Comments on: How not to get screwed over by banks http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/ Living in Italy, Programming, Food and more Thu, 10 Jun 2010 10:29:05 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Joe http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-186 Joe Wed, 23 Jan 2008 16:19:20 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-186 Great post Brian. Coincidently, I filed for my refund earlier today…. I estimated 752 days outside of the US in that time period, which included my 2 years in Italy. I’m not holding my breathe for a refund anytime soon though. Joe Great post Brian. Coincidently, I filed for my refund earlier today…. I estimated 752 days outside of the US in that time period, which included my 2 years in Italy. I’m not holding my breathe for a refund anytime soon though. Joe

]]> By: Sanjay http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-185 Sanjay Fri, 28 Sep 2007 12:09:45 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-185 Cobalt, You can get wire transfer for free, via Credit Unions generally. Digital Credit Union (DCU) in Washington was popular for a while. They may still have good deals. Cobalt,
You can get wire transfer for free, via Credit Unions generally. Digital Credit Union (DCU) in Washington was popular for a while. They may still have good deals.

]]> By: Sanjay http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-184 Sanjay Fri, 28 Sep 2007 12:07:36 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-184 Me too.. Me too..

]]> By: The Kid http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-183 The Kid Tue, 25 Sep 2007 16:14:54 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-183 That “sanjay” character seems a bit shady to me… That “sanjay” character seems a bit shady to me…

]]> By: Brian http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-182 Brian Tue, 25 Sep 2007 12:32:33 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-182 Cobalt, the way I did it and probably the best method is to transfer the money with a wire transfer to a bank account here. I remember that it only cost around $25 and what caused the biggest loss was the exchange rate. If it’s a significant amount of money ($5k+), a wire transfer is really your best bet. Otherwise you’re going to have to hit the ATM everyday to get 300 euro ($500 after the exchange rate) until you have enough to buy a car or whatever. Cobalt, the way I did it and probably the best method is to transfer the money with a wire transfer to a bank account here. I remember that it only cost around $25 and what caused the biggest loss was the exchange rate.

If it’s a significant amount of money ($5k+), a wire transfer is really your best bet. Otherwise you’re going to have to hit the ATM everyday to get 300 euro ($500 after the exchange rate) until you have enough to buy a car or whatever.

]]> By: Cobalt http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-181 Cobalt Sat, 22 Sep 2007 02:44:00 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-181 Thanks for that info, Brian, please do keep this updated. I moved to Italia a month or so ago and haven’t set up my bank accounts yet so I’m still exploring options. I thought I could use Citibank but you can only do free transfers from Citibank US – Citibank Italia if you keep a Smith Barney investment account with them of over 20,000 Euro. Soon I will open an Italian account and get my first paycheck in Euros, but will need to transfer some large amounts here for some big purchases and I am trying to figure out the best way! Thanks for that info, Brian, please do keep this updated. I moved to Italia a month or so ago and haven’t set up my bank accounts yet so I’m still exploring options. I thought I could use Citibank but you can only do free transfers from Citibank US – Citibank Italia if you keep a Smith Barney investment account with them of over 20,000 Euro.

Soon I will open an Italian account and get my first paycheck in Euros, but will need to transfer some large amounts here for some big purchases and I am trying to figure out the best way!

]]> By: Brian http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-180 Brian Wed, 19 Sep 2007 18:30:08 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-180 Hey Sanjay, thanks for the info! That definitely helps. Hey Sanjay, thanks for the info! That definitely helps.

]]> By: sanjay http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-179 sanjay Wed, 19 Sep 2007 11:30:24 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-179 Brian, you’ve never met, seen me, but you have heard from me :) It looks like you’ve done your homework but I’ll throw in my two lira in this.. I’ve had MMA for a loooong time and they always give better rates and are generally as flexible as any bank account that i’ve had. I’m not using MMAs now, but thats cause I lost all my money in the stock market (side note to Brian, do you really want this input now). MMA’s are great! There are no tax consequences to it except for the 1099 you’ll get on the interest that you are paid. However money market accounts, as you already probably know, come in many flavours (yes a “u” cant seem to get rid of that habit), there are municipal to federal mmas that allow you to escape the tax man, but the rates are a little lower. useful if perhaps you dont want to tip over into the next higher bracket. one of the places i used to visit to check out rates is bankrate.com and money magazine (available on the web too) has a list of the best rates in the country. Since you are international, i dont know if it really makes a difference where you bank, as long as your mullah (bin or otherwise) gets to you. If i’ve enlightened, id like to take all the credit, if i’ve bored you, id like to point a finger at Mrs. Valerie. :) Brian, you’ve never met, seen me, but you have heard from me :) It looks like you’ve done your homework but I’ll throw in my two lira in this.. I’ve had MMA for a loooong time and they always give better rates and are generally as flexible as any bank account that i’ve had. I’m not using MMAs now, but thats cause I lost all my money in the stock market (side note to Brian, do you really want this input now). MMA’s are great! There are no tax consequences to it except for the 1099 you’ll get on the interest that you are paid. However money market accounts, as you already probably know, come in many flavours (yes a “u” cant seem to get rid of that habit), there are municipal to federal mmas that allow you to escape the tax man, but the rates are a little lower. useful if perhaps you dont want to tip over into the next higher bracket. one of the places i used to visit to check out rates is bankrate.com and money magazine (available on the web too) has a list of the best rates in the country. Since you are international, i dont know if it really makes a difference where you bank, as long as your mullah (bin or otherwise) gets to you. If i’ve enlightened, id like to take all the credit, if i’ve bored you, id like to point a finger at Mrs. Valerie. :)

]]> By: Brian http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-178 Brian Tue, 18 Sep 2007 17:47:51 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-178 Well that’s mainly because it’s not a checking account, it’s a money market account. It’s like a savings account, but the money is put into bonds and other low risk investments. What I anticipate doing, assuming that it all works to plan, is to also get a Capital One credit card and use that for all POS purchases. Then at the end of the week/month I can transfer the amount spent from the MMA to the card. That way I’d maintain a $0 balance and wouldn’t have to pay any fees. This method requires a little more work than typical, but the benefits far outweigh the minor maintenance issues. Well that’s mainly because it’s not a checking account, it’s a money market account. It’s like a savings account, but the money is put into bonds and other low risk investments.

What I anticipate doing, assuming that it all works to plan, is to also get a Capital One credit card and use that for all POS purchases. Then at the end of the week/month I can transfer the amount spent from the MMA to the card. That way I’d maintain a $0 balance and wouldn’t have to pay any fees.

This method requires a little more work than typical, but the benefits far outweigh the minor maintenance issues.

]]> By: Mike G http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-177 Mike G Tue, 18 Sep 2007 17:17:08 +0000 http://www.brianburton.org/2007/09/18/how-not-to-get-screwed-over-by-banks/#comment-177 Please keep us informed on this. I have been doing the same exact research on this, especially after reading the Wandering Italy blog on this very subject. It sounds like Capital One is the best solution, my only problem is that they don’t offer a Visa (or Mastercard) Check Card. So that means I would have to use two accounts, my Wachovia for CC purchases and the Capitol One for cash. If only Capital One would offer a Check Card, I could fully switch over to one account. Please keep us informed on this. I have been doing the same exact research on this, especially after reading the Wandering Italy blog on this very subject. It sounds like Capital One is the best solution, my only problem is that they don’t offer a Visa (or Mastercard) Check Card. So that means I would have to use two accounts, my Wachovia for CC purchases and the Capitol One for cash. If only Capital One would offer a Check Card, I could fully switch over to one account.

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