When it comes to needing hard cash, having a checking account that is free and allows for free ATM withdrawals. But if you are traveling in another country, your Free checking account may have unwanted ATM fees. On top of a withdrawal fee, charge for currency conversion and not using an in-network ATM. Having the right checking account can save you a lot of hassle while traveling. It can also save you from carrying around a wad of cash.
I always advocate using credit cards in order to earn points and miles and never actual cash. There are many countries that don’t widely use credit cards for normal transactions while traveling. Many street vendors, “Mom and Pop shops,” markets, and small boutique shops will not accept credit cards due to the fees they incur for the transaction or just don’t have the technology.
In cases such as these, you need hard cash. Planning ahead to get enough money to exchange from USD to foreign currency can be a hassle and many times expensive. Also possibly giving you a bad exchange rate. Especially if exchanging currency at airports. Worse yet, losing money again to convert any leftover funds from your trip. Or incurring fees multiple times to withdraw more money if you have taken out too little.
I know many people who bank with one bank. I personally bank with three different banks that include Charles Schwab, JP Morgan Chase Bank, and Firefighters First Credit Union. Each of which offer me free checking, but not all provide the same perks. Below, are a list of FREE Checking accounts that will give you free ATM withdrawals almost anywhere in the world. As well as free checking. I will personally tell you which one in my opinion is the best. Also the best for your daily needs and traveling needs.
Charles Schwab High Yield Investor Checking Account
Charles Schwab High yield Investor Checking sounds astoundingly intimidating but trust me, it’s the furthest thing from that. In fact, with this Schwab Checking Account, there are no monthly fees associated. Not with this account. Nor are there any balances required to open an account. The checking account is linked to a Schwab One Brokerage Account as well. Giving you access to move funds over to invest. But best of all? The bank issues a rebate at the end of the month. A rebate for ANY and ALL incurred ATM fees that relate to any cash withdrawal.
You are able to use your Visa ATM/Debit card that you receive pretty much anywhere in the world. All while not being charged for any currency exchanges, or foreign withdrawal fees. This is great as it saves you the hassle of tracking down ATM’s within a network. Or ATM’s that will accept your card. I personally use my card all over the world. Even in remote places like in Nepal while hiking up to Everest Base Camp.
One thing you should note, always set up a travel alert of countries you are planning to visit. Schwab has suspended my account from withdrawals before. That was until I called to verify that it was me making the transaction while in another country. They do a great job in protecting you from fraud and have great customer service. That phone call you have to make is not cheap either.
Schwab doesn’t have many walk-in branches but has many online features to help you negate that.
Citibank
Citi has an international ATM network in 40 other countries that are within their network of ATM’s. So customers can go to any Citibank ATM and not incur withdrawal fees internationally. However, the caveat is, you need to find these ATM’s by searching through an app like google. Or whatever you use to make your world turn. For any non network ATM fees incurred, Citi will reimburse you…
If you have a Citi-gold Account and maintain a $200,000 average balance in linked deposit, retirement, or investment accounts.
Fidelity Cash Management Account
Fidelity cash management account has no minimum opening balances or monthly service fees. This free checking account gives customers free ATM withdrawals worldwide and even reimburses and issuing fees incurred. Fidelity’s website states there is a 1% transaction fee. This seems to be however, only for Debit card transactions and not actual ATM withdrawals. So if you bank with Fidelity and need to pull money out while in a foreign country, you are good to go.
First Republic Bank’s ATM Rebate Checking Account
This account requires a minimum of $500 to open and then a $3,500 minimum average balance must be maintained. Otherwise, the customer will incur a $25 monthly service fee. If that isn’t an issue, then this bank offers you over 800,000 ATM’s worldwide that offer free withdrawals. If you do happen to incur any fees, the bank will simply reimburse you.
What About All of the Other Banks Out There?
To put it simply, there are many banks out there that offer free checking and free ATM withdrawals. Many of which are only in that bank’s network. They will charge you for out of network fees or for international ATM withdrawals.
While there are Banks Like JP Morgan Chase Bank, Wells Fargo, Bank Of America and so on that offer free checking accounts. Most of them require you to open with a high minimum balance. Or they require a high minimum balance to maintain a premium customer checking out.
My Thoughts
Unless you are sitting on a heep of money, and even if you are, I personally would open an account with Charles Schwab. Given that it is a free checking account and essentially offers free ATM withdrawals worldwide with the rebate at the end of the month. You can Link any outside accounts to your checking account to transfer any funds you need and it’s also FREE. Get out and travel and like Schwab says, “Own your tomorrow.”
Finance disclosure
Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
