No foreign fee, reimburse atm fee cards besides Schwab?

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vu8
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No foreign fee, reimburse atm fee cards besides Schwab?

Post by vu8 »

Hi there,
After searching around for a bit I have found that Schwab is basically the only provider that offers a no foreign transaction fee, reimburse all ATM fee debit card.
I also had a Radius Bank account which also has no foreign fee and reimburses all ATM fees charged. But deposits take 5 days to clear into the Radius account, so I closed it out.
Since it is always good to have a backup, because otherwise Schwab DC would be the only option I have while travelling overseas. Are there any alternatives to Schwab that offers a debit card which reimburses all atm fees charged by the third party bank and has no foreign transaction fee?
I know fidelity has cash management, and it does reimburses atm fees, but Fidelity charges a 1% foreign transaction fee.
Capital One checking does not have foreign transaction fees, but does not reimburse ATM fees.
drk
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by drk »

vu8 wrote: Mon Apr 05, 2021 7:10 pm I know fidelity has cash management, and it does reimburses atm fees, but Fidelity charges a 1% foreign transaction fee.
Fidelity does not charge a foreign transaction fee on ATM withdrawals, only on purchases. It also reimburses ATM fees daily, whereas IIRC Schwab does so monthly.
Millennial
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by Millennial »

Eastern Bank, a regional New England bank, meets your requirements.
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vu8
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by vu8 »

Millennial wrote: Mon Apr 05, 2021 8:45 pm Eastern Bank, a regional New England bank, meets your requirements.
Just checked out Eastern, Eastern Bank debit card does have a 1% "International Assessment Fee"
https://www.easternbank.com/sites/easte ... l_2019.pdf
Millennial
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by Millennial »

vu8 wrote: Mon Apr 05, 2021 8:55 pm
Millennial wrote: Mon Apr 05, 2021 8:45 pm Eastern Bank, a regional New England bank, meets your requirements.
Just checked out Eastern, Eastern Bank debit card does have a 1% "International Assessment Fee"
https://www.easternbank.com/sites/easte ... l_2019.pdf
Yikes, that's an unwelcome update. Sorry, this was true last time I was abroad in 2019.
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sperry8
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by sperry8 »

drk wrote: Mon Apr 05, 2021 7:14 pm
vu8 wrote: Mon Apr 05, 2021 7:10 pm I know fidelity has cash management, and it does reimburses atm fees, but Fidelity charges a 1% foreign transaction fee.
Fidelity does not charge a foreign transaction fee on ATM withdrawals, only on purchases. It also reimburses ATM fees daily, whereas IIRC Schwab does so monthly.
From Fidelity's website: https://www.fidelity.com/cash-managemen ... debit-card

"There is no annual fee on the Fidelity Debit Card. Other institutions may assess fees for use of ATMs in their network.

Fidelity Cash Management Account customers or Fidelity accounts coded Premium, Private Client Group, or Wealth Management, or held by customers with householded annual trading activity of 120 or more stock, bond, or options trades, will be reimbursed for ATM fees charged by other institutions.

Please review your Fidelity Debit Card Agreement (PDF) for information on reimbursement caps or limits.

For each foreign transaction, there is a foreign transaction fee (currently, 1% of the transaction for non-US dollar transactions), which may be included in the amount charged to your account. This charge may apply whether or not there is a currency conversion.

Fidelity charges no fees for debit card fraud text alerts. Please contact your mobile carrier to see if any message and data rates, or other charges may apply."

Seems only high level clients get reimbursements. And seems to say they do charge a 1% fee
Last edited by sperry8 on Mon Apr 05, 2021 9:14 pm, edited 1 time in total.
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sperry8
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by sperry8 »

