Best Bank Accounts for Travel by Country

[trecile]

Since I suggested this idea for a thread on the ATM fees thread I figured that I should start it.

The best bank account that I know of in the US for travel is with Charles Schwab. There are no fees, and no minimum balance required. They refund all ATM fees world wide each month, even those charged by the ATMs bank.

Schwab Bank High Yield Investor Checking® account

www.schwab.com

 

[Deleted member 73526]

The best UK debit cards for ATM withdrawals (according to Moneysavingexpert.com) are from Starling, Monzo, Metro Bank, and Cumberland Building Society. This may change over time, so check a comparison site to find the latest situation:

Travel Credit Cards

Going abroad, or spending on foreign websites? You can save £100s by using specialist travel cards for near-perfect exchange rates.

www.moneysavingexpert.com

While these debit cards do not charge fees for ATM withdrawals in Europe, you may still be charged a fee by the provider of the ATM.

 

[Flattmeister]

I obtained an ING card last year before I left Australia for a three month trip. All my ATM fees and overseas transaction costs were all refunded. There were a couple of conditions, I had to transfer a minimum of $1000 to the account each month and had to use the account a minimum of 5 times during the month. Worked out well so still have it.

 

[lissie45]

There is no equivalent for New Zealanders - ASB charges a slightly better exchange rate at 2.2% - but charge $7 per a ATM withdrawal. BNZ I think is $5 per a ATM withdrawal. If anyone knows better I'd love to be wrong on this. I tend to carry more and more cash

 

[KerrieG]

ING card.....

I use the ING Orange Everyday card too - works out very well.

 

[Deleted member 73526]

There is no equivalent for New Zealanders - ASB charges a slightly better exchange rate at 2.2% - but charge $7 per a ATM withdrawal. BNZ I think is $5 per a ATM withdrawal. If anyone knows better I'd love to be wrong on this. I tend to carry more and more cash

Here's a blog post from a New Zealander who uses an N26 debit card to minimize ATM fees in Europe. N26 is an online bank with Headquarters in Germany. The basic current account is free to use and can be managed via a mobile app. To open the account, you need a residential address in the EU, but it appears to be possible for short-term visitors:

Best travel cards and bank accounts for NZ travellers

Travelling soon? I look at the best travel cards, credit card and bank accounts for Kiwis to use while travelling the world.

brenontheroad.com

I'm not sure if this is suitable for you, but it might be worth looking into.You can find more information about the pros and cons of N26 on Wikipedia:

N26 - Wikipedia

en.wikipedia.org

 

[t2andreo]

N26 is coming to the US soon. I am on the 'to be notified' e-mail list. I have an ING account from when I used to live in Belgium, but the N26 account is a better deal. They are a web-based bank. You receive a Master Card debit card with a chip and four-digit PIN. The card can be used, fee-free, almost worldwide. I already have the smartphone app installed...

The best thing is that they will have a US 'lockbox." This means that one can deposit money into N26 in dollars, just like from or to any other US bank, using the ABA routing number. Then you can withdraw the money in US dollars, Euros, Swiss Francs, or Thai baht... depending on the country you are in at the time. It cuts out intervening steps and fees.

Check it out at www.n26.com

Hope this helps.

 

[Ungawawa]

The best UK debit cards for ATM withdrawals (according to Moneysavingexpert.com) are from Starling, Monzo, Metro Bank, and Cumberland Building Society. This may change over time, so check a comparison site to find the latest situation:

Can confirm Metro Bank still issue you with a Mastercard debit card which doesn't incur any fees (their end) for unlimited use within Europe (but worldwide, it does). Very happy with them, though it might not be a first choice for your main bank account as they don't have many high-street branches outside London and I find their website a real pain to log into!

 

[Deleted member 73526]

Metro Bank...
I find their website a real pain to log into!

In 2017, I opened an account with Metro specifically to use on my camino. Considering that this is a new bank with no legacy systems, I agree that the website is a pain. Mobile app is hassle free - Perhaps TOO hassle free, since it lets me in with just my fingerprint on my iPhone. I'd like a secondary layer of authentication.
The account opening process was also a bit disappointing. Staff seem keen to help but quite immature (and I don't just mean young). The account opening process took a long time and the security processes related to setting up passcodes etc. seemed iffy to me.
I think that Metro handles account opening in a somewhat clunky way so that they can issue the cash card to the customer on the spot. Well, fair enough, but this means that while I use them for travel, I wouldn't consider making Metro my main bank. I never keep a large balance in my Metro account - When I want to withdraw cash abroad, I just transfer money into it from my main bank account.

 

[Ungawawa]

The best UK debit cards for ATM withdrawals (according to Moneysavingexpert.com) are from Starling, Monzo, Metro Bank, and Cumberland Building Society.

