When you're traveling abroad, taking money out of an ATM is a convenient way to access cash in the local currency. Unfortunately, depending on your bank, it could also be an expensive option if you're charged both an ATM fee and a foreign transaction fee.
The good news is, some banks won't make you pay to use an ATM in another country — and others provide reimbursement for ATM fees.
If you're a jet setter and looking for a bank that won’t charge you fees when you use your debit card outside of the U.S., this list will help you find the financial institution that's right for you.
8 Banks with No International ATM Fees
1. Charles Schwab
Charles Schwab's high-yield investor checking account is an ideal choice for frequent travelers who want to save on ATM fees. With this account, you won’t be charged for using an ATM abroad and Charles Schwab will reimburse you whatever the local bank charges. You also won't pay any foreign transaction fees when you use your debit card abroad.
In addition to these great benefits, the bank account also offers:
- No monthly maintenance fees or minimum balance requirements as long as you've linked your account to a Schwab One brokerage account
- An annual percentage yield (APY) of .15% (as of March 2, 2020)
- Travel notices so you'll have uninterrupted access to your money during your trip
- A full-featured mobile app that enables you to deposit and transfer funds from your phone
SoFi Money also provides reimbursement of ATM fees no matter where in the world you use your debit card. However, you do need to use an ATM that accepts Visa cards. With a SoFi Money account, you'll also benefit from no foreign transaction fees when using your card outside of the U.S.
Plus, SoFi money offers other features that you'll love in a bank account including:
- No account minimum fees and no minimum balance requirement
- No overdraft fees
- Free replacement cards, including rush delivery
- No fees to stop payments
- An annual percentage yield (APY) of 1.6% (as of March 2, 2020)
- SoFi membership benefits including complimentary career coaching; community events for networking; and discounts on loans
3. Capital One
Capital One's 360 Checking Account allows you to use your debit card at more than 39,000 Capital One or Allpoint ATMs without paying ATM fees. This includes ATMs outside of the U.S. With this account, you won’t be charged foreign transaction fees on debit card purchases either.
In addition to these benefits for travelers, account holders also benefit from:
- No monthly maintenance fees or account minimums
- One free checkbook
- A top-rated, full-featured mobile app to enable you to manage accounts and deposit checks
- An annual percentage yield (APY) of .20% (as of March 2, 2020)
4. Alliant Credit Union
Alliant credit union members with an Alliant Checking or Teen Checking account can withdraw money fee-free at more than 80,000 ATMs worldwide. Plus, account holders are also eligible for a rebate on ATM fees. This rebate maxes out at $20 per month, but it covers withdrawals at foreign ATMs. You will be charged a 1% Visa foreign transaction fee if you use your debit card to make a withdrawal outside of the U.S., though.
Debit cardholder benefits vary depending on the kind of Alliant checking account you open. The $20 ATM rebate is available on Alliant's high-interest checking account, which also offers:
- No monthly maintenance fee or minimum balance requirements
- An annual percentage yield (APY) of .45% (as of March 2, 2020)
- A free Visa debit card and one free box of checks upon opening your account
- Alliant's mobile banking app, which includes mobile deposit
- Free overdraft protection if you have a linked Alliant savings account
5. First Republic Bank
First Republic's ATM Rebate Checking offers a rebate for withdrawal fees charged by other banks, so you can use your debit card to take money out anywhere without worrying about ATM fees. And you won't have to pay foreign transaction fees either, though you aren't reimbursed for foreign currency conversion charges.
There are some other fees you could potentially be hit with though, as well as some benefits for account holders:
- The minimum opening balance is $500
- You must maintain a $3,500 average balance or will incur a $25 monthly service fee
- You'll get your first order of checks for free
Aspiration offers the Summit Account, which provides free access to every ATM worldwide. You also won't incur foreign transaction fees when you use your Summit debit card, though you aren't reimbursed for currency conversion fees charged by foreign ATMs. There’s a $10 minimum balance required to open an account.
If you're interested in opening the Summit Account, other features include:
- No monthly maintenance fees, no minimum monthly deposit, and no minimum monthly balance requirements
- Aspiration donates 10% of its earnings to charities
- An annual percentage yield of 1.00% (as of March 2, 2020)
- No overdraft or stop payment fees
Fidelity's Cash Management Account comes with ATM reimbursement, as do Fidelity brokerage accounts. As an account holder, you can withdraw money from more than 1 million ATMs worldwide with your debit card, as long as the ATM has a Visa, Plus, or Star logo. And ATM reimbursement is available no matter where in the world you make your ATM withdrawal. You will owe a 1% foreign transaction fee for foreign transactions, though.
Fidelity's debit card also offers:
- The ability to use Apple Pay
- EMV chip technology for enhanced security
- Travel and emergency assistance
- Worldwide travel accident insurance
- Auto rental collision damage waiver
- An extended warranty for the first 90 days from the time you make a purchase
USAA's Classic Checking account is open only to eligible members of the military, veterans, and their families.If you qualify for an account, you can get access to 60,000 USAA-preferred ATMs worldwide with your debit card, and you won’t incur any fees. If you are charged fees at a foreign ATM, you'll be refunded for up to $15 per month. However, you will owe a 1% foreign transaction fee for withdrawals made abroad. A $25 initial deposit is required to open an account.
Other features of USAA's Classic Checking account include:
- No monthly service fees and no minimum balance requirement
- Overdraft protection when you link your account to a USAA savings account or credit card
- Access to USAA Money Manager to help you track your spending
The final word on international ATM fees
International ATM fees can really add up, especially if you travel often and pay as much as $5 per ATM withdrawal. But with these eight accounts, you won't have to worry about wasting your money on international ATM fees just to access your cash while you travel. Spend that extra couple of bucks on something fun instead to make your trip even more memorable.