vu8 wrote: Mon Apr 05, 2021 7:10 pm Hi there,
After searching around for a bit I have found that Schwab is basically the only provider that offers a no foreign transaction fee, reimburse all ATM fee debit card.
I also had a Radius Bank account which also has no foreign fee and reimburses all ATM fees charged. But deposits take 5 days to clear into the Radius account, so I closed it out.
Since it is always good to have a backup, because otherwise Schwab DC would be the only option I have while travelling overseas. Are there any alternatives to Schwab that offers a debit card which reimburses all atm fees charged by the third party bank and has no foreign transaction fee?
I know fidelity has cash management, and it does reimburses atm fees, but Fidelity charges a 1% foreign transaction fee.
Capital One checking does not have foreign transaction fees, but does not reimburse ATM fees.
First Republic reimburses all Int'l fees (monthly): https://www.firstrepublic.com/personal/ ... e-checking
BH contests: 2020 #253 of 664 | 19 #233 of 645 | 18 #150 of 493 | 17 #516 of 647 | 16 #121 of 610 | 15 #18 of 552 | 14 #225 of 503 | 13 #383 of 433 | 12 #366 of 410 | 11 #113 of 369 | 10 #53 of 282
nalor511
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by nalor511 »

Schwab is not the only one. Fidelity reimburses. So do many credit unions (mine does)
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vu8
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by vu8 »

sperry8 wrote: Mon Apr 05, 2021 9:11 pm Seems only high level clients get reimbursements. And seems to say they do charge a 1% fee
https://www.intltravelnews.com/2019/fidelity-no-ftf-atm
Not official source, but seems like Fido only charges the 1% on non ATM purchases, when it comes to ATM withdrawals there seems to be no FTF, and ATM fees reimbursed.
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vu8
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by vu8 »

sperry8 wrote: Mon Apr 05, 2021 9:13 pm First Republic reimburses all Int'l fees (monthly): https://www.firstrepublic.com/personal/ ... e-checking
Just checked out First Republic, there is a minimum balance or monthly fee clause unfortunately. "A monthly service fee (currently $25) will apply if a $3,500 required minimum average daily balance is not maintained"
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Nate79
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by Nate79 »

I would not use a debit card for purchases overseas (or domestic for that matter). Just use credit cards (and there are plenty of no international fee credit cards). Just use the no fee debit cards for cash out of ATMs (Schwab, Fidelity, etc).
Millennial
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by Millennial »

Millennial wrote: Mon Apr 05, 2021 9:03 pm
vu8 wrote: Mon Apr 05, 2021 8:55 pm
Millennial wrote: Mon Apr 05, 2021 8:45 pm Eastern Bank, a regional New England bank, meets your requirements.
Just checked out Eastern, Eastern Bank debit card does have a 1% "International Assessment Fee"
https://www.easternbank.com/sites/easte ... l_2019.pdf
Yikes, that's an unwelcome update. Sorry, this was true last time I was abroad in 2019.
On second read, I think that fee may only apply to debit card purchases and not ATMs. I realized I did go to Canada in late 2019 (after the date on that document you linked) and was not assessed this fee.
inverter
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by inverter »

vu8 wrote: Mon Apr 05, 2021 9:30 pm
sperry8 wrote: Mon Apr 05, 2021 9:13 pm First Republic reimburses all Int'l fees (monthly): https://www.firstrepublic.com/personal/ ... e-checking
Just checked out First Republic, there is a minimum balance or monthly fee clause unfortunately. "A monthly service fee (currently $25) will apply if a $3,500 required minimum average daily balance is not maintained"
+1 on FRB. Would assume your balance would be above $3.5k for regular checking.
amitb00
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by amitb00 »

I have Ally card. They say they reimburse nationally but in my experience, ATM fees was reimbursed in Canada, India, UK, Germany, Peru, Costa Rica and many other places. They reimburse upto $10 in any statement cycle. They can be good back up. BTW when I put travel notification, they say they won’t reimburse out side US but then actually reimburse.
hmw
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by hmw »

Chase private client also offers ATM fee reimbursement worldwide.

