Whether you are traveling inside the country to visit your family or outside the country for studies and business. Either you are an occasional traveler or a frequent traveler, your first priority is always to save more money than to spend it. Find out that which are the best banks for international travel.
Although in this era of advancements and modern technologies, saving money while traveling sounds like a dream yet you can make this dream come true by saving thousands each time if you opt the best bank. The best bank is that which offers you
- 0% ATM fees
- 0% foreign transaction fees
- Low wire-transfer charges
- 0% currency exchange markups
These sounds more like unusual, but there are some banks, which provide you above-mentioned facilities to travel around the globe without giving an extra piece of your wallet. Some of these banks are mentioned below.
HSBC is the best option for expats. Especially if you are moving out of United States or you want to maintain your connections with another country you were previously living in, then choosing a bank account with large and reputable financial institution is a wise choice. HSBC allows its customers, who relocate to other countries, to open their bank accounts even before their arrival.
It has its mobile app providing the opportunity for frequent travelers to transfer funds between HSBC accounts in different countries. Furthermore, Premium and Advance checking account holders can get international wire transfer with no cost but outgoing international wire transfer can be charged depending on where the money is being sent and how much amount is being transferred. HSBC charges fees when the debit card issued in one country makes a purchase or gets cash from ATM of another country unless you use a Premium checking offered by the bank.
2. Capital One 360
If you want to save the money spent on transaction charges whenever you make a purchase online from a retailer based outside the United States, then Capital One 360 is an ideal choice for you because it does not charge corresponding fees on its transactions. Apart from this quality, Capital One 360 does not enforce maintaining fees or extra ATM charges even if you use an ATM in a foreign country.
The only drawback it has for expats that you can make a wire-transfer for free only from U.S. based banks, meaning that you cannot receive money from your relatives and clients outside the U.S. However Capital One 360 is a wise option if you want to make a purchase in a currency other than U.S. dollar.
3. SCHWAB BANK
If you don’t want to get charged exorbitant exchange fees while converting the currency at an airport or retailer center and if you want to have the free access to cash machines while you are traveling, then SCHWAB Bank is a wise option offering International ATM fee reimbursement to its customers.
Although there are some banks offering free ATM use with reimbursement of fees, it is only for the Premium checking accounts requiring high minimum balances. Not so for SCHWAB Bank, where you only need an investment account. Furthermore, it does not demand minimum balance, monthly charges, and transaction fees.