6 Best Banks for International Travel of 2024

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• Travel

Whether you’re a frequent traveler or about to take that once-in-a-lifetime trip, it’s crucial to have the right bank before you depart.

Unfortunately, many people find that their go-to bank is not very customer-friendly when it comes to traveling. And they may not even know it until they get back and open up their monthly statement.

So, how do you find the best banks for international travel? We’ve broken up our top picks into the following categories:

  • International ATM Fees
  • Financial Emergencies
  • International Wire Transfers
  • Foreign Transaction Fees
  • Best Travel Credit Card
  • Best Overall for Expats

Foreign transaction fees and ATM fees are probably the reason you’re here, but you may encounter other surprises while on your trip. It’s always good to know what your options are well before you even need them.

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Safe and happy travels!

Best Bank for Avoiding ATM Fees While Traveling

Charles Schwab Bank

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As a Charles Schwab customer, you get access to a slew of benefits when you open a Schwab Bank High Yield Investor Checking account. Unlimited ATM fee reimbursements worldwide is one of them.

There are no monthly maintenance fees or minimum balance requirements if you link your account to a Schwab One brokerage account.

Schwab doesn’t charge foreign transaction fees for any transactions that take place abroad when using your debit card.

There are numerous banks that offer ATM fee reimbursement. However, very few are unlimited. Most banks only offer up to $10 or $20 back per month.

Charles Schwab Bank gives you unlimited refunds on all ATM fees worldwide. They even reimburse you for fees the ATM owner charges you.

If you think about it, that’s a big deal.

How many times have you had to convert money at an airport or a small retail center while traveling? How often were you able to convert that money for free?

If you’re like most people, that’s probably never happened. That’s why we like Schwab Bank for frequent international ATM withdrawals.

Best Bank for Financial Emergencies Abroad

HSBC

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Just a heads-up: You’ll see HSBC again on this list. That’s how much we like it.

HSBC offers emergency money for its traveling customers. If you’re a Premier or Advance client, you can get up to $10,000 in either U.S. or foreign currency.

So, if you lose your wallet, are robbed, or require money to cover a medical emergency, HSBC will help you out.

How do you get the cash?

You’ll need to go through customer service and call (716) 841-7212. The amount of funds available to you depends on the amount of money you have in your bank account. Therefore, it’s wise to call before you travel, so you know what’s available in case you need it.

Best Bank for Wiring Money While Traveling Abroad

Citibank

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Citibank is considered by many to be the best for wire transfers.

If you wire money often, you need a bank that doesn’t charge you crazy fees each time—and Citibank does just that.

If both you and the person you are wiring money to have Citibank accounts, the cost to send the wire is $0. It’s not only free to do so nationally but internationally as well.

The downside?

If the recipient doesn’t have a Citibank account, the bank has been known to charge as much as $35 per wire. Of course, you don’t always know when you’ll have to wire money. However, if it’s a routine practice for you, Citibank is the way to go—especially if you both bank with them.

If you aren’t the one traveling but are instead the spouse or parent, then Citibank could also be a perfect fit for you.

If you are new to the world of wire transfers, try to get an idea of what the conversion rates will be. Know what your money is worth before you start sending it out and about!

If the conversion rate is horrible, you might want to consider another option, such as a credit card set aside for emergency use only.

Best Bank for Avoiding Foreign Transaction Fees While Traveling

Capital One 360

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If you make a purchase outside the United States or order something online from another country, most banks will charge you a foreign transaction fee.

Capital One is one of the rare banks that won’t nickel and dime you when you use your debit card abroad.

The Capital One 360 checking account has a few other things worth your consideration, too. For starters, it doesn’t charge monthly fees.

You also won’t be charged an ATM fee when you use your debit card. However, you won’t be reimbursed for fees charged by the ATM.

You can also withdraw cash at over 70,000 fee-free Capital One, Allpoint and MoneyPass ATMs. And if you need to get a wire transfer while abroad, that is also free.

Regardless of how you plan to use your Capital One 360 checking account, know that it is one of the best checking accounts out there — nationally or internationally.

Best Credit Card for Travel Rewards

Chase Sapphire Preferred

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The Chase Sapphire Preferred card is one of the best travel credit cards available. With Sapphire Preferred, you get two points for travel and dining and one point for all other purchases.

Those points can be redeemed for $1.25 when you are traveling and can be transferred on a 1:1 basis to major airlines and hotel chains. Keep in mind there is a $95 annual fee, but it is waived your first year.

The Chase Sapphire Preferred card currently offers a sign-up bonus of 100,000 rewards points (or $1,250 in travel redemptions) after you spend $4,000.

Additionally, you can earn 5,000 more points if you put an authorized user on the account within the first three months.

Your points never expire as long as you keep the card active and can always be redeemed through the Chase travel portal.

Best Overall Bank for Expats

HSBC

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If you’re a frequent globetrotter or are about to move to another country, you need a bank with an international presence.

