Avoid fees when getting cash for international travels
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We DON’T go to a US bank, and exchange or buy foreign money
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We DON’T go to a foreign money exchange booth at the airport or around town
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We DON’T plan on bringing loads of cash
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We DO use a debit card (breathe) that does NOT charge ATM fees and does NOT charge foreign fees.
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We DO carry two to three debit cards during our travels. Why not just one? We’ve had situations where one debit card wouldn’t work….solution, have back-ups. Always have a back-up plan.
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We DO go to an ATM once we land in our destination. I’ve never seen an international airport with no ATM, knock on wood.
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We DO take out cash using a debit card only as-needed, good enough for a day or two. Why cash, Jason? I thought credit cards are best? We do this so we have cash in hand to pay at places that do not take credit cards.
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We DO pay with a credit card everywhere credit cards are accepted.
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We DO use a credit card that does NOT charge foreign transaction fees.
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When paying with a credit card, when asked if we want to pay in US dollars or local currency, we DO always choose to pay local currency – it’s closer to official market rate. Insist in paying the local rate, and not your home currency.
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SoFi – if you have the old SoFi card before June 9, 2020, you are grandfathered with the old policy where you could use their debit card at ANY ATM, and you will be reimbursed the fees. We just need to make sure we have enough funds in our account before leaving the US. I have a referral for this, but the new account will only you to enjoy unlimited fee-free ATM withdrawals at over 55,000 AllPoint In-Network ATMs domestically and abroad. So you’ll need to know which ATMs to use. https://sofi.app.link/bXKcluMnaob
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Charles Schwab – we have a brokerage with Charles Schwab – offers unlimited refunds for out-of-network ATM fees, and it doesn’t charge foreign transaction fees. We just need to make sure we have enough funds in our account before leaving the US. https://www.schwab.com/client-referral?refrid=REFER4W78CRMF
- Fidelity Cash Management Account – This is a Brokerage account for everyday spending with no account fees or minimums to open an account. It comes with features like ATM reimbursement, mobile deposits and transfers, free bill pay, and check-writing.
Other bank accounts shared by members of Daddy Travels Miles and Points Facebook Group
- Betterment Debit Card
- HSBC
- PNC Performance Select
Another option or perspective
Garrett O. from Daddy Travels Miles and Points Facebook Group shared:
Because my foreign ATM withdrawals only add up to 2 or 3 per year, we just use our local bank debit card. Yes, we pay a fee but it really isn’t much. We limit how many withdrawals we make to minimize the fee. We get a large-ish sum as soon as we land at a bank owned ATM (not all ATMS are created equal in terms of exchange rate–an important distinction if using an ATM in the airport) and then after a few days when those funds are gone, we have a good idea of how much cash we will need for remainder of trip and do one more withdrawal. We pay less than $20 for the trip and for me it’s easier than keeping another account and remembering to move money before we leave.
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