No foreign fee, reimburse atm fee cards besides Schwab?

[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]

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]

Eastern Bank, a regional New England bank, meets your requirements.

[vu8]

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]

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.

[sperry8]

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

[sperry8]

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

[nalor511]

Schwab is not the only one. Fidelity reimburses. So do many credit unions (mine does)

[vu8]

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.

[vu8]

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"

[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]

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]

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]

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]

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]

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.

[vu8]

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.

[drk]

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.

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]

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?

[AlohaJoe]

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.

[dan23]

To recap, Fidelity does NOT charge a 1% FTF for ATM withdrawals.

Can confirm.

[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.

[Blue456]

To recap, Fidelity does NOT charge a 1% FTF for ATM withdrawals.

What he said.

[tigerdoc93]

Fidelity: 1% FTF. 2% cash back. Earn 1% using fidelity internationally. Money is fungible.

[Chip]

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.

[seawolf21]

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.

[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.

[sperry8]

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.

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?

[drk]

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.

[trigger08]

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.

[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

[SrGrumpy]

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?

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.

A minor detail! (Scroll up to @alohajoe's post about "pointless optimization.")

[tigerdoc93]

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

[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.

[ebeb]

It seems just having a Schwab Brokerage account enables you to have a Schwab One Visa Debit Card with unlimited worldwide ATM fees reimbursed monthly and no foreign txn fees. You don't even need a Schwab Bank Checking account just brokerage a/c is enough to get the debit card. Now that pandemic is abating putting my ducks in a row, so I wont get charged $5 every time for even inquiry on my BofA checking a/c while travel abroad .

[jerryk68]

USAA 1% on debit purchases and ATM fee. No fees on their credit cards.

[michaeljc70]

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.

Agreed. You can use a no foreign transaction fee credit card for most things most places.

IB doesn't charge a foreign transaction fee but doesn't reimburse ATM fees.

I was charged $10 for a $150 withdrawal by Chase and the other bank in Mexico last week. Not happy...but not the end of the world. I'm not going to be moving accounts all over the place to save $20 once or twice a year.

[Shorty]

Do you have a Chase Sapphire or CPC account?

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.

Agreed. You can use a no foreign transaction fee credit card for most things most places.

IB doesn't charge a foreign transaction fee but doesn't reimburse ATM fees.

I was charged $10 for a $150 withdrawal by Chase and the other bank in Mexico last week. Not happy...but not the end of the world. I'm not going to be moving accounts all over the place to save $20 once or twice a year.

[bberris]

This might not matter to you.
I haven't seen a bank in Europe charge an ATM fee. Mexican ATMs have fees.

The big ATM trap is dynamic currency conversion; money exchange at the ATM instead of your own bank. You must decline it to avoid a huge adverse exchange rate, and this is not always clear from the ATM instructions. The button is labeled "Cancel", which does not cancel the transaction, just the dynamic conversion.

[manuvns]

try Revolut for foreign currency conversion based on limit orders (right now 27 currency ) and fee free ATM withdrawal worldwide along with free transfers

[Cruise]

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.

FYI, just got off the phone with Fidelity, who informed me that Visa levies a 1% fee on all foreign ATM transactions. This is not a Fidelity fee and is built into the exchange rate. There is no refund of this fee, but there would be a refund if the ATM terminal/bank charged a fee.

I have Private Client Service status and a CMA debit card.

[manlymatt83]

It seems just having a Schwab Brokerage account enables you to have a Schwab One Visa Debit Card with unlimited worldwide ATM fees reimbursed monthly and no foreign txn fees. You don't even need a Schwab Bank Checking account just brokerage a/c is enough to get the debit card. Now that pandemic is abating putting my ducks in a row, so I wont get charged $5 every time for even inquiry on my BofA checking a/c while travel abroad .

I am curious if this is actually true. Trying to find documentation to support that there is no difference. I’d prefer to avoid the extra account.

[typical.investor]

It seems just having a Schwab Brokerage account enables you to have a Schwab One Visa Debit Card with unlimited worldwide ATM fees reimbursed monthly and no foreign txn fees. You don't even need a Schwab Bank Checking account just brokerage a/c is enough to get the debit card. Now that pandemic is abating putting my ducks in a row, so I wont get charged $5 every time for even inquiry on my BofA checking a/c while travel abroad .

