ATM card for overseas travel

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retire14
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ATM card for overseas travel

Post by retire14 »

I currently have a Fidelity ATM which reimburses fees for overseas travel. I would like to get another card as a back-up just in case. I have an account with Ally but it does not reimburse overseas fees. Any suggestions? Thank you.
livesoft
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Re: ATM card for overseas travel

Post by livesoft »

I've seen Scwhab mentioned.

WellsFargo has a great card for some customers. No out-of-country ATM card fees and fantastic exchange rates, too.

Other banks have affiliates in foreign countries, so no fees to use those affiliated ATMs, but you have to check before you go.
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xjz
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Re: ATM card for overseas travel

Post by xjz »

+1 Schwab. No foreign transaction fees, full international ATM fee reimbursement. Last time I used it (in Switzerland, so USD -> CHF), the exchange rate applied to withdrawals were about 0.25% over parity (e.g. if the exchange rate were precisely 1:1, then withdrawing $100 in the local currency would result in a $100.25 withdrawal in your home currency).

Caveat: Opening a Schwab checking account requires opening a Schwab brokerage account, although you do not have to use it and there are also no fees for empty account maintenance. If you're watching your credit closely, be advised that opening a Schwab account results in a hard pull (presumably for vetting your eligibility for margin trading in the brokerage, even if you opt out of it...?).
mattfr
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Re: ATM card for overseas travel

Post by mattfr »

xjz wrote:+1 Schwab. No foreign transaction fees, full international ATM fee reimbursement. Last time I used it (in Switzerland, so USD -> CHF), the exchange rate applied to withdrawals were about 0.25% over parity (e.g. if the exchange rate were precisely 1:1, then withdrawing $100 in the local currency would result in a $100.25 withdrawal in your home currency).

Caveat: Opening a Schwab checking account requires opening a Schwab brokerage account, although you do not have to use it and there are also no fees for empty account maintenance. If you're watching your credit closely, be advised that opening a Schwab account results in a hard pull (presumably for vetting your eligibility for margin trading in the brokerage, even if you opt out of it...?).
This is spot on. Schwab is great about helping me out overseas. One day I needed to withdraw a few thousand euros. A simple phone call and an instant temporary withdrawal limit adjustment was all I needed to make it happen.
avlfutbol
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Re: ATM card for overseas travel

Post by avlfutbol »

+1 Schwab-I live overseas. They have a daily limit but all you have to do is call an they can get you what you need. Great service!
rcsracing
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Re: ATM card for overseas travel

Post by rcsracing »

PNC for balances over $5k (not sure what the account tier is called). They've been more friendly as a long term expat (3+ years) than Fidelity was when setting it up.

High limits, reimbursed fees and they allowed me to set a long term travel notification (3 years), compared to the three months that most others would do for me.

-Rick
SurferLife
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Re: ATM card for overseas travel

Post by SurferLife »

I use a USAA debit card overseas and get refunded all my ATM fees. They've also started to include a chip on all their cards, and that's really handy in Europe since if you can't find an ATM you can also use it for POS transactions.
Vanrnr
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Re: ATM card for overseas travel

Post by Vanrnr »

Set up a Schwab checking account with the ATM card for use in Europe this past fall, and it was fantastic. No fees and no currency conversion charges. Plus, no credit card balances after the trip is over.
neilpilot
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Re: ATM card for overseas travel

Post by neilpilot »

retire14 wrote:I currently have a Fidelity ATM which reimburses fees for overseas travel. I would like to get another card as a back-up just in case. I have an account with Ally but it does not reimburse overseas fees. Any suggestions? Thank you.
While I see your point in trying to identify a favorable "back-up" ATM, I question if it's really worth the effort. Assuming you plan to use your Fidelity ATM card, why go thru all this discussion and trouble to select the best ATM card to serve as a backup that you will likely not need to use?
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lthenderson
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Re: ATM card for overseas travel

Post by lthenderson »

neilpilot wrote:
retire14 wrote:I currently have a Fidelity ATM which reimburses fees for overseas travel. I would like to get another card as a back-up just in case. I have an account with Ally but it does not reimburse overseas fees. Any suggestions? Thank you.
While I see your point in trying to identify a favorable "back-up" ATM, I question if it's really worth the effort. Assuming you plan to use your Fidelity ATM card, why go thru all this discussion and trouble to select the best ATM card to serve as a backup that you will likely not need to use?
+1 My backups are cash advances from my two credit cards. Beyond that wire transfer. Seems like a waste to get another ATM card that you have to monitor once your trip ends.
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retire14
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Re: ATM card for overseas travel

