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Pros and Cons of Using Global Banks

Thursday, June 3, 2010 - 9:11 AM
UK-based HSBC is one example of a large global bank. According to this article, the main advantages of using global banks are for those who travel and may need access to foreign ATMs and branches. Foreign bank accounts were not recommended as a way to earn higher yields.
Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,996
1. Friday, June 4, 2010 - 1:09 AM
Beware about Citibank though... they used to be no fees when withdrawing from a Citibank in a foreign country... but now they charge the same 3% exchange fee as other banks charge, so no good anymore. We were caught off-guard on this.

Bank of America has a better deal with ATMs in their network (they partner with banks in some countries resulting in 0% exchange fee).
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,912