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No one wants to pay pesky international ATM fees, which typically cost 1%–3% per transaction. That's why we believe the Charles Schwab Bank Visa® Platinum Debit Card — which offers unlimited ATM fee rebates — is a must for international travelers.
Simply put: If an ATM charges a fee, Schwab will reimburse it at the end of the month. You'll also pay no foreign transaction fees when using this card for purchases outside the U.S. Plus, there are no account minimums or account fees.
Read on to explore the card's many benefits and learn how to get the Charles Schwab debit card.
Page Contents
Charles Schwab Debit Card Benefits
No fees on ATMs or foreign transactions
Besides charging no foreign transaction fees, no currency conversation fees, and no ATM fees worldwide, Schwab issues rebates each month for any fees charged by international ATMs. At the end of the month, you'll see a credit for the fees in a lump sum reimbursement.
I withdrew cash twice on a 12-day trip to Asia last year. A Seven Bank ATM in Tokyo's Haneda Airport didn't charge a fee, but a Shanghai ATM charged $0.74. That's not much, but on longer trips ATM fees really add up. Schwab reimbursed me for that ATM fee at the end of the month.
But other AwardWallet writers have received even higher rebates. Here's an example of a $7 rebate in one month.
Remember that all ATM fees for the month are reimbursed in a single transaction at the end of the month.
Related: How To Save Money While Traveling Internationally
Security features
Lock/unlock through the mobile app
No need to worry about card “skimming” with this debit card. Before an ATM withdrawal, unlock the card in the mobile app. Lock it back up after use.
Security alert services
Stay informed of account activity through bank transactions, travel, and fraud two-way text alerts.
ID Navigator powered by Norton Lifelock
A Visa cardholder benefit, this complimentary service features:
- Dark web monitoring: Patrols the dark web searching for your personal information.
- Data breach notifications: Sends notifications on large-scale breaches.
- Stolen wallet assistance: Assistance to cancel or replace stolen documents in case of wallet theft.
- Privacy monitor: Scans people-search and data broker websites for your personal information.
- One-bureau credit monitoring alerts: Helps you stay on top of your credit and detect fraud.
- Credit, bank, and utility account freezes: Helps you freeze credit to combat identity theft.
- Restoration assistance: Identity restoration specialist assistance.
- U.S.-based member services and support: Available seven days a week.
Dovly uplift
Cardholders receive complimentary enrollment in this smart credit engine designed to help raise your credit score. It scans, detects, and disputes inaccuracies on your TransUnion credit score. 90% of enrolled members see a double-digit score increase within six months.
Shopping benefits
- Extended warranty protection: Purchase even a portion of an item with this card and double the manufacturer's warranty, up to one year total, on eligible warranties of three years or less.
- Price protection: Receive a price adjustment if you see something purchased on the card sold for a lower price elsewhere within 60 days — up to $250 per item and $1000 per year.
- Purchase security: Purchases made with the card are covered for up to 90 days, for replacement, repair, or reimbursement — up to $500 per claim and $50,000 per card.
Travel Benefits
- Travel accident insurance: If you purchase a fare on a common carrier with the card, you qualify for a $100,000 accidental death and dismemberment policy.
- Travel and emergency assistance services: Provides emergency referrals for assistance while traveling; cardholder pays for services used.
- Roadside dispatch: Pay-per-use roadside assistance program. Set price per service for a tow, tire change, jump start, lockout service, fuel delivery, or standard winching.
Why You Need the Charles Schwab Debit Card for International Travel
You can withdraw up to $1,000 per day with this card, with no withdrawal fees, anywhere in the world. No one wants to carry a lot of cash when traveling; if you part ways with cash for some reason, it's likely gone forever. But travelers do need to carry at least a little cash for places where credit cards don't work. That's why you need a debit card for international travel.
Sure, there are some fee-free ATMs like the Seven Bank ATM at Haneda airport. But you can't count on finding one of those everywhere you go. That's what makes the Charles Schwab debit card a necessity. You won't have to investigate ATM fee schedules before using them. Schwab won't charge a fee; if the other bank does, Schwab will reimburse you at the end of the month.
How To Get a Charles Schwab Visa Debit Card
Open a fee-free Schwab Bank Investor Checking account to receive a Charles Schwab debit card. The checking account must be linked to a brokerage account, however. If you don't already have one of those, you'll need to open a no-fee Schwab One brokerage account at the same time. Neither charges a monthly fee or requires a minimum balance; however, Schwab sometimes offers bonuses for setting up an account with a minimum deposit, so check for promotions before opening. Don't worry about a hard credit pull, either: Schwab did away with those years ago. In addition, rest assured knowing that both accounts are FDIC insured, up to $250,000.
If you don't have any Schwab accounts, visit this website and click “Open a Checking Account.”
Next, choose between an individual or joint brokerage account, either of which works for obtaining the debit card in question.
On this last screen, you'll be invited to open both accounts at once.
Before a recent overseas trip, I wanted to get a Schwab debit card to avoid ATM fees. Since I already had a Schwab account — but not a brokerage account — I simply logged in and easily set up an individual brokerage account and a linked checking account. “Open An Account” is an option in the upper right-hand corner when logged into an existing Schwab account.
My card arrived in the mail within two weeks. Take that into consideration if you need this card before an upcoming trip.
Funding the account
I funded the checking account with an ACH transfer from another checking account before traveling. Be aware that Schwab can take up to four business days to make funds available if transferring from an external account. I moved $1,000 into the account and then moved the remainder back out of the account after I got home. However, I've heard anecdotally that Schwab sometimes closes inactive checking accounts with a zero balance, so I left $100 in the account (though I plan to use this card and its associated again on my next international trip).
Bottom Line
For anyone traveling internationally, the Charles Schwab debt card is ideal. It's easy to get, charges no fees for transactions or ATM withdrawals, and even reimburses international ATM fees charged by other banks. Knowing you can grab cash whenever you need without worrying about the fees will take some of the guesswork out of your next international trip. Pair it with your favorite no-foreign-transaction fee credit card, and you're doubly ready to head overseas.
Related: Best Credit Cards With No Foreign Transaction Fees
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