency? If you think it's the real time exchange rate, you're most likely wrong.

So while they say no fees, in reality it will often look more like $5 + 1-2%.