Cell phone now needed for Social Security AND Bank login

[OnMyWay]

1 hour ago, Mr. Bobo said:

I am considering obtaining a credit card from a US bank that doesn't have a foreign transaction fee using my mail forwarding address.  

Try Capital One.  You do need to set up a travel alert when you might be using it, but they have no fees and always have a good exchange rate.  I don't use mine much but when I anticipate doing so, I set up the travel alert.

[earthdome]

3 hours ago, Mr. Bobo said:

No offense taken Jack, my main concern was about potential legal problems of being a resident of the Philippines and using a mail forwarding address to "emulate" a US residency. Apparently it is legal to do. I don't like the fact that America Express whacks me with a 2% foreign transaction fee every time I use my AMEX card over here. I am considering obtaining a credit card from a US bank that doesn't have a foreign transaction fee using my mail forwarding address.  

I use a Capital One QuickSilver card. No foreign transaction fees, a competitive fx rate and 1.5% cash back.

[Dave Hounddriver]

2 hours ago, OnMyWay said:

Try Capital One.  You do need to set up a travel alert when you might be using it, but they have no fees and always have a good exchange rate.  I don't use mine much but when I anticipate doing so, I set up the travel alert.

I use them.  Its been great until now.  After almost a decade of using Capital One (on rare occasions when needed) in Philippines they finally started issuing a fraud check every time I use it in Philippines.  They seem to be suspicious why I have a Canadian account and yet I always use it in Philippines.  Every time I call the fraud line they say OK, until next time when the same thing happens.

Recently I sent a secure message to say I want to use the card to buy online plane tickets.  They wrote back "OK".  Then I tried it and the transaction was denied and card locked until I called fraud line.  I sent another secure message quoting their approval.  They replied with something like "Too bad, sucks to be you, call the fraud guys".  (Paraphrased for drama  )

Anyway, point is that any credit card company is going to get skittish after the customer is living in Philippines for a long time.

[OnMyWay]

3 hours ago, Dave Hounddriver said:

Too bad, sucks to be you

With so little information to go on, they must have some amazing psychics working there!  

Actually, what is funny is that most of the call centers for Cap One are in the Philippines!  Fraud may not be but I think one time I talked to a Filipino in fraud.

Do you put a travel alert on when you will use the card?  I have not used mine in the Philippines in well over a years.  Mostly I use if for U.S. online purchases.  When I bought my Singapore airline tickets to NZ last fall, I called them first to let them know, and it went through no problem.

All of these companies are ultra sensitive to fraud now, and only trained people are allowed to talk details with you once you are flagged up.  They know that con artists are very adept at fooling the average agent, the job of the average agent is to get you moved on to fraud.

[Dave Hounddriver]

5 minutes ago, OnMyWay said:

All of these companies are ultra sensitive to fraud now

When they piss off all the profitable customers its no wonder that all they have left are the fraudsters.  

[OnMyWay]

4 minutes ago, Dave Hounddriver said:

When they piss off all the profitable customers its no wonder that all they have left are the fraudsters.

Yeah, I know the feeling.  In 2008, when I was living in Germany, I had a huge blowup with them, that was caused by actual fraud on my account.  Every time I called, they would not believe it was me, and thought I was the fraudster!  It took 2 weeks to get it sorted!

However, since then, they have been ok.

[Gentleman.Jack.Darby]

12 hours ago, OnMyWay said:

Try Capital One.  You do need to set up a travel alert when you might be using it, but they have no fees and always have a good exchange rate.  I don't use mine much but when I anticipate doing so, I set up the travel alert.

FYI, using a credit card for making purchases is one thing and having an ATM card to get cash is another.

There are a couple of options for banks that have a low FX fee and reimburse ATM fees beside Charles Schwab and Fidelity.

USAA, if one qualifies, has a 1% FX fee and, at least as far as I know, still reimburses foreign ATM surcharges up to USD 15 per month -  I would double-check on the foreign ATM surcharges because, back in January, there was a notice in my statement saying that, as I recall, in March they would no longer reimburse the surcharges "in some circumstances". I called customer support and went round-and-round for an hour and got no definitive answer on what, if anything, was happening.

Alliant Credit Union, the old American Airlines CU based in Chicago, also offers a 1% FX fee and reimburses up to $20 per month in foreign ATM surcharges - not unlimited, but better than nothing. They have a simple method so that anyone can join, they are very pleasant when one is setting up an account, and give first order of checks free, and they gave me a USD 50 sign-up bonus.

I also took a look at, believe it or not, State Farm Bank. They have a nice clean website and reimburse all foreign ATM surcharges - I was unable to find out if they impose an FX fee but, if one is interested, shouldn't be hard to find out.

A 1% FX fee isn't ideal, but it isn't too bad either since the exchange rates given by VISA and Mastercard are the best rates a little guy is likely to get with almost zero risk. In reality, the 1% fee that one pays to USAA, Alliant, etc. is really the fee charged by the ATM / credit card network, ie; VISA and MasterCard.

It's the foreign ATM surcharge coupled with a high FX rate, eg; American Express charges 2.7%, that is the real killer so if one can get the surcharge back, one's ahead in the game.

 

 

[OnMyWay]

1 hour ago, Gentleman.Jack.Darby said:

USAA, if one qualifies, has a 1% FX fee and, at least as far as I know, still reimburses foreign ATM surcharges up to USD 15 per month

I have heard that USAA is really good, but they turned me down for an account when I used my Philippine address.  If I had know then what I know now, I would have used my U.S. mailing address.

[Mr. Bobo]

9 hours ago, Gentleman.Jack.Darby said:

USAA, if one qualifies, has a 1% FX fee

I don't know about anyone else but all these foreign transaction fees really make my blood boil. These FX fees, be it one or two percent, are outright theft by the credit card companies and banks and the politicians let them get away with it, and we all know the reasons why. Sure, thirty years ago it may have cost American Express more money to process a foreign transaction. Today all these transactions are done electronically and the cost of processing a foreign transaction is no different than any other transaction. We live in a global market place, some serious reform is needed here but I doubt that we will see it as the banking/credit card lobby have the politicians in their pockets.

[scott h]

19 minutes ago, Mr. Bobo said:

. Today all these transactions are done electronically

If a person wants the convenience, a person has to pay for it. We can drive through the cities or drive on the toll road and pay.

Do what I do, just deposit a paper check, wait 21 days for it to clear, go to the bank, get the cash. (good excuse to take the ole lady out to lunch). No fuss, no muss and no raging at the computer screen .

One thing is for sure...........we are never going to beat the system.