If you travel internationally and like the idea of having local currency on-hand but don’t like to pay exorbitant ATM fees, your wallet is probably missing one thing… the Schwab Bank High Yield Investor Checking Account debit card.
How does it work? We’re so glad you asked! Here are the benefits in a nutshell:
- Reimbursement of all ATM fees (domestic and international)
- Example A: You’re abroad and you take out $100 from an ATM. Depending on the ATM you’ll get charged around $5, plus a 3% foreign exchange fee (again, depending on the country and ATM). That’s $8 down the drain…with this card, you won’t see a penny of these fees.
- Example B: You’re out on the town here in the good ‘ol US of A and there’s a $20 cover at the door. Who carries cash these days? Not you because you whip out your Charles Schwab card, take out cash money from that skeezy ATM in a dark corner, and walk into da club worry-free ‘cause your ATM fees are covered. FOMO averted.
- No foreign transaction fees
- Not only will you get reimbursed the fees the ATM will charge you, but Charles Schwab won’t charge debit account holders any foreign transaction fees that a lot of other banks do. When you take money out of a foreign ATM, or make a purchase at a foreign establishment using your debit card, Chuck says pass GO and collect cash money.
- No minimum balance or maintenance fee
- As long as you have a positive balance of $0.01 or greater, you pay nada.
- Earn 0.15 APY
- That’s annual percentage yield, for you non-nerds. Literally getting paid for having this card. #NoBrainer
- ‘Chip and Pin’
- There are two important types of debit cards in this world– ‘chip and pin’ and ‘chip and sign’. The advantage of a ‘chip and pin’ is that you can, for example, buy a train ticket from a machine (no human interaction required!). Cards that are ‘chip and sign’ would get declined because they require a person to facilitate the transaction… leaving you on the platform waving bye to your choo choo.
- Mobile check deposit
- You can use the mobile app to take a photo of your check and make a deposit, no need to head to an ATM or bank.
- Online travel notice
- From your computer or mobile, you can easily let Charles Schwab know which countries you’ll be travelling to so that they can help reduce the risk of fraud on your account.
Still not convinced?
We get it, having two separate checking accounts sounds like a hassle. If you don’t want to make this your primary checking account, you can use it solely as a travel account. In fact, we recommend it.
Think about it. If you get your card stolen, or if it decided to stay behind at the bar for a nightcap with that cute bartender you were eyeing all night, you don’t have to worry about stuff like compromising any direct deposit or bill pay information that may be linked to your primary checking account.
Also, it’s super easy to transfer money from a checking account at another bank to your Charles Schwab account. It usually takes 3-5 days, but if you initiate the transfer from the outside bank (not Charles Schwab) it could take less.
You’re probably wondering how Charles Schwab can be profitable with this business model, aren’t you? 🤓 Well, the secret is they only have two brick-and-mortar branches in the world.
Boom. Saving money. Way to go Chuck. Even Conde Nast agrees 😉