Also "No Chase Foreign Exchange Rate Adjustment Fees". Not sure what it means.

https://chaseprivateclient.chase.com/banking
criticalmass
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by criticalmass »

vu8 wrote: Mon Apr 05, 2021 7:10 pm Hi there,
After searching around for a bit I have found that Schwab is basically the only provider that offers a no foreign transaction fee, reimburse all ATM fee debit card. ...
I know fidelity has cash management, and it does reimburses atm fees, but Fidelity charges a 1% foreign transaction fee.
Capital One checking does not have foreign transaction fees, but does not reimburse ATM fees.
I guess it's a sign that pandemic is easing and/or people are itching to travel. Pre-pandemic, every few months we would see posts from peope who don't have the Fidelity debit card claiming that Fidelity charges a 1% ATM foreign transaction fee for ATM withdrawals.

Fidelity does NOT charge a 1% FTF for ATM withdrawals using a Cash Management Account debit card. I repeat, Fidelity does NOT charge a 1% FTF for ATM withdrawals.

Fidelity does charge a 1% when you make a foreign transaction purchase with the debit card. But, again, Fidelity does NOT charge a 1% FTF for ATM withdrawals.

Still don't believe me? Go to a foreign ATM with your Fidelity card and your Schwab or whatever FTF free card you have. Withdrawal an equal amount of foreign currency from each. Wait until both withdrawals posts to your account and notice that both transactions will have the same dollars and cents deducted from your account.

One tiny benefit of Fidelity over Schwab is Fidelity reimburses any ATM terminal fee as soon as the transaction posts. Schwab delays reimbursement until the end of the month.

To recap, Fidelity does NOT charge a 1% FTF for ATM withdrawals.
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vu8
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by vu8 »

criticalmass wrote: Mon Apr 05, 2021 10:32 pm To recap, Fidelity does NOT charge a 1% FTF for ATM withdrawals.
This is great information sir, I guess I'll just carry 1 Schwab DC and Fidelity DC should I go travelling.
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by drk »

sperry8 wrote: Mon Apr 05, 2021 9:11 pm Seems only high level clients get reimbursements. And seems to say they do charge a 1% fee
This has been covered so many times on this board. I can attest from personal experience as a non-high-level client that there is no foreign transaction fee.
vu8 wrote: Mon Apr 05, 2021 10:54 pm This is great information sir, I guess I'll just carry 1 Schwab DC and Fidelity DC should I go travelling.
FYI: the very first response in this thread had this information.
criticalmass
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by criticalmass »

vu8 wrote: Mon Apr 05, 2021 10:54 pm
criticalmass wrote: Mon Apr 05, 2021 10:32 pm To recap, Fidelity does NOT charge a 1% FTF for ATM withdrawals.
This is great information sir, I guess I'll just carry 1 Schwab DC and Fidelity DC should I go travelling.
Good idea, that's exactly what I do, and keep them in separate locations, one in the house and one in my pocket. It is always a best practice to have two cards abroad in case one is lost or disabled, so why not use the two leading ftf free debit cards?
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by AlohaJoe »

vu8 wrote: Mon Apr 05, 2021 7:10 pm Are there any alternatives to Schwab that offers a debit card which reimburses all atm fees charged by the third party bank and has no foreign transaction fee?
FWIW, I think this is a pretty pointless optimisation to make. Think about the risk you're trying to avoid. In the unlikely event that you lose your primary card, you might have to pay to $10 (or even $20, the horror!) in foreign transaction fees. After all, things like airfare are already paid, so we're only talking about things you buy on the ground after you land. A 1% foreign transaction fee means if you spend $1,000 you pay an extra $10. Then you add in: your hotels might also be prepaid; you probably aren't going to lose your card on the first day of the holiday, etc, etc. So how much are we actually talking about here?

Now, if you come back and say, "But AlohaJoe, we usually spend $1,000-2,000 a day pretty easily while on holiday, so we might rack up $200-300 over a multi-week holiday in foreign transaction fees!" .... well, I still think that's not really something to worry about as a worst case scenario. I mean, you spend $30,000 on a holiday but you're worried about $300 in foreign transaction fees in the unlikely event that due to a travel catastrophe you lose your primary card? It is hardly the end of the world.

