The Best Debit Card for International Travel

Getting ready to head abroad? It’s time for a change: Stop carrying loads of cash with you on your travels, exchanging currency at the airport, or paying exorbitant ATM fees overseas. There’s a better way.

If you plan to travel internationally even once a year (or less), you need the Schwab Bank Visa® Platinum Debit Card from investment giant Charles Schwab. This free checking account is a must for any frequent traveler because it means you’ll never pay ATM fees – in the U.S. or abroad!

To be completely clear, we don’t get paid to promote this card — there’s nothing in it for us if you add it to your wallet. We just believe it’s the best solution for getting money while on the road and something travelers should know about. Take it from us: We know the Schwab debit card well, as almost every member of the Thrifty Traveler team has one in their wallet and makes sure to pack it anytime we head out on an international trip.

Here’s everything you need to know about setting up a Charles Schwab checking account and debit card for your travels.

Why This is the Best Debit Card for International Travel

The Schwab debit card allows you to take out cash from any ATM (worldwide) and refunds 100% of the withdrawal or ATM fees you pay. This is a foolproof way to avoid international ATM fees and get the best currency exchange rate possible. Schwab reimburses you monthly for ATM fees charged by all outside vendors – and to top it off, setting up an account won’t cost you a thing.

We’re begging you: Stop using the currency exchange counter at the airport. They exist for one reason and one reason only – to make money off of you. They profit by offering poor exchange rates, which is why you see them everywhere abroad. Always get cash out of an ATM with your debit card for the best exchange rate.

With the Schwab card, you can simply withdraw cash from the ATM when you need it, resting easy knowing you’re getting the best possible exchange rate and avoiding extra fees.

Thrifty Tip: If you’re presented with the option to withdraw money or make a purchase in U.S. Dollars instead of the local currency, always choose the local currency. You always lose in the currency conversion when choosing U.S. Dollars.

This ATM reimbursement works at ATMs in the U.S., too. So, even if you don’t have international travel coming up soon, you can also save on ATM fees at home. There are also no fees or even minimum balance requirements for having a Schwab checking account.

Read more: The Best Fee-Free Debit Cards for International Travel

Highlights of a Schwab Bank Investor Checking Account

• Unlimited fee rebates from any ATM worldwide
• No minimum balance or monthly fees
• No foreign transaction fees on debit card purchases or ATM withdrawals
• Free standard checks and contactless Visa debit card
• FDIC insurance up to $250,000 per depositor

How to Open an Account 

The name of this account is technically the Schwab Bank Investor Checking™ account. But hang with us – it’s much simpler than it sounds.

When applying for your Schwab checking account, you will also be required to open a Schwab brokerage account if you don’t already have one. This brokerage account (used for investments) is opened automatically when you open a Schwab checking account, but don’t worry: The brokerage account is also free and has no minimum deposit or fees. Really, you don’t even have to use it.

That means you can use the checking account and never worry about the brokerage side if you don’t want to. I leave my brokerage account empty and go on my merry way, getting reimbursed for ATM fees worldwide.

Schwab is an online-only bank, so you’ll likely want to keep another account at a local bank or credit union to deposit cash. After depositing locally, you can transfer the cash deposit to your Schwab account – these transfers between banks take about four to five business days, on average.

Nearly everyone on the Thrifty Traveler team uses the card for our international travels, and we all swear by it. After years of use, we’ve never run into issues. Many of us treat our Schwab checking accounts as dedicated travel accounts, simply depositing some cash ahead of each international trip to withdraw while abroad.

Learn more about the Schwab Bank Visa® Platinum Debit Card (for full disclosure, this is not an affiliate link).

Pair it with a Credit Card for Travel Abroad

While a debit card is great for getting cash out of ATMs, you’ll still want to pack a good credit card when traveling abroad.

We recommend using a credit card for all other purchases – especially because credit cards come with protection against fraudulent charges. Most importantly for international travel, you’ll want to make sure you use a credit card with no foreign transaction fees.

Fortunately, most of the top travel credit cards on the market don’t charge foreign transaction fees. But just in case, here are a few of our favorites.

• The *chase sapphire preferred* has been a mainstay in travelers’ wallets for years thanks to earning 2x points per dollar spent on travel and 3x points per dollar spent on dining, solid travel insurance protections, and no foreign transaction fees … all with just a $95 annual fee.
• The *venture x* is our favorite travel card, period. On top of a stellar welcome bonus, earning 2x miles on every purchase, and great benefits like lounge access, you won’t pay foreign transaction fees either.

Both of these cards run on Visa’s credit card network so generally speaking, they should be widely accepted. 

Bottom Line

We don’t have any ties to Charles Schwab, nor do we get any kickbacks for promoting this debit card. We just think it’s an insanely useful and lucrative card that every traveler should be aware of. 

Stop paying costly ATM fees and getting terrible currency exchange rates by adding the Schwab Bank debit card to your wallet before your next trip abroad. 

Learn more about the Schwab Bank Visa® Platinum Debit Card.