Originally Posted by rook3poker
Just curious... How many bank accounts do most of you keep going? Is there a specific way you've found to balance & benefit all your different budgets & expenses without crossing money or mingling profits. Also, to individuals with backers... Do they transfer money to you, your MB account, the sites themselves, etc? How quickly can you return monthly interests to them with the least amount of fees... I am still researching all options, but figured ask those that are making it work. Thank You.
Also curious... Any of these Mexican banks have online banking for between accounts. What type of fees may apply there? Those with paperwork & important documents (say passport); do you get lock/security boxes at the banks or are there private businesses or options for "security" purposes? Again, Thank You kindly...
i haven't talked to anyone that is 100% set up in every way, but here's some input:
Schwab bank account (standard for most travelling poker players) = no currency conversion fees or atm fees worldwide. mobile banking so you can deposit checks. This is my 'middle man' account, and also my go to when i travel, as it avoids all vigs.
Also have another US account for paying life bills - mortgage, loan payments, insurance, etc.
Mexican peso account. I think USD would save me on some currency conversion fees...but not positive about fees through schwab. possibly only the wire fee but no peso --> $ conversion %. I try to use this for living expenses in mexico, and paying for everything in peso's prob saves 6-7% as well...as exchange rate is ~13-1 but most places are using 12-1.
haven't gotten checks from my mexico bank yet, but once I have them I should be able to cashout from stars --> MB --> mexi bank. write myself a check and mobile deposit that into schwab......xfer $ from schwab to normal US account.
Most stakes afaik do stars xfers....and other options when the 10 or 20k monthly limit is reached (paypal, swap for other euro sites, MB, BofA, etc).
I haven't set up online banking yet...on my to-do list but I hate talking on the phone in spanish. Easy enough to setup...call em to get a special PIN or go to the bank and have em do it for you (just don't think i've had a bank trip take less than an hour, so I do anything I can to avoid going).
most ppl just put passports in a drawer at home, but if u wanna get a safety deposit box for sure you could find one.