BajaNomad

Schwab no fee ATM card - for cash access

BajaNomad - 6-3-2013 at 01:07 PM

I've seen passing references to it posted here in the past couple of years, but nobody's really pointed out that Schwab has an ATM/debit card with no ATM fees (they're refunded actually), and no foreign transaction/conversion fees.

If you're USA-based, and traveling internationally, many consider this the very best way to get cash while on-the-road.

Anyone else have any experience with this?
Quote:
The Schwab Bank Visa Platinum Debit Card is a traveler's dream come true. It's an ATM and debit card, which means you can withdraw cash at ATMs worldwide and use it at retail establishments and other merchants who accept Visa. While credit cards are more ideal, the debit card's elimination of conversion fees makes it a great choice for foreign travelers. This card offers unlimited ATM fee rebates worldwide and no conversion fees on purchases or cash withdrawals. The card is automatically issued with a Schwab High Yield Investor Checking account. With this card, you actually have more purchasing power, because you pay no transaction fees, and your foreign purchases will cost no more than if you never left the country. It's accepted at any ATM machine with a Visa logo with Interlink or Plus networks.

http://www.jlfwealth.com/tips/special_situations/internation...
Quote:
Once you open the Schwab Bank High Yield Investor Checking account, there's no monthly service fee, no currency exchange fee when using ATMs overseas and no minimum balance requirement. Plus, it pays a 0.25% yield. Schwab will also let you use any ATM at zero charge and offers unlimited ATM fee rebates for the fees other banks charge.

http://money.cnn.com/galleries/2011/pf/1101/gallery.least_ev...


http://www.travelbypoints.com/2012/08/21/charles-schwab-atm-...

http://www.vagabondjourney.com/best-banks-for-world-traveler...

http://www.schwab.com/public/schwab/banking_lending/checking...

monoloco - 6-3-2013 at 01:36 PM

We have found the Schwab ATM card to be the cheapest way to withdraw money here.

bkbend - 6-3-2013 at 01:42 PM

Any minimum account required? I keep a small balance in my traveling ATM and transfer from another account as I need it to minimize damages if the bad guys get it.

Udo - 6-3-2013 at 01:56 PM

Thanks for the info, Doug!

monoloco - 6-3-2013 at 02:08 PM

Quote:
Originally posted by bkbend
Any minimum account required? I keep a small balance in my traveling ATM and transfer from another account as I need it to minimize damages if the bad guys get it.
No minimum balance required.

bill erhardt - 6-3-2013 at 02:32 PM

Quote:
Originally posted by BajaNomad
I've seen passing references to it posted here in the past couple of years, but nobody's really pointed out that Schwab has an ATM/debit card with no ATM fees (they're refunded actually), and no foreign transaction/conversion fees.

If you're USA-based, and traveling internationally, many consider this the very best way to get cash while on-the-road.

Anyone else have any experience with this?


After reading those same posts on this site I opened a Schwab banking account a few months ago to avoid the ever increasing fees charged by both Mexican banks dispensing cash and BOA.

I did it from Mexico and the only way, or at least the easiest way, to do it was to open a brokerage account at CS, which can be done online, as well as the new bank account. Then arrange, also online, for transfer of funds from BOA to the new Schwab brokerage account. Funds can then be moved online from the brokerage account to the CS bank account.

There is no minimum balance that must be maintained.

Initial daily limit on debit card withdrawals is 10,000 pesos.

The CS debit card also acts as a credit card.

Interest accrues on the monthly balances in both the bank and brokerage accounts.

It works like a charm. I should have done it ten years ago.

wilderone - 6-3-2013 at 07:18 PM

First Republic Bank also refunds ATM machine fees. And their foreign currency exchange rate is better than Citibank. (There's more than one way to calculate).

bajagrouper - 6-4-2013 at 06:17 AM

Last week in Rosarito I saw the 70 peso fee come on to the HSBC screen but then
remembered I was using my Schwab card and new it would be reimbursed at the end of the month...you can put a limit on the debit card part so if it gets cloned anywhere only $1 can be charged.......

dtutko1 - 6-4-2013 at 06:48 AM

As I understand it the CS card is for atm and debit transactions, not credit.

mrfatboy - 6-4-2013 at 08:54 AM

I just setup a separate CS ATM account for travel only. It's just a little added layer of security. It has worked great in both my Cancun / San Felipe trips last month. Cancun ATM fees are outrageous. I'm glad I'm getting all that money back :)

The CS ATM card CAN be used as a credit card which can be very dangerous because if its stolen the thief can just swipe and go with no need for a pin. However, CS let's you set a max limit. I set mine to a $1 so basically it renders the credit card aspect useless.

Hook - 6-4-2013 at 12:41 PM

I have seen ATM cards from other institutions that refund the ATM fees and the INTL transaction fees but usually the rate of exchange between currencies is where they get you.

