Why you should use a debit card in taking out foreign currency & how to stop paying ATM fees

UPDATED as of Feb. 25, 2020

NEW SoFi current sign up bonus offer = $75

This is a new and different offer SoFi Money Account

Here’s how it’s different. For this bonus offer to work, you will need to make TWO direct deposits of at least $500 each. Once you get your $75 bonus, you can choose to cancel the direct deposit.

Offer is subject to change without notice. For the latest offer, please send me a message.

A few days ago, I wrote an entry How to earn an easy $400 with Wells Fargo Bank. (click here) On the same day that I applied for my new Wells Fargo Account, one of my good friends, Ethan S., posted on his Facebook status about a quick way he earned $50 by opening an account with SoFi Money Account.

Say goodbye to ATM fees, and foreign currency exchange booths

With all of my worldly travels, I learned to use a fee-free debit card. This SoFi account will allow me to use my SoFi debit card anywhere in the world, and fees that will be charged against me, SoFi will reimburse those fees back to my account.

You might see a Money Exchange booth at the airport or somewhere in the city, but they also tend to be pricey, some could be adding a fee to your exchange transaction.

When we travel internationally, we no longer “purchase” foreign money while we are still in the US. We rely on using a local ATM once we get to the country we are visiting. By using a local bank’s ATM, we are guaranteed that we are getting the better exchange rates. We no longer worry about any debit transaction fees since institutions like SoFi Money Account will reimburse those fees.

Sample SoFi Transactions with fees reimbursed immediately

Transactions using ATMs in the Philippines where the fees were reimbursed on the same day.

Transactions using ATMs in Costa Rica where the fees were reimbursed on the same day.

Tip: Carry more than one debit card

I’ve read many instances from other travelers who reported, “My debit card didn’t work and I couldn’t take out money.” This is where I’d like to advise to carry or bring another debit card with your during your trip. If at all possible, go with fee-free ATM debit cards. Fortunately, prior to learning about SoFi, I also have an account withCharles Schwab – another institution that reimburses ATM fees.

Again, here’s the link to SoFi Money account. When you open up a SoFi Money Account, and deposit $100, you will get a $25 bonus. And if you refer others, you get $25 per referral. Let me know if you end up doing this.

NOTE: I am not affiliated with SoFi, just another very satisfied customer.

How do I open a SoFi account

To apply for a SoFi Money account (click here)

❌No account fees

❌No ATM fees.

❌No hard credit check

❌No requirement to keep account open for a certain length of time

❌No overdraft fees

❌No foreign fees

✅Free checks

✅Welcome bonus offer

✅Account referral incentives

✅Earn 1.60 APY

I hope this helps. Remember to get started, you have to use an existing referral. Here’s mine – SoFi Money Account.

Daddy Travels Miles & Points