Best Banks for Travelers
If you travel frequently, opting for banking services that provide fee-free ATM access and waived currency-conversion charges is beneficial. Even if you do not travel often, the checking accounts from these top banks can serve as excellent choices.
Capital One
Why it won: Capital One has minimal fees associated with its online 360 accounts, and its nationwide cafés offer travelers a comfortable environment to relax.
Standout account: 360 Checking customers can access over 70,000 ATMs without incurring fees and will not face foreign-transaction fees when using the debit card abroad.
Overview: Capital One’s 360 Checking account charges no monthly fee or minimum balance requirement. The debit card does not impose foreign transaction fees for purchases or ATM withdrawals overseas. Furthermore, the bank offers access to more than 70,000 ATMs, including both bank-operated machines and those in the Allpoint and MoneyPass networks. While withdrawing from an out-of-network ATM may incur a surcharge from the ATM operator, Capital One won’t charge an additional fee. For those seeking to earn high yields on excess funds, consider the no-fee 360 Performance Savings account, currently yielding 4.25%, or the one-year CD with a 5% yield and no minimum deposit.
Moreover, Capital One’s robust mobile app facilitates easy management of your accounts and transfers while on the go. Alongside standard locations, over 50 Capital One cafés exist in cities nationwide, offering food and drinks (with a 50% discount on handcrafted beverages for users with a Capital One debit or credit card), alongside workspaces and free Wi-Fi.
Charles Schwab Bank
Why it won: Schwab eliminates surcharges that many banks impose on international travelers, making it an attractive option.
Standout account: Users of Schwab’s Investor Checking account incur no ATM or currency conversion fees.
Overview: Charlie Schwab’s Investor Checking account offers outstanding benefits for globe-trotters. It includes unlimited reimbursement of out-of-network ATM withdrawal fees globally, as well as exempting travelers from foreign transaction fees when using their debit card. There are no monthly maintenance fees, overdraft fees, or minimum balance requirements. Additionally, complimentary standard paper checks are provided. The debit card includes travel accident insurance and travel assistance services, offering referrals to English-speaking doctors in case of illness abroad.
It is essential to link your Investor Checking account to a Schwab One brokerage account, which has no minimum balance requirement and allows for instant transfers. You can conveniently manage activities via Schwab’s mobile app, enabling effortless money movement and balance checks.
Kiplinger’s Best Banks 2024
- Best National Banks
- Best Internet Banks
- Best Credit Unions
- Best Banks for High-Net-Worth Clients
- Best Banks for Retirees
Note: This item originally appeared in Kiplinger Personal Finance Magazine, a trusted source of advice and guidance for making and managing your money effectively.