I mean, sure, it is easy to open a Fidelity account. But I wouldn't add complexity to my financial life just for this. If you were going on a multi-month holiday, sure, it makes sense. But for just a 2-3 week trip before you get home and can get the replacement card? Not worth it.
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by dan23 »

criticalmass wrote: Mon Apr 05, 2021 10:32 pm To recap, Fidelity does NOT charge a 1% FTF for ATM withdrawals.
Can confirm.
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by trigger08 »

I'm late to the party but have been using the Fidelity Cash Management atm card in various overseas locales and never received any fee for withdrawing cash. They also reimburse whatever fee the ATM/operator charges in the foreign currency.
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by Blue456 »

criticalmass wrote: Mon Apr 05, 2021 10:32 pm To recap, Fidelity does NOT charge a 1% FTF for ATM withdrawals.
What he said.
tigerdoc93
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by tigerdoc93 »

Fidelity: 1% FTF. 2% cash back. Earn 1% using fidelity internationally. Money is fungible.
Chip
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by Chip »

tigerdoc93 wrote: Tue Apr 06, 2021 5:59 am Fidelity: 1% FTF. 2% cash back. Earn 1% using fidelity internationally. Money is fungible.
I think you're talking about the credit card, not the debit card. This just adds to the confusion.

As mentioned many times above, the Fidelity DEBIT card does NOT have a FTF when used to make ATM withdrawals. It does have a 1% FTF when used for purchases. AFAIK, there is no cash back provision with the DEBIT card.
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by seawolf21 »

drk wrote: Mon Apr 05, 2021 7:14 pm
vu8 wrote: Mon Apr 05, 2021 7:10 pm I know fidelity has cash management, and it does reimburses atm fees, but Fidelity charges a 1% foreign transaction fee.
Fidelity does not charge a foreign transaction fee on ATM withdrawals, only on purchases. It also reimburses ATM fees daily, whereas IIRC Schwab does so monthly.
Schwab brokerage reimburse a couple of day after the fee post to the account.
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by UpperNwGuy »

I am loving this thread. I find it entertaining that something so simple can become so convoluted in a thread like this.

For the record, I have the Schwab debit card, and it works as described.
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by sperry8 »

drk wrote: Mon Apr 05, 2021 10:55 pm
sperry8 wrote: Mon Apr 05, 2021 9:11 pm Seems only high level clients get reimbursements. And seems to say they do charge a 1% fee
This has been covered so many times on this board. I can attest from personal experience as a non-high-level client that there is no foreign transaction fee.
vu8 wrote: Mon Apr 05, 2021 10:54 pm This is great information sir, I guess I'll just carry 1 Schwab DC and Fidelity DC should I go travelling.
FYI: the very first response in this thread had this information.
Calm down. We appreciate your first hand experience. Simply reporting what is written directly on Fidelity's website. Apparently first hand experience offers more detail than their own website (not surprised).

As for reimbursements are you also saying you are not a high level client (one of the ones listed on their website) and get reimbursements?
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by drk »

sperry8 wrote: Tue Apr 06, 2021 2:14 pm As for reimbursements are you also saying you are not a high level client (one of the ones listed on their website) and get reimbursements?
The FAQ you shared above is confusingly worded. CMA customers always get ATM fee reimbursements (see the actual detail page). If you want to learn more, feel free to check out the Fidelity as a one stop shop mega-thread.
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by trigger08 »

sperry8 wrote: Tue Apr 06, 2021 2:14 pm Calm down. We appreciate your first hand experience. Simply reporting what is written directly on Fidelity's website. Apparently first hand experience offers more detail than their own website (not surprised).

As for reimbursements are you also saying you are not a high level client (one of the ones listed on their website) and get reimbursements?
The quote you posted from Fidelity's website lists several groups that all get ATM reimbursements. The first listed group is Fidelity Cash Management Account customers. No need to be a high level client (one of the other groups in the list).

It seems there is confusion by many posters about the different terms and conditions between the Fidelity debit/ATM card on the one hand, and the Fidelity Cash Rewards Visa credit card on the other.

Withdrawing cash from an overseas ATM using the CMA debit card is not subject to a Foreign Transaction Fee (FTF), an FTF only comes into play when you actually purchase (make a transaction) using the debit card.
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by ralph124cf »

The absolute best debit/credit card for foreign use is the HSBC Premier card.