Post by retire14 »

neilpilot wrote:
retire14 wrote:I currently have a Fidelity ATM which reimburses fees for overseas travel. I would like to get another card as a back-up just in case. I have an account with Ally but it does not reimburse overseas fees. Any suggestions? Thank you.
While I see your point in trying to identify a favorable "back-up" ATM, I question if it's really worth the effort. Assuming you plan to use your Fidelity ATM card, why go thru all this discussion and trouble to select the best ATM card to serve as a backup that you will likely not need to use?
I do need a back-up, so I may as well use the best available just in case I need it. I found that in some countries, sometimes, one ATM card works while the other does not. Since I do not plan on carrying cash, I need a reliable way to withdraw cash.
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LiveSimple
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Re: ATM card for overseas travel

Post by LiveSimple »

Fidelity debit card, charges 1% of the international ATM withdrawal, as foreign transaction fees.
However some time it is mentioned that Fidelity debit card has no foreign transaction fees.
Please share your thoughts


This is what I do see as of now.
https://www.nerdwallet.com/blog/banking ... s/#nofeefx


Seems like Charles Schwab Bank and Capital One 360, are free of foreign transaction fees.
PugetSoundguy
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Re: ATM card for overseas travel

Post by PugetSoundguy »

Just got back from Europe (mostly France). Used a CapitalOne360 debit card to withdraw cash. Worked every time. No added fees that I could see and the exchange rate seemed reasonable. I was careful to withdraw only from bank ATMs, not ATMs in places such as convenience stores where fees probably would be added.
tacster
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Re: ATM card for overseas travel

Post by tacster »

LiveSimple wrote:Fidelity debit card, charges 1% of the international ATM withdrawal, as foreign transaction fees.
However some time it is mentioned that Fidelity debit card has no foreign transaction fees.
Please share your thoughts.
I used a Fidelity Cash Management Account debit card on a month long trip to Italy earlier this year. Zero foreign transaction fees. None, nada. Fidelity also reimbursed all fees that were charged by the ATM's. It worked perfectly and I am completely satisfied.
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sperry8
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Re: ATM card for overseas travel

Post by sperry8 »

Schwab is my vote for primary (not backup). Best debit card going. Others include Capital One 360 and if you can qualify, HSBC Premier and CitiGold (possibly Citi Priority too).
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LiveSimple
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Re: ATM card for overseas travel

Post by LiveSimple »

sperry8 wrote:Schwab is my vote for primary (not backup). Best debit card going. Others include Capital One 360 and if you can qualify, HSBC Premier and CitiGold (possibly Citi Priority too).
Thanks sperry8.

Yes opened Schwab yesterday, waiting for the card to arrive.

Will look into the others, for backup.
new2bogle
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Re: ATM card for overseas travel

Post by new2bogle »

Definitely take a backup. An ATM ate my Schwab atm card in Egypt. Schwab would have sent another one in 2 business days but we were leaving the next day so declined the offer.
neilpilot
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Re: ATM card for overseas travel

Post by neilpilot »

new2bogle wrote:Definitely take a backup. An ATM ate my Schwab atm card in Egypt. Schwab would have sent another one in 2 business days but we were leaving the next day so declined the offer.
So far, we've taken 15+ international trips in the past 17 years and that hasn't happened. The probability is low but not zero.

When we travel, I use my bank's ATM card. My wife also has her card, thru the same bank, that serves as our backup. In the very unlikely case that neither card works, I could use my visa card at the ATM and pay the cash advance fee. I prefer this plan to the risk of carrying 2 debit cards.
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BrandonBogle
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Re: ATM card for overseas travel

Post by BrandonBogle »

new2bogle wrote:Definitely take a backup. An ATM ate my Schwab atm card in Egypt. Schwab would have sent another one in 2 business days but we were leaving the next day so declined the offer.
This has been my concern. I may have to take a look at Schwalb, but at the moment, I use Wells Fargo. My backup is that I have two Wells Fargo debit cards. If I lose one, I use the other. This is all in addition to my credit cards and any other options that may be needed in the midst of an emergency. Crossing my fingers as I fly out to Europe in a few days. That said, this has worked well for me in the past to London, so I expect it to work just as well now.
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sperry8
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Re: ATM card for overseas travel

