CapitalOne360 or Charles Schwab ATM Debit for cash & POS ?

seinfo3 Contributor

Member since 12 January 2022

seinfo3Contributor20 July 2022 19:19:00

100

I think I have narrowed it down to 2 US banks, CapitolOne360 Checking/Debit Mastercard OR Charles Schwab High Yield Investor Checking/Debit Visa card.

They both seem to offer international ATM cash withdrawals without ATM fees or currency exchange fees. Schwab does offer re-imbursement of local ATM fees .

Does anyone use these bank checking for their cash withdrawals OR in store POS and any comments or issues are appreciated.

See also

Banking in Brazil - Guide
Wise Multi-Currency Debit Card - 41 Replies
ATM Machine Fees in Brasil? - 10 Replies
Sending debit card. - 4 Replies
Banco do Brasil ATM - 13 Replies
ATM withdraw fees/best exchange rates - 28 Replies
Problems using UK debit card in Brazil ATMs - 7 Replies

abthree Brazil Expert

Member since 28 December 2017

abthreeBrazil Expert20 July 2022 19:33:20

6410

07/20/22 I would avoid using any US debit card at any store POS for purchases, especially one with access to virtually unlimited funds, e.g. a credit line that could draw on my USD investment portfolio. Cards are just too easy to clone here. I use the debit card from my Brazilian bank for POS purchases, since that limits my exposure to what's in my Brazilian account.

US debit cards are reasonably safe for cash withdrawals at bank ATMs in bank lobbies, including (in a pinch) bank lobbies in malls, where they are subject to 24-hour human and/or video surveillance and so less apt to be mounted with card readers by criminals. I'd never use a freestanding ATM in a retail establishment.

For what it's worth, we keep all of our credit and debit cards and our passports in RFID Blocking Sleeves, readily available on Amazon.

ChicagotoSaopaulo Member

Member since 24 March 2022

ChicagotoSaopauloMember20 July 2022 20:04:03

@seinfo3 I use Capital One 360 as a debit card. From my experience, the card doesn't work everywhere. Some machines will read an error message when I insert my card. When pulling out cash, I always was charged a fee.

seinfo3 Contributor

Member since 12 January 2022

seinfo3Contributor20 July 2022 20:04:06

100

I am actually setting up a US checking account with a debit card just for use in Brazil. The account has sufficient funds for a month at a time, with a transfer occurring monthly from another institution to sustain it. Primary use is for ATM cash for in-store purchases.

As an emergency backup, I have 2 credit cards selected for use in Brazil with no currency transaction fees for when I have to make a POS purchase on cash poor days.

seinfo3 Contributor

Member since 12 January 2022

seinfo3Contributor20 July 2022 20:06:12

100

@ChicagotoSaopaulo

Thanks for the feedback.

Is the rejection just random or is there a specific bank or type of machine that you have had problems with?

Is your CapitalOne card chipped?

timhoffnagle Active member

Member since 07 January 2022

timhoffnagleActive member20 July 2022 20:15:05

I haven't used any of those but my account at Umpqua Bank reimburses me for all ATM fees, domestic or international. When I withdraw money at a Brazilian ATM, I don't know which bank does the currency exchange, although I do know that I don't get a very good rate.

seinfo3 Contributor

Member since 12 January 2022

seinfo3Contributor20 July 2022 20:21:11

100

@timhoffnagle

So that brings up a good question. Most ATM machines I have dealt with overseas give you a choice to have the conversion done locally or by your overseas bank. Locally costs an arm and a leg, your overseas bank can be currency transaction fee free.

Is this not an option on Brazilian bank ATMs?

rraypo Serial expat

Member since 01 October 2020

rraypoSerial expat20 July 2022 21:12:06

776

I haven't used any of those but my account at Umpqua Bank reimburses me for all ATM fees, domestic or international. When I withdraw money at a Brazilian ATM, I don't know which bank does the currency exchange, although I do know that I don't get a very good rate.
- @timhoffnagle

I have had Umpqua Bank for a very long time for my personal accounts, even being on a first-name basis with my local branch manager. At the start of my last trip to Brazil, something caused their security system to deactivate my card, not just block it. No amount of calls could unblock it and I could not order a new card until my return to the USA, over two months later. After a very brief visit with my branch manager, I had a new card on order, without any explanation, things just happen This is why I always have one each Visa and MC with me, and another locked up safely someplace. I doubt this was an Umpqua issue as they do not process their own cards. But in any case, my Umpqua card was of no use whatsoever for my entire last trip.

vtu Active member

Member since 18 June 2022

vtuActive member20 July 2022 21:29:40

I have a Schwab one and I load it just enough for my travel expenses. Im only able to withdraw at bradesco. Banco do Brasil and santadar didn't accept my card. The rate I got was surprisingly better than exchanging cash but since than I've been using wise to convert USD to brl to a local bank

seinfo3 Contributor

Member since 12 January 2022

seinfo3Contributor20 July 2022 22:18:04

#10

100

@vtu

Thanks for the heads up on which bank.

