The VERY BEST bank account for living or traveling abroad! - YouTube

[Laughter]

That guy thinks I'm really weird. Schwaaab!

Bad life decisions. So what are the important details that you need to know? Well, I've

heard quite a few people say no one ever gets that exchange rate unless they're

like an investment bank on Wall Street. But.

Hey Tangerineys! We are fulfilling a video request today, it's something a lot of you have asked us to talk about.

And it is Mexico money madness!

We want to yell that from the streets, but there's people, so...

[Laughter] This video is all about money and banking in Mexico. How we go about doing it. Yeah, so before we

came to Mexico, we really had no idea how we were gonna handle it. We were at first

going from bank to bank to bank, asking what their conversion ratio was from

u.s. dollars to pesos. And we thought, are we gonna have to carry an obscene amount

of cash with us in order to like avoid all the ATM fees? And generally what are

we gonna do about using credit cards and different things like that. So we'll be

talking about all those things and more in today's video per your guys's

questions and requests. So as US citizens ourselves, it is pretty much impossible

for us to open a bank account anywhere else in the world. Foreign banks will not

deal with US citizens unless you have a crap ton of money, there's just too many

regulations that come with having you as a customer. So you have to come up with

other solutions. Stick around in this video, we're going to be sharing it

towards the end, how you can get a hundred US Dollars and also be able to

have thinking be able to do your banking in Mexico, without ATM fees, without

foreign transaction fees. This is the solution that we figured out after hours

and hours and hours of research. So hopefully this saves you guys a lot of

time. Just as heads up on this, we don't get any

referral fees, or bonuses, or anything from sharing all this information. We're

just doing this to hopefully help you guys out and save you some money, and

time, and frustration in regards to banking here in Mexico. So in the

beginning we thought that our best option might be to just get out a

crap-ton of pesos in the u.s. from our bank, and bring it, and hope it

didn't get stolen. Yeah, so we were thinking it wouldn't really be a viable

option to be constantly getting money out of the ATM here, because the ATM charges

a fee, there's a fee that our bank charges, and then there's, the conversion. Yeah then you

probably get a terrible conversion rate. And then like to bring a bunch of US

dollars here, and convert it at a currency exchange, you're gonna be

getting a terrible rate! So we were looking into what other options there

are. Bad life decisions. (Maddie speaking for the fly) "No I just wanted a sip! AYE No!"

So ultimately, after doing

tons of research, and comparison shopping, and making calls to banks, and looking up

stuff online. What we ended up going with because it was by far the best option

available was Charles Schwab Investor Checking. And we're going to tell you why.

The reason number one why we picked Charles Schwab, is because compared to

all the other banks, it is the most fun to say. Shwaaaab!

[Laughter] That guy thinks I'm really weird! Schwaaaab!

Just kidding. But seriously, number one priority

was ATMs. The best way for you to get cash here is to take it out of an ATM,

regardless of whether you have Schwab or not. But the benefits of having this

particular bank account is not only Schwab doesn't charge you any ATM fees. Schwaaaab! [Laughter]

At the end of each month, they refund all the ATM fees any other bank charged you.

So you can pretty much go to any ATM, it doesn't matter, Santander, Banorte.

Banorte, I don't know how to say that. HSBC. HSBC. Any bank you want, and no matter

what their fee is, they will refund it at the end of the month. So this past month

I got five dollars back at the end of the month for ATM fee refunds. The month

before was ten bucks. The month before that was like twenty bucks. So it's worth it. Yes. It will add up very quickly

otherwise. And this way we don't have to worry about taking out a huge amount of pesos

and having that, you know somewhere hidden in our apartment to worry about someone

stealing it or anything like that. We can take out as much as we need at any time

and it doesn't really matter Charles Schwab refunds any fees that you incur.

Although this particular factor doesn't really interest me that much, and I don't

know a lot about it, Charles Schwab does offer 20 times the amount of interest

that you would get from another bank. For instance, Bank of America where I was

getting about three pennies per month for basically no matter how much I had

in a bank, you might be getting like 25 cents instead, so. It'd be 60 cents. That's pretty cool. Okay

that's my math for you guys. [Laughter] The next important and really cool detail is that there are no

transaction fees. So with your average credit card or debit card, you're going

to be charged approximately 3% per transaction no matter how big or small

it is. And with Charles Schwab, there is nothing. 3% might not sound like too

awfully much, but consider if you're spending about a thousand US

Dollars per month, that's $30 a month or 360 dollars a year. So it does add up.

Did you just math? I just mathed! And really important to us was the no account

minimums and no maintenance fee. Almost every other bank charges a monthly

maintenance fee unless you have a certain amount of cash in the bank. With

this one, even if you only have $20 in the bank, you won't be charged any

maintenance fees at all. Absolutely no Moo-tenance fees at all. Mooo.

So what are the

important details that you need to know? Well one we would both recommend

probably doing this when you're in the United States versus after you've

already come to Mexico. We're not entirely sure if it's possible to sign

up for an account once you're in Mexico. You might be able to, but we

definitely know the process is super easy when you have a u.s. address where

they can send the card, and a u.s. number that you can call on verify your account,

and all that good stuff. So if you look up on Google what they Peso to dollar

exchange rate is, it might be something like twenty pesos to the dollar right

now. Well, I've heard quite a few people say no one ever gets that exchange rate

unless they're like an investment bank on Wall Street. But, what you can get is

Visas exchange rate, which is pretty freakin close. So, and with Charles Schwab

they offer you that exchange rate. Which means, instead of going to a money

exchange place where if it's 20 pesos to one US dollar, you would actually end up

getting like seventeen or eighteen pesos to every dollar, and you're losing

quite a bit. If you're getting visas rate, it's something like nineteen point nine

eight pesos per dollar, so it's not that much at all. So if you guys are

interested in doing this and you want to sign up for Charles Schwab we have a

little cool thing for you, which is, if we refer you, then you get a hundred US

dollars, assuming you meet a few of their very basic easy conditions. As far as our

research, it doesn't look like we get anything if we refer you but what you

get is that hundred dollars. So if you're interested in doing that just send us an

email at our tangerine travels at gmail.com and we will help you get the

sign-up process started. Like we said, we don't get anything. We're just doing it

to be nice. Hopefully, we answered all of the

questions you guys have had about banking in

Mexico and money management. What we do while we're here. It's pretty

straightforward once you have a Charles Schwab account. I don't think we've

really encountered any issues, or extra fees, or hidden surprises, or anything

like that. Can you think of anything? No nothing like that, they've been great.

Yeah and the customer service is even great. There was, I think a time where

there were some confusing charges on my account, and I got someone who called me

to handle it with me personally. Very polite and professional, so we would

recommend if you're looking for something, some way to manage your money

in Mexico, this is a great option. And just to reiterate, we are not getting

anything from them. We're not being sponsored by Charles Schwab, we just know

that this is a great, safe way to do banking, and so we thought we'd share all

these details with you guys. And for clarity, we can't give you a promo code

they don't offer that. We do need your e-mail address to enter into their

system to refer you. Which is why, if you're interested, you'll just have to email us.

Well, if you appreciate this information and you enjoy this video, please give it

a thumbs up and consider subscribing to our channel if you haven't already. And

also be sure to follow us on social media, you can find all those links down

below. And GONG That Bell! No, you need more emphasis on "Gong That Bell."

Oh, I thought the laugh, you meant the laugh [Maddie's loud evil laugh]

Okay, there's no one. Thank goodness.

[Laughter] GONG That Bell if you want to be notified the next time we put out a

new video, and we will see you in the next one.