Traveling abroad is an exciting opportunity to experience different cultures, explore new places, and make memories that will last a lifetime. But managing money while overseas can be a challenge, as there are numerous costs associated with international travel, including foreign transaction fees.
These fees can add up quickly and cause unexpected financial strain, so you need to be aware of them and plan ahead to save money. In this article, we’ll explore the best banks with no foreign transaction fees to help you to make the most of your time abroad without worrying about financial surprises. After all, nothing can ruin a vacation faster than an unexpected bill!
What are foreign transaction fees?
Foreign transaction fees are charges from banks or credit card companies for processing transactions in a currency other than your own. These fees typically range from 1% to 3% of the total transaction, and sometimes more.
They can add up quickly if you make a lot of international purchases. You should be aware of these fees before you make a purchase, so you can plan your spending accordingly.
Many banks and credit card companies offer foreign transaction fee waivers for their customers, so it pays to shop around and read the fine print. Knowing what you’re getting into can help you save a lot of money in the long run.
Why avoid foreign transaction fees?
Foreign transaction fees can have a significant toll on your finances, particularly if you’re a frequent traveler. These fees can quickly add up, potentially costing you hundreds of dollars in unnecessary charges.
Additionally, fees can vary significantly across different banks and credit cards, making it challenging to compare and choose the best option for your needs. What’s more, calculating foreign transaction fees can be a complex process, leaving you vulnerable to making mistakes that may result in overspending.
5 Best Debit Cards With No Foreign Transaction Fees
Chime®
Chime is an online banking platform that prides itself on being fee-free. With Chime, you won’t have to worry about monthly fees, minimum balance fees, overdraft fees, or foreign transaction fees.
Charles Schwab
Charles Schwab Bank has a great selection of financial products, including its High Yield Investor Checking account.
Capital One
The Capital One 360 Checking account is an ideal choice for those seeking a no-fuss banking experience.
Varo
With Varo, you don’t have to worry about monthly fees, minimum balance requirements, overdraft fees, foreign transaction fees, or credit checks, making it a hassle-free banking solution.
HSBC
The HSBC Premier Checking account is a great choice for frequent travelers, as it has no foreign transaction fees and no fees when withdrawing from any HSBC bank or ATM worldwide.
5 Best Credit Cards With No Foreign Transaction Fees
Chase
If you’re in the market for a top-notch travel credit card, the Chase Sapphire Preferred and Chase Sapphire Reserve are both outstanding picks.
Capital One
The Capital One VentureOne card is a great option for those looking for a travel rewards card with no annual or foreign transaction fees.
Discover
If you’re looking for a credit card with no annual fee that also rewards you for your spending, the Discover it Cash Back Credit Card is a great choice.
American Express
American Express offers two premium credit cards, the Platinum Card and the Gold Card, with a range of rewards and benefits for cardholders.
Bank of America
Bank of America is among the largest banks in the U.S., offering a wide selection of credit cards to suit different requirements.

Choosing the Right Bank for You
Finding the right bank to help you save on foreign transaction fees requires careful consideration of several factors that align with your individual needs. Here are some factors you should consider when choosing a bank:
Factors to Consider
- Travel frequency: Consider how often you travel and whether the bank’s policies support your travel habits. For frequent travelers, you should choose a bank that offers the most convenient services in your destination. A bank that provides global ATM networks and online access to your account can significantly ease your foreign transactions.
- Type of card: You should also consider the type of card you need. If you’re looking for a debit card, choose a bank that provides a reliable network of ATMs, free withdrawals and no foreign transaction fees. For credit cards, you may want to choose one that offers the most rewarding points, no annual fee, and fraud protection policies.
- Other features: Consider other features, such as the bank’s mobile app, customer service, overdraft policies, and security measures, before making your decision.
Comparison of the Best Banks
In this article, we’ve provided you with a list of the best banks that offer no foreign transaction fees. To choose the right bank for you, you should compare the features of each bank and match them with your needs. This comparison will help you to determine which bank offers the best services that align with your requirements.
See also: Best Debit Cards for International Travel of 2023
Tips for Finding the Best Bank for Your Needs
To find the best bank that aligns with your individual needs, you can conduct extensive research, read reviews from other customers, and ask for recommendations from your friends or travel community. Don’t rush the process, take the time to evaluate and compare each bank’s features to make an informed decision.
See also: Best Banks for International Travel of 2023
Tips for Saving Money While Traveling
In addition to avoiding foreign transaction fees, there are other travel fees to watch out for, such as ATM fees, currency conversion fees, and travel insurance. Budgeting for international travel and using rewards or cash back programs can also help you save money and maximize your spending power.
Bottom Line
In conclusion, managing your finances while overseas is crucial, and avoiding foreign transaction fees is an essential step to save money and stay in control of your spending. By considering the best banks with no foreign transaction fees, choosing the right bank for your needs, and being mindful of other travel fees, you can make the most of your international travel experiences.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.