My son has been telling me to get a Schwab checking account for some time. SOLD! My husband and I travel overseas quite a bit, but we have been encountering a lot of problems using our ATM card in other countries. It always comes down to a problem on our bank’s end, not us.
What’s the best bank for seamless ATM access in other countries?
Charles Schwab bank paired with Wise and a couple of no international fee transactions credit cards is the bulletproof combo for traveling in my opinion…
Lane said:
Charles Schwab bank paired with Wise and a couple of no international fee transactions credit cards is the bulletproof combo for traveling in my opinion…
This is the way. My Wise card had the dollars already converted and then tap to pay at stores instead of dealing with cash and it was so easy. Schwab as backup, Chase travel card as last defense.
Lane said:
Charles Schwab bank paired with Wise and a couple of no international fee transactions credit cards is the bulletproof combo for traveling in my opinion…
What does Wise have over Schwab?
Not in my experience. For me, Schwab’s rate is very close to the spot rate - sometimes a bit above, sometimes a bit below. Usually ±0.1-0.2% - probably just depends on when exactly it settles. Wise is always a 0.35% charge.
Maybe depends on currency pairs? I’ve only used Schwab for EUR and GBP.
Lane said:
Charles Schwab bank paired with Wise and a couple of no international fee transactions credit cards is the bulletproof combo for traveling in my opinion…
How does Fidelity compare to Schwab?
@Sky
Fidelity is better as far as I can tell. It’s otherwise similar, but Fidelity refunds ATM fees within a few days instead of at the end of the month.
Laurel said:
@Sky
Fidelity is better as far as I can tell. It’s otherwise similar, but Fidelity refunds ATM fees within a few days instead of at the end of the month.
AND…you get money market rates on your balance instead of the pauper interest at Schwab…
4.26% vs. 0.1% (correct me if I’m wrong on Schwab int).
You can opt for FDIC safety and get about 2.5% with Fidelity. Personally, I like the money market rate at 4.2.
@Nyx
Oh yes, I forgot about that! It’s no contest.
I’ve had great luck with Charles Schwab.
It’s a bit of work to set it up; you need to open a free brokerage account (but you don’t need to fund it) and then you can open a Schwab checking account. You’ll get a Visa debit card and you can use that to withdraw money anywhere in the world. The best part is that, not only do they not charge you a fee, they rebate ALL ATM fees at the end of the month.
If you’re like me and don’t like carrying lots of cash, but are loath to pay fees for multiple withdrawals, this is a game-changer. (Chase charges $5 per transaction plus 3%, which is $8 on a $100 withdrawal, which is aggravating to say the least.)
The only place I’ve had trouble getting cash was in Japan, but it was due to the fact that the local ATM didn’t take foreign cards and I had to walk a few blocks to a 7-Eleven; otherwise, it’s just like being at home.
@Noel
Good advice. FYI though, Chase also has an option for ATM fee reimbursement on their Sapphire Checking account. Free if you have a brokerage with a $75k min balance. I’ve had a self-directed brokerage there for 5+ years, and have never paid a fee on anything, and they’re great with immediate ATM fee reimbursement. Obviously not as good as Schwab, which doesn’t require a brokerage minimum, but I prefer Chase because I make cash deposits about once a month, and Schwab is a real pain for that.
@Bela
“Free” if you just give JPMorgan $75k on a brokerage account with far more fees than a Schwab or Vanguard lol.
Rin said:
@Bela
“Free” if you just give JPMorgan $75k on a brokerage account with far more fees than a Schwab or Vanguard lol.
Nah, not as long as you decline their ripoff Private Client BS. Self-directed brokerage has zero fees. I also have a Schwab account for self-directed IRA and UTMA, and it’s exactly the same in terms of costs. I actually prefer the Chase interface and app.
@Bela
Again, “just” give Chase $75k to save on those $3 ATM fees lmao. You gotta work for them or something.
Rin said:
@Bela
Again, “just” give Chase $75k to save on those $3 ATM fees lmao. You gotta work for them or something.
What?? How is it any worse than any other brokerage? As long as you’re smart about it, there are no costs. And it adds convenience to my life to be able to deposit cash each month, so I like having an actual bank around the corner. You ever tried depositing cash with Schwab? I have. It’s a pain in the ass.
@Bela
Chase is my bank for daily activities. When I travel, I transfer $1000 to Schwab checking and, if I need more, I just transfer more.
I just got back from 6 weeks in Europe and, other than tips and the occasional cash-only restaurant, I was amazed at how little cash I needed.
@Noel
Why did you tip in Europe?
@Noel
Came here to say this… Had my Schwab debit card # stolen in SE Asia and called Schwab and basically said, “I need this and that was fraud but you can’t close it out till I get back.” And they said, we’ll continue monitoring but keep it open.
Solid and I’ll never leave them now…
At the time I am posting this, it is Schwab 4-1.
Well, actually now it is 5-1 as I also use Schwab and I think it is pretty awesome. No fees, they refund ATM fees, etc.
I’ve heard very good things about Schwab and their debit card overseas. They also refund ATM fees.
I use two small credit unions and have had zero issues getting money out of ATMs in Italy, France, and Mexico.
Never use a debit card except for pulling money out of an ATM. Always decline the posted rate offered at the ATM and let your financial institution perform the currency conversion.