HSBC helps make moving abroad easier by having 3,900 offices in 67 countries and territories in Asia, Australia, Europe, the Middle East, North America, and South America.

If you have an HSBC account, it’s quite easy to open an account in another country well before you even arrive there. Plus, if you download their mobile app, you can do it right on your smartphone. It’s safe and secure and enables account holders to check their bank accounts whenever they wish.

So for jetsetters such as yourself, moving from one country to the next, this is a powerful money and time-saving tool to have in your pocket. Sign up for the premier checking account and avoid the foreign transaction fees with debit card purchases.

However, with so many great perks to HSBC, unfortunately, it’s not for everyone. For starters, it charges a $50 monthly maintenance fee.

This isn’t exactly pocket change for many people. And the only way to avoid this fee is if you have a minimum of $100,000 in your account.

Even with the high monthly service fees, HSBC still ranks as the number one bank for globetrotters. This is because it has a strong infrastructure, a massive network, and great features.

Even if you don’t have $100,000 in your accounts, the $50 monthly fee could be well worth the number of features available.

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Best Banks for International Travel: Honorable Mentions

No matter the criteria used, there are always going to be strong contenders left out. So, the options below are definitely worth consideration, too:

Chime

Chime® offers an online bank account with no foreign transaction fees. You also get a Visa debit card with the checking account. The debit card can be used at 60,000+ fee-free1 ATMs at stores like Walgreens, 7-Eleven, CVS Pharmacy, and more.

Chime also offers other benefits like getting your paycheck up to two days early with direct deposit2.

Bank of America

No fees for using your debit card at ATMs that aren’t Bank of America-owned. Plus, you won’t be charged foreign transaction fees if you use any of their credit cards while traveling.

Alliant Credit Union

Rebates up to $20 a month for ATM fees incurred from using non-Alliant ATMs. If you use their credit card while abroad, there are zero foreign transaction fees.

American Airlines Credit Union

The AACU checking account offers rebates of up to $20 a month for ATM fees incurred while traveling. Additionally, foreign transactions only incur a 1% fee.

Navy Federal Credit Union

Navy Federal offers credit cards with no foreign transaction fees. In addition, there are no ATM fees on military bases, and you get ATM rebates of $10 per monthly statement. Eligibility at NFCU is for members of the United States Armed Forces and their families.

Andrews Federal Credit Union

AFCU offers credit cards without any foreign transaction fees. It also has over 1 million ATMs across the globe. So, it’s unlikely you’ll have to resort to using an ATM that isn’t an Andrews Federal Credit Union ATM.

See also: Best Banks for Digital Nomads in 2024

Financial Tips for Traveling Abroad

So, you’ve chosen all the right banks, but there are still a few things you need to know before becoming a stranger in a strange land.

Get a Credit Card With No Foreign Transaction Fees

When it comes to making purchases, credit cards are generally the safest method of payment. They offer more protection than debit cards.

However, many credit cards charge foreign transaction fees of 1% to 3% for purchases made outside the United States. These fees can add up quickly.

Get a highly rated credit card like the Chase Sapphire Preferred, Chase Sapphire Reserve, or the Capital One Venture Rewards Credit Card. These cards don’t charge foreign transaction fees. They also allow you to earn more travel miles towards your next trip.

Exchange Currency at Your Bank

If you plan to use cash on your next trip, check with your bank or credit union to see if they offer currency exchange services. This will undoubtedly be cheaper than exchanging currency at an airport kiosk.

Don’t Use Traveler’s Checks

Traveler’s checks are antiquated. Most debit cards give a much better exchange rate these days, plus not many places even accept them anymore. So, avoid the hassle and save time by using a bank that offers fee-free ATM usage or zero to low foreign transaction fees.

Notify Banks of Your Travel Plans

Baltimore is a far cry from Bangkok. You know this, we know this, and your bank does, too. Your trip may be common knowledge to your friends and family, but it’s news to your bank.

Whenever you swipe your card in another country, a red alert is sent out, and your card could be declined immediately. Don’t put yourself in this situation by letting the bank think that your card has been stolen!

Before you go, tell your banks and credit card companies that you’re traveling.

Being able to prove your location while traversing foreign subways or getting a taxi to your hotel can be quite an ordeal. So, let your bank know in advance when you’re leaving and when you’re returning.

Allow yourself a few minutes to do this. While some larger banks offer online notifications, you may have to speak to multiple departments on the phone.

Don’t Use Public Wi-Fi

You may not know how to hack people’s computers, but plenty of people do.

Simply put: Public Wi-Fi is dangerous.

Never visit your bank online or make any purchases while you’re logged in to public Wi-Fi. Hackers can log your keystrokes and ascertain your username, password, and credit card numbers.

Note: This holds true for anywhere you are in the world, not just while you’re traveling.

Whether you’re taking a vacation abroad or moving overseas, make sure you have your banking needs in order. You want to avoid setting yourself up to becoming a fraud victim while away or be surprised by exorbitant fees. Just a bit of preparation can ensure a worry-free trip, so you can focus on the things that really matter.

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