It seems like every bank boasts that they have the perfect solution, only to find that they quickly change the terms and conditions, begin charging hidden fees, and are slow to pick up the phone when you need urgent customer care. I got tired of this mistreatment and found a solution that will help you in your future travels.
The Charles Schwab Bank High Yield Investor Checking Account debit card is the best choice when traveling internationally. It provides peace of mind with no fees and offers unlimited ATM rebates worldwide. Their amazing 24/7 customer support can help in emergencies while abroad, and your money grows as you go. Start the application process here.
It is easy to get frustrated when seeking the perfect debit card to take along while traveling. Fortunately, I have consolidated this process, and you will soon see why Schwab is a perfect fit. Spending a few minutes now learning about the tremendous benefits this debit card provides has the potential to earn you thousands of dollars in the near future.
No Fees!
Schwab will never nickel-and-dime you simply for having a checking account with them. Utilize the account as much or as little as you would like; you will not get charged anything extra, regardless.
Using the account to purchase goods and services on the road means that you will never have to absorb foreign transaction fees.
Keep in mind that foreign vendors may tack on a convenience fee if you use a credit or debit card versus cash. This has nothing to do with Schwab’s policies but should be kept in mind. I always elect to use cash in these scenarios if possible.
Additionally, Charles Schwab offers a hefty Annual Percentage Yield (APY) of 0.03%, so your money grows even if it sits untouched for long periods. For example, your $10,000 today would grow to $10,300 one year from now.
Unlimited ATM Rebates Worldwide
This is the card’s greatest benefit. You will never be charged for using a foreign ATM, no matter how frequently you need to withdraw money along your journey.
The ATM technically charges you at that moment, but Schwab keeps track of these accruing fees throughout the calendar month. Then, come the first business day of the next month, they deposit 100% of that money right back into your account. You will also see that little extra 0.03% APY we discussed earlier factored in there!
At first, absorbing a $3 fee here, and $4 there may not seem like a lot, but it adds up quickly, especially if you are going on a long-term journey abroad. While traveling 20 countries for nearly two years, this card saved me roughly $1000 in would-be fees. That alone paid for my final weeks of venturing through Cuba before returning home!
It provides peace of mind. You never have to worry about carrying too many bills on you at once. The reality is that cash is king in certain countries. Sometimes you must pay cash for accommodation, meals, tours, and more. This is most common in developing countries, although not a universal rule. Pickpocketing is, unfortunately, a very real crime that can occur anywhere at any time.
The Schwab card allows you to withdraw tiny frequent increments of foreign currency from ATMs without getting penalized. I find that the slight inconvenience of seeking out ATMs a couple of extra times per week is well worth knowing that I generally never have to keep track of more than the equivalent of $100 US at any one time.
Outstanding 24/7 Customer Service
In a remote mountain town in Malaysia, I once inserted my Schwab debit card into an ATM to withdraw the equivalent of $300 USD to pay for a guided tour. The machine displayed “Error”, and spit my card back out. I proceeded to attempt the same transaction on a neighboring ATM, and the same problem occurred.
I returned to my hotel to connect to my Schwab online banking, only to find that the ATMs had recorded both transactions as successful, which, in turn, drained my account, but left me with no cash in hand.
Immediately, I called Schwab to report the issue. It did not matter that it was 3:00 in the morning in New York. They picked up, listened to my explanation, reassured me, and conducted a thorough investigation to replace the missing funds as quickly as possible. In this most urgent of situations, Schwab came through for me, and they have repeatedly done so in far less dire scenarios abroad as well.
Another time I needed funds deposited from another checking account into my Schwab account quicker than the standard 3-5 day hold. They made an exception to speed this along so that I could continue my travels.
All Your Accounts in One Spot
Their convenient mobile app is easy to use, secure and reliable. It is simple to make deposits and move money with a few simple taps. Connecting to my hostel’s WiFi, I could transfer money from my US Bank account into my Schwab account in under two minutes.
I also happen to have a Roth Contributory IRA account with Schwab. This account is helping me save for my retirement. I can easily contribute capital to the account, and manage my trades without hassle, fees, or a pesky middleman.
At the same time, representatives are happy to help with any questions that I have about my account, the health of the stock market, and general advice.
Separately, you can schedule a one-on-one in-person appointment with a Schwab account adviser to receive more formal coaching and guidance. They are as hands-on as you want them to be. I am confident knowing that my future is in safe, secure, and competent hands.
Key Takeaways
Thanks to unlimited worldwide ATM rebates, superb customer service, and a user-friendly experience, it is no wonder that the no-fee Charles Schwab debit card is a traveler’s preferred financial firepower to take on the road. Apply here, and happy travels!