Starling looks good but Monzo useless for camino as they limit fee-free withdrawls to 200 pounds a month, although respect to you if you do your camino on 7 euros a day

Also according to these chaps, you want a bank that gives you a Mastercard not a Visa card, as they have better rates. https://www.moneyhub.co.nz/mastercard-vs-visa.html

 

[brian560]

I use an Australian HSBC debit card. I can preload the major currencies. Some banks in Spain such as Santander charge an ATM fee. Others don't. You have to shop around. The exchange rate now is 1AUD to .61E. Pretty lousy but you won't get much better in the land of the long white rip off.

 

[P Steeper]

In Canada, I use Simplii banking which is part of the CIBC. The fee is $3.00 for withdrawals from foreign ATMs and no fees for most day to day banking. It works very well throughout Europe. I usually use Visa for accommodation and car rentals while traveling but I have encountered a few places in Europe that only accept MasterCard so now I carry both.

 

[Rick of Rick and Peg]

N26 is coming to the US soon.
...
Check it out at www.n26.com

Warning, rant coming.

Thank you @t2andreo, I checked out the site but I found it worthless. I really hate business sites like that where they tell you nothing. Reading your dozen or so sentences told me much more than five minutes on their site. What good are the biographies and pictures of their executive team if there is nothing there that would make you want to use their product? I like Google Fi but their own website is terrible getting information out too.

 

[t2andreo]

I know what I know because I have been following developments online for 18 months. They send me e-mail news when appropriate.

I agree, their app and website is sparser. You do not get full content until you join.

I plan to report back once I am a customer. For now, I wait.

 

[Cary]

The best bank account that I know of in the US for travel is with Charles Schwab. There are no fees, and no minimum balance required. They refund all ATM fees world wide each month, even those charged by the ATMs bank.

Thanks for the info. I read this recommendation on an older post and just set up my account. It was simple and all done online.

 

[Rick of Rick and Peg]

I plan to report back once I am a customer. For now, I wait.

Thanks, I'm not expecting to go anywhere where I'll need it so I'll wait for your report which, knowing you, will be packed with information.

 

[t2andreo]

It depends entirely on when N26 raise the curtain on their US subsidiary. I believe they are presently jumping through regulatory hoops.

Should I get impatient, Plan B is Schwab...

 

[Geodoc]

In the US, you might want to check out credit unions - Washington State Employee's Credit Union has no international transaction fees (but they also do not reimburse for other bank ATM fees).

 

[CWBuff]

I spoke to my bank (PNC Bank - HQs in Pittsburgh PA and branches throughout most Eastern US States)
they assured me that they will not charge any ATM fees be it domestic or international withdrawals from Non-PNC ATMs.
Perhaps just perhaps I shall believe them
but, reading on many topics, am I correct to presume that I might get hit with the ATM fee from the ATM (Bank) I am actually making the withdrawal from?

While I have been travelling internationally reasonably often I do not believe I have been in a situation where I had to rely on cash this much for the duration of the trip. 2011 Machu Picchu Camino Inca probably comes close but then I did not need any money on the trek proper (absolutely everything was provided by the outfit i went with) and the rest was indeed CCs save for couple of taxi rides and market purchases (for which the $$ I exchanged prior to the trip was more than enough)

thanks in advance for the answers

 

[Ungawawa]

but, reading on many topics, am I correct to presume that I might get hit with the ATM fee from the ATM (Bank) I am actually making the withdrawal from?

That's quite correct. This thread in fact started on the other thread discussing this.

https://www.caminodesantiago.me/community/threads/collecting-a-list-of-cash-machine-atm-fees-in-spain.60486/#post-714020

Quick summary:
The majority of ATMs in Spain charge 5 euros a time. Several however only charge between 0 and 2 euros. A handful of banks don't charge anything. If you're very lucky your home bank might reimburse you for these fees, otherwise they're out of your own pocket.

 

[CWBuff]

That's quite correct. This thread in fact started on the other thread discussing this.

https://www.caminodesantiago.me/community/threads/collecting-a-list-of-cash-machine-atm-fees-in-spain.60486/#post-714020

Quick summary:
The majority of ATMs in Spain charge 5 euros a time. Several however only charge between 0 and 2 euros. A handful of banks don't charge anything. If you're very lucky your home bank might reimburse you for these fees, otherwise they're out of your own pocket.

Thanks H Richards - that does looks like the thread I probably saw previously.
Well... I can ask PNC about their reimburcement rules and if not favorable - either hope for above-mentioned N26 or open a Schwab account
in re: your previous

….Monzo useless for camino as they limit fee-free withdrawals to 200 pounds a month, although respect to you if you do your camino on 7 euros a day

DANG thats what I thought initially and now it looks like i have add a 3 with a zero to that number

 

[Camino Chrissy]

Since I suggested this idea for a thread on the ATM fees thread I figured that I should start it.

The best bank account that I know of in the US for travel is with Charles Schwab. There are no fees, and no minimum balance required. They refund all ATM fees world wide each month, even those charged by the ATMs bank.