A lot of cards advertise no foreign transaction fees and ATM fee reimbursement. What they don't tell you is that you are probably not getting the best exchange rate. Try this. Make a purchase overseas and immediately return the item without leaving the counter. I am willing to bet that you will find that the purchase and the return exchange rates are not the same, and not in your favor.

The downside to this card is that you must leave $100k on deposit in a checking or money market account, or pay an unreasonably high monthly fee.

Ralph
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by SrGrumpy »

ralph124cf wrote: Wed Apr 07, 2021 3:45 pm The absolute best debit/credit card for foreign use is the HSBC Premier card.

A lot of cards advertise no foreign transaction fees and ATM fee reimbursement. What they don't tell you is that you are probably not getting the best exchange rate. Try this. Make a purchase overseas and immediately return the item without leaving the counter. I am willing to bet that you will find that the purchase and the return exchange rates are not the same, and not in your favor.
Sounds like a hassle. I get a real-time notification on my CapOne app, and immediately compare with the xe.com rate. It's pretty much the same. Anyway, isn't HSBC pulling out of the U.S. consumer market?
ralph124cf wrote: Wed Apr 07, 2021 3:45 pmThe downside to this card is that you must leave $100k on deposit in a checking or money market account, or pay an unreasonably high monthly fee.
A minor detail! (Scroll up to @alohajoe's post about "pointless optimization.")
tigerdoc93
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by tigerdoc93 »

Chip wrote: Tue Apr 06, 2021 6:31 am
tigerdoc93 wrote: Tue Apr 06, 2021 5:59 am Fidelity: 1% FTF. 2% cash back. Earn 1% using fidelity internationally. Money is fungible.
I think you're talking about the credit card, not the debit card. This just adds to the confusion.

As mentioned many times above, the Fidelity DEBIT card does NOT have a FTF when used to make ATM withdrawals. It does have a 1% FTF when used for purchases. AFAIK, there is no cash back provision with the DEBIT card.
You are correct. I was talking about the Fidelity credit card not the debit card. My bad. I guess I never think about debit cards anymore b/c I always use credit cards for the rewards
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Re: No foreign fee, reimburse atm fee cards besides Schwab?

Post by Snezz1e »

The Morgan Stanley Premier/Platinum CashPlus account provides free ATM rebates and no foreign transaction fee. Account is fee free for many things (wires/check/stop payments/insufficient funds).

To avoid monthly fees ($15 or $45) you do need to have investment account ($5k minimum), have monthly deposit (can be transfers, not limited to direct deposits), and/or, minimum daily cash balances.

To me the accounts provide unique additional benefits that are worth more than their monthly fees so I view them as no cost/"free" accounts.

The $15/month Premier account provides free identity/credit monitoring for all 3 bureau for 2 people. I was paying $18 for that through Costco for something similar (Morgan Stanley's version is slightly better). This was the lowest cost comprehensive coverage I could find. So for anyone paying more than $15 for credit monitoring you can cancel the service and open the CashPlus account and save some money. The no-fee CashPlus account is just a nice extra.

The $45/month Platinum account provides free monitoring for 4 people and reimburses the $550 Amex Platinum fee. This is what I'm opening. I'm currently paying $550/year for the AMEX Platinum directly from AMEX. The $45/month is $540/year. So cancelling regular AMEX Platinum and signing up for Morgan Stanley AMEX Platinum will get me another 60k points sign up bonus and will only cost $540/year instead of $550 I was paying before. The MS AMEX Platinum also provides a free authorized user. The 4 people credit monitoring is worth at least $432 (9x12x4) on top of the $550 annual fee reimbursement.

To me the accounts are "free" because the perks is saving me more than the monthly cost. It then comes down to is it worth the hassle to save an additional $15/45 a month by meeting the investment/deposit/minimum balance requirements. For me it's not.

For anyone who wants to open one of these CashPlus account, you have to open a Access Investing Account first before you can open the CashPlus account. You don't have to fund the Access Investing Account with the $5k minimum if you plan on just paying the annual fee.
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