Bill Erhardt, have you compared a CS ATM transaction with a BoA/Santander transaction on the same day to see how they compare? So far, nothing that I have tried has beaten the BoA method.

mrfatboy - 6-4-2013 at 12:49 PM

My rates from CS were the daily rates. Around 12.70 last week. It made it so easy to get money anywhere. I didn't care about the fees knowing I was getting my money back. My brother in law (who didn't listen to me about getting a CS ATM card) was constantly b-tching about the fees. A very gratifying "I told you so" to say the least. LOL.

Barry A. - 6-4-2013 at 01:03 PM

Doug---------Outstanding post!!! Thank you very much.

I too will join the crowd at Schwab.

Barry

bill erhardt - 6-4-2013 at 03:56 PM

Quote:
Originally posted by Hook
Bill Erhardt, have you compared a CS ATM transaction with a BoA/Santander transaction on the same day to see how they compare? So far, nothing that I have tried has beaten the BoA method.


Hook......I have not compared with BOA/Santander, but when I first got the CS card I went to Bancomer in Loreto and withdrew 5,000 pesos on each card on back to back transactions. I was surprised that except for the fees, about $9.00 U.S. on the BOA card, the exchange rate that was applied was identical - $400.21 was charged against each card.

Hook - 6-4-2013 at 05:55 PM

Well, that's sounds pretty encouraging. It usually seems that B of A comes withing about 0.3 pesos per dollar of the exchange rate I see posted for that day on xe.com. That tends to beat the pants off of Wells Fargo, Chase, etc.

msteve1014 - 6-4-2013 at 07:12 PM

It always looked to me like the exchange rate came from the atm's bank. Not from the US bank that the card is from. Either way the Schwab deal looks good.

Bob H - 6-4-2013 at 07:43 PM

This is very good information Doug! Thank you....

When opening a Schwab High Yield Investor Checking account you must also open a Schwab Brokerage Account (if you do not already have one), but there are no fees and no required minimum balances in either account.

If Audrey and I would have had this years ago we would have saved a ton on transaction fees during our extensive travels over the last 25 years... !!! And, all of the ATM cash withdrawal fees while Audrey is flying internationally for American Airlines... wow!

Bob H - 6-4-2013 at 07:58 PM

Oh, Looks like Fidelity has the same thing. Most of our investments are through them so I could just open up the checking account feature. Wow, this is good stuff.

It's called a Fidelity Cash Management Account:

https://www.fidelity.com/cash-management/fidelity-cash-manag...

BajaNomad - 6-4-2013 at 10:06 PM

Quote:
Originally posted by Bob H
Oh, Looks like Fidelity has the same thing.


A couple of the links I posted note that Charles Schwab doesn’t have a foreign transaction fee, whereas Fidelity charges 1.00% of the withdrawal amount.

The link you posted has this in the fine print:

"Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account."

Fidelity Apparently Not the Same As Schwab

AlanDow - 6-4-2013 at 10:11 PM

Quote:
Originally posted by Bob H
Oh, Looks like Fidelity has the same thing. Most of our investments are through them so I could just open up the checking account feature. Wow, this is good stuff.

It's called a Fidelity Cash Management Account:

https://www.fidelity.com/cash-management/fidelity-cash-manag...


Since I already have a Fidelity account (and don't have a Schwab account) I was initially pleased to read that Fidelity has the same thing. Unfortunately upon reading the "fine print" at the linked Fidelity site, it appears they do charge a conversion fee of one percent. The following is a quote from the Fidelity fine print under note number one at the bottom of their web page - "Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account".

Guess I will have to open a Schwab account to avoid the one percent fee.

mrfatboy - 6-4-2013 at 10:57 PM

Quote:
Originally posted by Bob H
This is very good information Doug! Thank you....

When opening a Schwab High Yield Investor Checking account you must also open a Schwab Brokerage Account (if you do not already have one), but there are no fees and no required minimum balances in either account.

If Audrey and I would have had this years ago we would have saved a ton on transaction fees during our extensive travels over the last 25 years... !!! And, all of the ATM cash withdrawal fees while Audrey is flying internationally for American Airlines... wow!



Yes. I made the same mistake years ago also. Now with a CS ATM and my British air visa (no fees) I'm covered.

Btw. If you open your CS ATM as a joint account each card has a separate number so if on card gets compromised you can cancel it while still be able to use the other. Plus you get double withdrawal power.

You can also use CS smartphone app to quickly transfer more money into your ATM account if need be. I do it this way as not to expose my normal checking account.

mtgoat666 - 6-4-2013 at 11:16 PM

Quote:
Originally posted by mrfatboy
Quote:
Originally posted by Bob H
This is very good information Doug! Thank you....

When opening a Schwab High Yield Investor Checking account you must also open a Schwab Brokerage Account (if you do not already have one), but there are no fees and no required minimum balances in either account.

