Netgems wrote:
I may be missing something, maybe someone here with more experience in money movement between countries than me could 'splain it. I'm missing out on a reason to use them...
I get that from Schwab, and Cap 1 promises it, I've yet to try Cap 1, I assume they're backing it up, but Schwab does this for it's clients. Plus the fact it was said they're technically not a bank so if they disintegrate in an economic downturn, you won't be able to go to Spain and demand your money...
The lack of guarantee of funds safety is exactly what I've mentioned from the start as a huge point of concern.
I'll take a shot at 'splainin the transfer question.
The Schwab account allows you to extract funds from your Schwab acct without fees at an atm from wherever you are. Although that is what works for your needs, it is NOT the same thing as being able to transfer funds between different country accounts without a fee.
I pay a fee even to transfer funds between my US acct at BOA and Schwab. This is not the same thing as taking funds out at an atm...it's a transfer of funds between bank accounts.
Different folks have different needs, depending on their situation. Personally, I see the niche that Denizen could provide a valuable distinct service...but I remain unconvinced of the security...and I don't trust that any app based system won't share my data inappropriately.