6 Best Banks for Global Travelers

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When you're searching for a bank account, it's important to find one that meets your financial needs and fits your habits as well. If you regularly travel abroad, some banks offer certain features that can make the experience more convenient and less expensive. 

While you don't necessarily need to use any of these banks for your everyday banking, having one of them as a backup bank can make traveling internationally a lot easier. Each account is different, though, so it's important to know what you're looking for and your top priorities when determining which one is the best fit for you.

Schwab Bank Investor Checking™: Best for No ATM Fees

The Schwab Bank Investor Checking™ account is designed with travelers in mind, offering a range of features that will appeal to those traveling abroad. Perks include no foreign transaction fees when you use your debit card, plus fee rebates on ATMs worldwide when you use your Schwab Bank Visa® Platinum Debit Card. 

This account also offers travel notifications and fraud alerts to help keep your funds safer, and you can quickly transfer money from your Schwab brokerage account to this checking account for added convenience.

Monthly maintenance fee: None

Other fees:

• ATM fees: Unlimited ATM fee rebates for cash withdrawals worldwide
• Foreign transaction fees: None for purchases made with debit card
• Overdraft fees: None

ATM access: Any ATM that accepts the Schwab Bank Visa® Platinum Debit Card

Notable perks and features:

• Links to your Schwab One® Brokerage account
• ATM fee reimbursements worldwide
• Earns a small APY on account balance
• Few fees
• 24/7 customer service team

Best for: This account is made for investors with a Schwab One® Brokerage account who love to travel without added fees.

Capital One 360 Checking: Best for No Foreign Transaction Fees

The Capital One 360 Checking account could be a great fit for someone who wants to keep hassle to a minimum when traveling. You can spend from this account without getting hit with foreign transaction fees on your purchases, and you can take advantage of other perks, like getting your direct deposit a couple days early. Note that the bank won’t reimburse you for third-party ATM fees abroad, so factor that in if you plan to make cash withdrawals while traveling outside the U.S.

Monthly maintenance fee: None

Other fees:

• ATM fees: None at in-network ATMs
• Foreign transaction fees: None
• Overdraft fees: None

ATM access: 70,000 ATMs nationwide

Notable perks and features:

• Early direct deposit
• Earns a small APY on account balance
• Lots of other banking products under one roof
• Strong online banking tools
• In-person services if you live in bank’s footprint

Best for: This is a great general checking account for people who value mobile banking and want to spend from their account when traveling without facing tons of extra fees.

SoFi Checking and Savings: Best for Earning Interest

SoFi Checking and Savings

Open Account

at SoFi

• Our Rating 5/5 How our ratings work Read the review
• APY0.50% - 4.60% More Info

  Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

• Minimum
  Deposit RequiredN/A
• Intro Bonus $50-$300Expires June 30, 2024 More Info

  New customers can earn a $300 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.

SoFi Checking and Savings boasts an impressive 4.60% APY on savings balances for customers who set up direct deposit, or who deposit at least $5,000 each month. This account also offers 0.50% APY on checking balances. There are no monthly maintenance fees, and new customers can even earn a generous signup bonus worth up to $300. If you don’t care about physical bank locations, this is a great option.

• Overview
• Pros & Cons

Overview

SoFi Checking and Savings features remarkably strong interest rates for customers who receive recurring monthly direct deposit, or who deposit $5,000+ every 30 days. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $300.

Read the review

Pros

• Accounts with monthly direct deposit earn interest
• No minimum opening balance or minimum monthly balance
• No maintenance fees, non-sufficient fund fees or overdraft fees
• Access to Allpoint’s worldwide ATM network
• Get paid up to two days early

Cons

• No physical branch locations

SoFi Checking and Savings is a strong option for people who prefer the convenience of online banking. This account regularly offers a welcome bonus to new customers who meet requirements, and you’ll have an opportunity to earn a competitive APY on your balance, which isn’t always possible with typical checking accounts. 

With this account, you’ll have access to thousands of ATMs in the Allpoint network, many of which you’ll find outside the U.S. Just be aware that if you use your account for purchases or at ATMs in a foreign currency, you’ll face a small fee from Mastercard, which SoFi doesn’t reimburse.

Monthly maintenance fee: None

Other fees:

• ATM fees: None for in-network ATMs
• Foreign transaction fees: 0.2% Mastercard foreign exchange fee
• Overdraft fees: None

ATM access: 55,000 Allpoint ATMs worldwide

Notable perks and features:

• Generous welcome offer
• Opportunity to earn competitive APY
• Early direct deposit
• Strong mobile banking tools

Best for: People who thrive with online banking and are looking to use ATMs worldwide will do well to consider this account, especially if they want to sweeten the deal with a new account bonus.

Citi Regular Checking: Best for Wire Transfers

The Regular Checking account, from our partner Citi, is a fairly standard checking account, but the perks really pile on for those who can keep at least a $30,000 balance. Citi offers four tiers for this account, based on combined monthly minimum balance:

• Everyday Benefits: $0-$29,999.99
• Citi Priority: $30,000-$199,999.99
• Citigold®: $200,000-$999,999.99
• Citigold® Private Client: $1 million+

If you qualify for a tier above Everyday Benefits, you’ll start to see perks like more fee waivers for things like global ATM fees and reduced wire transfer fees. However, if you plan to wire funds to other Citi accounts in the U.S. (and some countries), you’ll be able to do so without incurring a fee.