Post by sperry8 »

Everyone seems to feel a backup is not required, but I think it is a smart move. I have had issues in certain countries. For example, HSBC Premier ATM Debit card didn't work at all in Ukraine. Couldn't figure out why until I finally got a hold of HSBC CS and they told me Ukraine (along with a few other unnamed countries) are blocked. :oops:

Luckily I had my backup CitiGold with me and it worked. Since identifying that HSBC has this "list" of countries that are blocked but unannounced and change (e.g., Belarus was also on it), I stopped using it as my primary card and switched to Schwab. I now have Schwab as primary and Capital One 360 as backup. (I downgraded CitiGold to CitiPriorty recently).

Anyway the point is, things happen. Always good to have a backup card. Without it I would've had some serious issues in Ukraine. Not every place takes cc's there and pulling cash off a cc is expensive. Surely more troublesome than just sticking a 2nd ATM card into my wallet.
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techrover
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Re: ATM card for overseas travel

Post by techrover »

+1 for Fidelity Cash Mgmt Debit Card. No ATM fees and FX rates are very competitive.
Diogenes
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Re: ATM card for overseas travel

Post by Diogenes »

Schwab is great for rebating overseas ATM fees. I have one but use it only for backup and leave it locked up.Backup card is essential. Primary for ATM use is USAA. They also rebate and are a great company. Using them I can isolate my other accounts at Schwab and other places. Only risk is the cash I send to the USAA account, not my other funds. Totally unconnected.
I'm an expat and have had good luck with that approach for years, including some high risk of ATM fraud places like Africa and Eastern Europe.
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LiveSimple
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Re: ATM card for overseas travel

Post by LiveSimple »

techrover wrote:+1 for Fidelity Cash Mgmt Debit Card. No ATM fees and FX rates are very competitive.
Fidelity Cash Mgmt Debit Card, charges 1% foreign transaction fee.
Last edited by LiveSimple on Tue Jul 18, 2017 2:25 pm, edited 1 time in total.
SrGrumpy
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Re: ATM card for overseas travel

Post by SrGrumpy »

I've never had a problem with foreign ATMs on dozens of trips, even in "gnarly" places like Kabul and Addis Ababa. And if I absentmindedly put it in a non-Star/Cirrus ATM, it would just spit out the card. I do take my fee-laden BofA as a backup.

If one is that paranoid, one could use an in-branch ATM during office hours, when a staffer would be able to help out if necessary.

Mention was made of HSBC. Back in the day when I used my HSBC (U.S.) card at foreign HSBC locations, I got heavily dinged with fees. There wasn't any ATM synergy at that level.
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seed4great
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Re: ATM card for overseas travel

Post by seed4great »

LiveSimple wrote:
techrover wrote:+1 for Fidelity Cash Mgmt Debit Card. No ATM fees and FX rates are very competitive.
Fidelity Cash Mgmt Debit Card, charges 1% foreign transaction fee.
"When used at an ATM, no foreign currency transaction fee is applied. When used for purchases (POS), the 1% foreign currency transaction fee is applied. The terms also mention a $1 ATM fee, but that fee is waived for "Fidelity Cash Management Accounts."
What does it mean? Do not purchase anything with Fidelity ATM card, just use it to withdraw money. For purchases, I can recommend PenFed credit cards with no transaction fee.
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radiowave
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Re: ATM card for overseas travel

Post by radiowave »

techrover wrote:+1 for Fidelity Cash Mgmt Debit Card. No ATM fees and FX rates are very competitive.
Because the Fidelity Debit card is a direct withdrawal from your account, one thing so consider, if you have Fidelity, is create a separate cash management account tied to the debit card and keep just enough cash that you need. If you get hacked overseas, the account will get most of the cash taken and you'll have a difficult time abroad to deal with the issue. Hopefully you would get your money back. The separate account acts as a firewall of sorts to your main cash management account at Fidelity. Note, there is no way you can use the debit card as an ATM only card, e.g. reduce daily purchase limit to $0.00 separate from the ATM withdrawal limit so if the card is physically stolen that can be problematic.
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