I am curious if this is actually true. Trying to find documentation to support that there is no difference. I’d prefer to avoid the extra account.

It’s true. I had a visa debit card on Schwab Brokerage without a Schwab Bank account. No fee on the ATM withdrawal the one time I used it to see if it would work.

[manlymatt83]

It seems just having a Schwab Brokerage account enables you to have a Schwab One Visa Debit Card with unlimited worldwide ATM fees reimbursed monthly and no foreign txn fees. You don't even need a Schwab Bank Checking account just brokerage a/c is enough to get the debit card. Now that pandemic is abating putting my ducks in a row, so I wont get charged $5 every time for even inquiry on my BofA checking a/c while travel abroad .

I am curious if this is actually true. Trying to find documentation to support that there is no difference. I’d prefer to avoid the extra account.

It’s true. I had a visa debit card on Schwab Brokerage without a Schwab Bank account. No fee on the ATM withdrawal the one time I used it to see if it would work.

Foreign?

[typical.investor]

It seems just having a Schwab Brokerage account enables you to have a Schwab One Visa Debit Card with unlimited worldwide ATM fees reimbursed monthly and no foreign txn fees. You don't even need a Schwab Bank Checking account just brokerage a/c is enough to get the debit card. Now that pandemic is abating putting my ducks in a row, so I wont get charged $5 every time for even inquiry on my BofA checking a/c while travel abroad .

I am curious if this is actually true. Trying to find documentation to support that there is no difference. I’d prefer to avoid the extra account.

It’s true. I had a visa debit card on Schwab Brokerage without a Schwab Bank account. No fee on the ATM withdrawal the one time I used it to see if it would work.

Foreign?

Txn fees? I dk. I only used it to get USD via the ATM. No fee there.

But I don’t think there is any difference in the cards - brokerage vs bank. Confirm it with Schwab please ....

[michaeljc70]

It seems just having a Schwab Brokerage account enables you to have a Schwab One Visa Debit Card with unlimited worldwide ATM fees reimbursed monthly and no foreign txn fees. You don't even need a Schwab Bank Checking account just brokerage a/c is enough to get the debit card. Now that pandemic is abating putting my ducks in a row, so I wont get charged $5 every time for even inquiry on my BofA checking a/c while travel abroad .

I am curious if this is actually true. Trying to find documentation to support that there is no difference. I’d prefer to avoid the extra account.

It’s true. I had a visa debit card on Schwab Brokerage without a Schwab Bank account. No fee on the ATM withdrawal the one time I used it to see if it would work.

+1

I used it in the US and Europe.

[MtnTravel]

Schwab is the gold standard. We travel internationally frequently and were in Switzerland this year when our BoA card mysteriously stopped “tapping.” I used the Schwab debit card for purchases for the rest of the trip. Worked flawlessly.

[ebeb]

Yes I have used the Schwab brokerage debit card in US and abroad. They reimburse the $3 ATM fees in few days and dont charge any other fees.

[barreg]

We have both Schwab and Fidelity accounts, primarily for the no foreign transactions fees on ATM withdrawals and refunding of ATM fees worldwide.

While Fidelity does charge 1% on foreign purchases (not ATM withdrawals), I don't use our debit cards for purchases, just for getting cash. We usually take both the Fidelity and Schwab debit cards with us when traveling just so that if something happens with one card (or you hit your max ATM withdrawal limit for the day and need more), we have another option.

The one drawback to Schwab's account is they put a 4-day hold on incoming ACH transfers, so if you move money into your account just to use on vacation, you need to plan at least 4 business days in advance. Fidelity does not put a hold on incoming ACH transfers.

Regardless of what debit card you use for ATM withdrawals, I'd highly recommend holding onto the ATM receipts until the ATM fees are reimbursed. We recently had an international trip where there were 2 ATM withdrawals that didn't have fees reimbursed. When I called Schwab, they said that the withdrawal transactions did not have the fees separated from the withdrawals, so they asked if I still had the receipts, which unfortunately I did not, so we lost out on about $10 in fees

[livesoft]

Just a note to an older thread: Wells Fargo reimburses our international ATM fees.