I also have a WISE account with a backup WISE debit card just incase.

abthree Brazil Expert

Member since 28 December 2017

abthreeBrazil Expert20 July 2022 23:02:22

#11

6410

07/20/22 I have a Schwab one and I load it just enough for my travel expenses. Im only able to withdraw at bradesco. Banco do Brasil and santadar didn't accept my card. The rate I got was surprisingly better than exchanging cash but since than I've been using wise to convert USD to brl to a local bank
- @vtu

Yep, my understanding is that the first time you use your US debit card to make a withdrawal at a Brazilian bank, the banking system links your card to that bank and you're theirs forevermore. There must be some way to break it, but I've never bothered to try, since I don't make Real withdrawals from my US account that often. But I've been tied to Bradesco, too, since 2014, and even though my Brazilian accounts aren't there, that's the only bank at whose ATMs my US card works.

The exchange rate is mediocre, there's a 6.5% fee, and the only options offered are "yes" or "no". Aside from that, though, it's just great! 😉

sprealestatebroker ViP

Member since 01 May 2018

sprealestatebrokerViP21 July 2022 00:52:00

#12

1288

Thank Ralph Nader for keeping Capital One on the straight and narrow. That was one of his many fights.

They used to be as thick as thieves, gouging consumers on those rate exchanges and overseas processing fees.

Yes, that guy from the Corvair tipping over and his battle against the then all mighty General Motors.

The anti corporate crusader, and his posse, no less.

Boombop44 Member

Member since 03 May 2018

Boombop44Member26 August 2022 15:03:51

#13

Have not been there in 6 months,Bradesco was the move until last year to get cash,then they started chargin 6.5%,then santander was better,all i know,24 hour atm,real bad,Fidelity INV rebates part of fee

stevewaugh786 Active member

Member since 16 November 2019

stevewaugh786Active member29 August 2022 05:20:29

#14

I had my Charles Schwab card cloned twice by using in Brazil, and unauthorized funds were withdrawn, even with taking all precautions. If it's possible for you to open a local bank account, then do it and get a local debit card by all means. It's much more secure to use it and never been cloned for me.

okcummings Member

Member since 29 January 2022

okcummingsMember30 August 2022 10:48:57

#15

I recently went to a Bradesco ATM in Rio de Janeiro and withdrew the exact amount from my USAA checkings and Schwab checkings and got the exact same rates. Bradesco charged me something ridiculous like an 8% fee.

I took out exactly $300 BRL from Wise, Remitly, USAA, and Schwab... Here's the rates I basically got with the Bradesco tax (I'm not sure if this is normal behavior in every ATM, I don't take out cash much):

USAA: $63.73 -- R$4.71 rate received // R$5.16 actual market rate

Schwab: $63.10 -- R$4.75 rate received // R$5.16 actual market rate

Wise: $60.16 -- R$4.99 rate received // R$5.16 actual market rate

Remitly: $60.47 -- R$4.96 rate received // R$5.16 actual market rate

The more money you take out, the sweeter the deal is. That said, with both Wise and Remitly, I transferred cash into my Brazilian bank account and there will likely be some form of a withdrawal fee. So it's not a fair apples to apples comparison because I don't have the Wise Debit Card yet to withdraw cash. I rarely need cash for anything here, only when I go to a festival of some sort and buy R$7 espetinhos from those little tents. That's about the only use case I have for cash over using my US credit card.

I got Schwab specifically for international transfers and am not seeing a whole lot of upside. I'm traveling to Europe next week and will give Schwab one more chance to impress otherwise, I only see value in opening a Wise account, especially since I can fund it with credit card funds.

Also, if you don't have Schwab already, they are SLOW. I mean, days from the date of transfer for funds to arrive in your account slow. It's currently 6:45 AM EST and I just made a transfer from Schwab to USAA and the earliest they can initiate the transfer is tomorrow. USAA is stupid fast with everything. I know not everybody can get USAA but, for me, Capital One seemed on par in terms of technology. I rarely use cash anymore, nor did I ever really. If you're in Brazil too, you can often ask folks to charge your card more and have them give you cash in return for a "fee". This doesn't work for everyone, mileage certainly may vary but I'm just throwing out ideas. If you know someone who wants to buy something from the states you can ask cash for it as a way to avoid ATM's.

rsrenfrew Active member

Member since 06 July 2021

rsrenfrewActive member25 October 2023 01:54:15

#16

@seinfo3

it’s an option. You should never ever do either at an ATM or at a POS.. the fees are astronomical like a 12% transaction fee is typical never ever ever do dynamic currency conversion or DCC. That’s what it’s called.!!!!!

GuestPoster376 Guest

GuestPoster376Guest25 October 2023 01:56:26

#17

I usually withdraw cash from ATM's with my AMEX card........low fees and low risk.

ExpatUSATravels Contributor

Member since 07 March 2023

ExpatUSATravelsContributor25 October 2023 06:21:48

#18

108

@seinfo3

Yes I use Schwab for a about 3 years now only for ATM withdrawals.

Have used them in Mexico and now finally in Brazil.

Wonderful experience.

You get 100% of the local ATM fee machine charge back the following month.

My example was R$20 ($4 USD approx) back for each withdrawal.

Only charge you will most likely ever pay is something nobody discusses. It is about 1.2% on all MasterCard or Visa transactions that are international. No card or bank can waive these. No matter what you believe. Still not bad. On 100 USD its only about 1.25.