If Audrey and I would have had this years ago we would have saved a ton on transaction fees during our extensive travels over the last 25 years... !!! And, all of the ATM cash withdrawal fees while Audrey is flying internationally for American Airlines... wow!



Yes. I made the same mistake years ago also. Now with a CS ATM and my British air visa (no fees) I'm covered.

Btw. If you open your CS ATM as a joint account each card has a separate number so if on card gets compromised you can cancel it while still be able to use the other. Plus you get double withdrawal power.

You can also use CS smartphone app to quickly transfer more money into your ATM account if need be. I do it this way as not to expose my normal checking account.


Try Fidelity too. No fee ATM, free visa and Amex with cash back. Also good cheap index funds. And a brick/mortar in most major metros

Bob H - 6-4-2013 at 11:50 PM

Quote:
Originally posted by BajaNomad
Quote:
Originally posted by Bob H
Oh, Looks like Fidelity has the same thing.


A couple of the links I posted note that Charles Schwab doesn’t have a foreign transaction fee, whereas Fidelity charges 1.00% of the withdrawal amount.

The link you posted has this in the fine print:

"Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account."


My main concern is fees for drawing out foreign money from ATM's.... I don't think Fidelity charges a fee for this....

oio14644 - 10-30-2013 at 02:46 AM

How do you know that there is no foreign transaction fee? I cannot find any such information on their website.

http://www.schwab.com/public/schwab/banking_lending/checking...
Quote:
Originally posted by BajaNomad
I've seen passing references to it posted here in the past couple of years, but nobody's really pointed out that Schwab has an ATM/debit card with no ATM fees (they're refunded actually), and no foreign transaction/conversion fees.

If you're USA-based, and traveling internationally, many consider this the very best way to get cash while on-the-road.

Anyone else have any experience with this?

Quote:
The Schwab Bank Visa Platinum Debit Card is a traveler's dream come true. It's an ATM and debit card, which means you can withdraw cash at ATMs worldwide and use it at retail establishments and other merchants who accept Visa. While credit cards are more ideal, the debit card's elimination of conversion fees makes it a great choice for foreign travelers. This card offers unlimited ATM fee rebates worldwide and no conversion fees on purchases or cash withdrawals. The card is automatically issued with a Schwab High Yield Investor Checking account. With this card, you actually have more purchasing power, because you pay no transaction fees, and your foreign purchases will cost no more than if you never left the country. It's accepted at any ATM machine with a Visa logo with Interlink or Plus networks.

http://www.jlfwealth.com/tips/special_situations/internation...
Quote:
Once you open the Schwab Bank High Yield Investor Checking account, there's no monthly service fee, no currency exchange fee when using ATMs overseas and no minimum balance requirement. Plus, it pays a 0.25% yield. Schwab will also let you use any ATM at zero charge and offers unlimited ATM fee rebates for the fees other banks charge.

http://money.cnn.com/galleries/2011/pf/1101/gallery.least_ev...


http://www.travelbypoints.com/2012/08/21/charles-schwab-atm-...

http://www.vagabondjourney.com/best-banks-for-world-traveler...

http://www.schwab.com/public/schwab/banking_lending/checking...

mrfatboy - 10-30-2013 at 05:16 AM

I use my CS ATM card all the time in other countries. No foreign transaction fees. Call them.

BajaNomad - 10-30-2013 at 06:24 AM

https://www.google.com/search?q=Schwab+Bank+High+Yield+Inves...


"TD Bank, Charles Schwab and Capital One 360 are some of the few banks that don't charge any foreign transaction fees":
http://money.usnews.com/money/blogs/my-money/2013/07/17/Save...

Hook - 11-14-2013 at 06:23 AM

Quote:


After reading those same posts on this site I opened a Schwab banking account a few months ago to avoid the ever increasing fees charged by both Mexican banks dispensing cash and BOA.

I did it from Mexico and the only way, or at least the easiest way, to do it was to open a brokerage account at CS, which can be done online, as well as the new bank account. Then arrange, also online, for transfer of funds from BOA to the new Schwab brokerage account. Funds can then be moved online from the brokerage account to the CS bank account.

There is no minimum balance that must be maintained.

Initial daily limit on debit card withdrawals is 10,000 pesos.

The CS debit card also acts as a credit card.

Interest accrues on the monthly balances in both the bank and brokerage accounts.

It works like a charm. I should have done it ten years ago.


Well, I think it's time to revisit this post, given the recent introduction of the 3% transaction fee from B of A.

Bill, I understand the ease of opening a Schwab account on line and transferring money into it online............but how did you take possession of your ATM card down here?

Hook - 11-14-2013 at 09:08 AM

Bump.

I am gonna try this but might run afoul of the Patriot Act as we only have a PMB in the States anymore. We have been blocked from opening financial accounts in the past due to this partially misguided Act.