Imagine this concept! Bank fees are levied by financial institutions for various services and transactions to access your own money while they earn interest on it:
ATM fees 💸
Monthly maintenance fees unless you keep $10K earning shitty interest. 💸
Wire transfer fees 💸
Foreign transaction fees💸
According to a bankrate.com survey, more than 25% of Americans with checking accounts are paying an average of $24 per month in banking fees. I can promise you I pay a lot more traveling and it pisses me off to no end as you cannot beat them, or can you?
Send me a WhatsApp or an email from the homepage and let me know what you do to try!
Here is an example of how the bank screws me when traveling. It costs $5 for not using a Wells Fargo bank machine even though it is impossible as they do not exist outside America. The ATM owner can also charge you anywhere from $3-$10 depending on the location. That is $15 before I see any of my damn money.
Then, there is a foreign exchange rate fee where the bank hedges your money to make even more money. I have paid as much as $22 to access my own money at times which is unbelievable. You always get f#cked in the ATM drive-thru, LOL!
There are ways to combat this bullshit, take out more money at once and risk getting robbed? I never like to carry cash for that reason and have backup credit/bank cards as needed for emergencies.
Recently, I have found a decent solution to this problem. It is not perfect, but it is working so far, banking with Charles Schwab in the United States. They will never charge you a fee to access your money and they will also reimburse you for any ATM fees you experience in your travels. The downside is that it can take two business days to move your money from your bank to Schwab which can burn you in an emergency.
Win some, lose some but for fuck sake (FFS), it is my money!