Schwab Bank High Yield Investor Checking® account

www.schwab.com

Yep, Charles Schwab works great for me, too!

 

[Camino Chrissy]

Thanks for the info. I read this recommendation on an older post and just set up my account. It was simple and all done online.

Yes, setting up a Charles Schwab account and using it overseas for us USA citizens is a no brainer!

 

[katie@camino]

Australia - I use Citibank debit card. When purchasing/transacting overseas, the only fee I pay is the atm fee (if the atm has one). No other fees (no bank fees, conversion fees, transaction fees etc). It also has 3 sub-accounts so you can organise your money easily. I keep $2000 in it, in general, so when I go overseas (about 2x/year, one of which is usually a camino) I don't have to think about organising money and can do online transfers from my normal bank accounts while I'm travelling if I need a top up. Works really well.

 

[Rick of Rick and Peg]

I know what I know because I have been following developments online for 18 months. They send me e-mail news when appropriate.

I agree, their app and website is sparser. You do not get full content until you join.

You'd think it would be a no-brainer to have a link on the home page for "Emails we sent out with product information" and maybe get more people to sign up.

 

[Kanga]

Australia - I use Citibank debit card. When purchasing/transacting overseas, the only fee I pay is the atm fee (if the atm has one).

ING refunds all ATM fees - regardless of what the atm charges. No "spread" on conversion fees, no commissions, no other fees.

The only requirements are that you deposit $1,000 per month (eg from salary or pension) and use the account a minimum of 5 times a month. You can link it to two high interest accounts and have money transferred into those automatically. This card has now become my everyday account.

 

[t2andreo]

You'd think it would be a no-brainer to have a link on the home page for "Emails we sent out with product information" and maybe get more people to sign up.

Yes you would. A simple Q & A would be easy too. We shall see. I will give them until 1 April, then revert to Plan B or C.

 

[Deleted member 67185]

ING refunds all ATM fees - regardless of what the atm charges. No "spread" on conversion fees, no commissions, no other fees.

The only requirements are that you deposit $1,000 per month (eg from salary or pension) and use the account a minimum of 5 times a month. You can link it to two high interest accounts and have money transferred into those automatically. This card has now become my everyday account.

Other than the fact that Charles Schwab accounts require no minimum balance to remain free, it seems that your ING solution is similar with the use of their debit card for ATM and conversion fees. What is the current ING interest payment amount on balances?

 

[Kanga]

@davebugg ING interest rates are good for Australians - but the conditions are different from country to country. You’d have to check what happens locally, in the US, to see if it is competitive with Charles Schwab. My friends from Germany had a German ING account and they were whacked big fees on the exchange rate when they used it in Australia.

 

[LesR]

I obtained an ING card last year before I left Australia for a three month trip. All my ATM fees and overseas transaction costs were all refunded. There were a couple of conditions, I had to transfer a minimum of $1000 to the account each month and had to use the account a minimum of 5 times during the month. Worked out well so still have it.

Australia - I have used a NAB travel card twice now - only fee was the conversion rate from A$ to Euro when money was transferred in. I was able to transfer funds from a transaction acount into the travel card account in Spain using NAB app and therefore didn't need to over-fill the travel card (NAB would then offer an equally bad exchange rate to get it out and into A$ at the end of the trip).

however the local ATM usually charged a fee - although in the greater scheme of things, this didn't amout to too much

Two cards, same account, different numbers, both active but different PINs - one in my wallet in my pocket and the other buried in my backpack.

However I did find that not all ATMs would establish a connection to NAB so that I could get cash out. Often, the smaller banks or other financial institutions were the best - Santander particularly bad in this respect. Never got to the bottom of it but I suspect it may have been a case of greater security requirements od the larger spanish banks....

Would use the same card if there is to be a Camino 2019

 

[MargaretD]

Australia - I use Citibank debit card. When purchasing/transacting overseas, the only fee I pay is the atm fee (if the atm has one). No other fees (no bank fees, conversion fees, transaction fees etc). It also has 3 sub-accounts so you can organise your money easily. I keep $2000 in it, in general, so when I go overseas (about 2x/year, one of which is usually a camino) I don't have to think about organising money and can do online transfers from my normal bank accounts while I'm travelling if I need a top up. Works really well.

Also Australian - I use the Citibank debit card as well and I can attest that it works really well. And customer service is good. Have used it on Africa, Sri Lanka and in various countries in Asia. Intend to use for CAmino

 

[JDecay]

I obtained an ING card last year before I left Australia for a three month trip. All my ATM fees and overseas transaction costs were all refunded. There were a couple of conditions, I had to transfer a minimum of $1000 to the account each month and had to use the account a minimum of 5 times during the month. Worked out well so still have it.

If you meet the terms described, ING refunds all fees including the ATM operators fees. Good debit card. Used card in India, Spain, Portugal and UK. Also refunds fees when buying online from overseas merchants.
JDecay (Aussie)