Monthly maintenance fee: $15 (waivable with direct deposit or relationship tier qualification)

Other fees:

• ATM fees: $2.50 fee for non-Citi ATMs (waived if the account has $250 or more in Enhanced Direct Deposits and for those in higher relationship tiers)
• Foreign transaction fees: 3% (waived for relationship tiers)
• Overdraft fees: None

ATM access: 65,000 ATMs nationwide

Notable perks and features:

• Relationship tier benefits, like waived fees
• No fee on wire transfers to other Citi accounts in the U.S. and select countries
• Lots of other banking services available
• Wide ATM network

Best for: Those who can keep a higher balance in their checking account will benefit the most, as the bank’s relationship tiers are where the benefits really come into play. However, if you expect to wire money to other Citi accounts, you can do that for free even at the lower Everyday Banking tier.

HSBC Premier Checking Account: Best for Global Jetsetters

The HSBC Premier Checking Account is made for big spenders who love to travel. This account offers free global wire transfers and worldwide ATM access at no charge. The account is designed for higher earners, requiring a minimum balance of $75,000, at least $5,000 in monthly direct deposits or an HSBC $500,000 mortgage loan to apply.

Monthly maintenance fee: $50 (options to waive)

Other fees:

• ATM fees: None charged by HSBC + five third-party ATM surcharge fees reimbursed monthly for U.S. non-HSBC ATM transactions 
• Foreign transaction fees: None when paying with the HSBC Premier Debit World Mastercard® 
• Wire transfer fees: None
• Overdraft fees: None

ATM access: Any ATM that accepts HSBC Premier Debit World Mastercard

Notable perks and features:

• No fees for wire transfers
• International fee-free ATM access
• Relationship rates on savings and home loans for those who qualify
• Can share Premier status with up to four family members

Best for: This account is designed for global travelers who plan to keep a large balance in their account and can benefit from waived fees on wire transfers and at ATMs worldwide.

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USAA Classic Checking: Best for Members of the Military

USAA

USAA bank accounts are available for active duty members of the military, veterans, and the spouses and children of USAA members. The USAA Classic Checking account is a nice everyday checking account with no monthly service fees, a large ATM network and access to a bank that offers a wide range of other products, like VA loans, designed for military members.

Monthly maintenance fee: None

Other fees:

• ATM fees: None at in-network ATMs + $10 reimbursed monthly for out-of-network ATMs
• Foreign transaction fees: 1% of the U.S. dollar amount of the transaction
• Overdraft fee: $29 

ATM access: 100,000 no-fee ATMs 

Notable perks and features:

• Early direct deposit
• Zero liability for unauthorized debit card transactions you report
• Budgeting and spending tools
• Access to other bank accounts and loans designed for military members
• Large ATM 

Best for: Members of the military who want to use their checking account abroad will appreciate the low foreign transaction fee (though some accounts don’t charge one at all). Those in the military community who want a checking account at a bank that serves their unique needs with loans, investment options and more, should also consider this option.

How to Choose a Bank for International Travel

Choosing a bank for international travel can be a little more complicated than picking an account for your everyday spending, but there are a few key factors to consider to make your search easier. Here are some elements to look for when you’re comparing banks to use abroad:

• Foreign transaction fees: If you plan to make purchases with your account, as opposed to with a travel credit card, for example, check if you’ll be charged a fee for buying things in another currency. This fee is often 1%-3%, but some accounts don’t charge it at all.
• ATM access and fees: Research how accessible ATMs are where you’re traveling and if you’ll be charged fees to use them. Having the option to withdraw cash in an emergency, or just for the convenience, while traveling is helpful, but it’s even better if you can do it while avoiding fees.
• Monthly service fee: Some accounts charge monthly service fees that could cut into your balance. You might be able to waive the fee or open an account that doesn’t charge it, but if you mostly plan to use the account when traveling, you’ll want to avoid extra costs that don’t contribute much to your experience.
• Bank access and service: Some banks have more of a global presence than others, and it’s worth investigating how easy it will be to access your account or talk to a bank rep if you need them. Online banks may make it easier to access your account at any time of day, or you might prefer the footprint of an international bank.
• Security and fraud protection: No one wants to have their debit card or account details stolen while abroad, but if it happens, security features will matter. Look into what level of fraud protection and security the account offers, such as multifactor authentication and the ability to lock your card.

Which Bank Is Right for You?

There are a lot of banking options out there, so it's important to consider your needs and preferences to ensure you find the right fit. If you travel internationally multiple times a year, it might make sense to have an account that offers as many international features as possible. But if you only travel abroad occasionally, it could make more sense to pick your account based on your everyday banking needs.

Either way, it may not hurt to have a couple of checking accounts so you can take advantage of the everyday features from your main account and some international benefits from your second account. Just make sure you understand the fees you'll be charged, particularly if you let your second account go dormant.

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