10-01-2019, 12:37 PM
(10-01-2019, 12:16 PM)crimsonghost747 Wrote:I know what you mean. When traveling, I always chose ATM that do not charge any fees, it is not always easy, but possible.(10-01-2019, 10:52 AM)MikeWa Wrote:(10-01-2019, 10:26 AM)Otter Wrote: I will probably open a Schwab account now.
If you open their brokerage/checking combo "High Yield Investor Checking Account" you will also get a free and unlimited access to ATM worldwide with no foreign transaction fee.
I opened their account just for that, ATM access, but now I may be moving one of my brokerage accounts to Schwab as well.
Carefull!!
So they say that there is no transaction fee but what does it really mean?
Firstly, and most importantly, your card issuer has zero control over the fees that the owner of the ATM charges. Your card issuer can promise you the world but if the ATM owner says there is a surcharge, then there is a surcharge. (and this is often the case)
Secondly, in a foreign country you will very likely be withdrawing something else than your regular currency. Sure, no transaction fee, but at what rate will they give you the currency? If you think it's the real time exchange rate, you're most likely wrong.
So while they say no fees, in reality it will often look more like $5 + 1-2%.
I managed to find one even in Aguas Calientes (access to Machu Picchu).
I haven't tested my Schwab debit cad abroad yet, have it only few months, but many travelers forums recommend this one and claim it worked for them. Schwab is supposed to reimburse any ATM fees. See a note from their web site below:
"Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa Platinum Debit Card wherever it is accepted. ATM fee rebates do not apply to any fees other than fees assessed for using an ATM to withdraw cash from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Client Service Specialist for assistance"