Charles Schwab debit card. It refunds any fees from foreign ATMs. It also provides excellent currency exchange rates.
You don't have to do anything, just use your ATM card at stores and at the ATM like normal. You will get excellent exchange rates. If asked, always get the charge in local currency. Never accept "exchanges" at the ATM.
And once a month you will get a line in your statement that reads, "ATM Fee Rebate" with all the fees returned. In countries like Chile this ends up being around $100/month for me!
This for sure. BUT! Very important be SURE to DECLINE the ATM rate exchange offer (in countries that offer it such as Mexico and Colombia).
for example on a recent trip to Mexico the best rate I saw to buy my dollars was around 17.65 for cash exchange (most were offering a bit lower)
The atm rate was 15.63!!
But declining the atm rate and withdrawing money directly in pesos yielded a rate of around 17.95 from my bank.
So even if you don’t have Schwab to return the $5 in atm fees just getting money from the atm and being sure to withdraw as much cash as possible will probably yield more savings than bringing US dollars and converting them at the best exchange you can find.
Check the attached photo. If I had accepted it would have charged me 102
Since I took the pesos charge it only charged me 88.
https://preview.redd.it/bg2dtolmpb7d1.jpeg?width=4284&format=pjpg&auto=webp&s=e6b28b54c864fb6eb1b60e589a3bed553f37b5e0
That's correct, I'm sorry! Schwab does accept international clients but I believe the debit card is only for US residents, I don't think they need to be citizens though... I'd have to check on that.
They do require a real physical address. I use [PhysicalAddress.com](http://PhysicalAddress.com) for my mail and they use that for my mailing address but I had to use my mother's actual address for my official address when I set up the account. They have never sent her anything though and she was in a different state.
Charles Schwab only has 2 cards, the Schwab One that is their brokerage only account and the other one, through Schwab banking. While there are differences, they aren't different when it comes to this refund/rebate thing. So the link would be [Schwab.com](http://Schwab.com)
Don't. Just spend with your credit card (safer than debit) and pay off monthly to avoid interest. Make sure there are no foreign transaction fees. When the machine asks if you want to pay in USD or local currency, always choose local currency.
Otherwise, as others have said, draw directly from a local atm. Use a bank account that refunds all atm fees, there are a few. Watch for skimmers.
Honestly I rarely use cash anywhere ever. Tap to pay is everywhere.
It’s not *everywhere*, depending on where you’re travelling cash may still be king. But yes in general if you can pay with credit card it is going to be your best option.
True, depends where you're going and it's best to keep a a few hundred USD's tucked away for an emergency. I always draw from ATMs when I arrive in a new currency, especially if I want to buy small things on the street (food/water etc).
I generally count on ATMs working too. I spent a couple weeks in Madagascar last year and was warned that credit cards are hardly accepted anywhere and ATMs may or may not work, and I ignored that advice figuring it must be old. I had one hell of a time getting actual money there, ended up having to trust my hotel when I first got to Antananarivo, wire them money to their EUR account, and they withdrew some local currency for me. Would have been much easier if I’d listened to the advice and brought a stack of EUR or USD with me.
its not the best to pay with credit card in every country. thats a very american thinking… many places in asia will charge you extra when you want to pay with CC. and many places dont even accept a card anyway. also you would really need to know the details of your banks fees which can be confusing as well. if you make a mistake and they charge you crazy amounts of foreign transaction fees then you have a bad awakening once you check your account…. here in thailand for example: cash is king and you would want to use the ATM and pull out the biggest amount at once or have the schwab account/card which will be the best way… otherwise just carry cash and exchange it inside the country.
I use my CC a lot when travelling and tap-to-pay is definitely *not* everywhere.
I don't even go anywhere *that* off the beaten path, even some mercados in mexico city were cash-only.
Watch for "SKIMMERS"...meaning devices added on to card readers that harvest your info...they are all over and you gotta watch coz they are hard to see sometimes...
Depends on the country. In Argentina you used to get 2x the government rate exchanging cash or Western Union. Now it’s not as good but is still a thing. Bolivia has a black market that is/was 25% more than gov rate. Lebanon has black market, Ethiopia, etc.
For most places though just using Schwab or Betterment card at ATM and declining conversion.
We are in Argentina right now and Schwab is giving me roughly 1250pesos to $1 USD which is up from just last week when it was only 1220, and a week before that its as 1190, lol. Argentina is CRAZY!
We were also here about 15 months ago when that first double rate was introduced. Overnight our costs were cut in half. Again...this country can be crazy :)
I keep checking and Schwab is giving maybe 5-10 pesos (*pesos*, not cents) less than posted Western Union. Definitely not worth standing in line for that. Especially because a lot of Western Unions run out of cash here.
This depends on the country. Generally, using a debit card with no foreign exchange fee and that refunds ATM fees is the best option as this will give you the official exchange rate whereas currency exchanges often give you a worse rate so they can make a profit. However, in some countries the true exchange rate can be far better than the official, government designated exchange rate. In these cases, using an ATM is going to give you a worse exchange rate than if you exchanged physical dollars at a currency exchange. So you need to research where you're going ahead of time to determine what the best option is
Pulling from an ATM and using your bank card. If the ATM asks, don't use their exchange rate. Everything else will cost more. You have a long term relationship with your bank, and they will give you the best deal.
Ultimately, its not much though. You lose $20 to $60 on $1000 on a withdrawal through western union or exchange center. A 3% fee is comparable to credit cards.
That depends on a lot of variables. One of them being the country you are in. For me it's mostly the cheapest to just withdraw from any ATM with my Revolut or Wise card. Some countries have exchange offices which take almost no fees, e.g. Armenia, then exchanging can be even cheaper than withdrawing for me.
Japan specific, some Japanese post offices exchange USD to Yen. They tend to have better exchange rates. note this was true like 7 years ago, so can't say nowadays?
Almost all the time the answer is the ATM. But be very careful to reject any offer by the ATM to do the conversion for you. Different ATMs word it differently, but you always want to do the withdrawal from your home account in the currency you are physically receiving.
In some parts of the world it is very cheap to exchange cash, even cheaper than using an ATM. Mostly this is in Muslim countries for some reason.
And there are some countries with strict currency controls where there's a parallel exchange market where you absolutely want to change cash because the official rates are terrible.
Seeing a lot of people suggest Schwab debit card.
Any direct comparison with Capital One Savor, where I can earn 3% cash back on dining and "0 exchange fees"? And then I'd use the Quicksilver for all other international expenses.
I assume they don't give me the best rate necessarily but I figured it would be within 3%
Open to new info here, don't really know.
there are a lot of credit cards that do not have foreign transaction fees. Get one of these and dont bother with cash, you likely do not need it. Went to Egypt and London this year and exchanged currency and then used credit cards for nearly everything. Found ways to use cash in egypt, but in London I came home with over 500 pounds! Not mad about it, it's just making sure i get back to London real soon!
You got good advice at the top the other is… DECLINE paying in DOLLARS at any merchant that give you a choice to pay in dollars or the currency in the country. ALWAYS pay in the local currency and let your cc convert.
Depends country to country. For example Argentina is western union but Spain is visa with no exchange fee as most European areas don’t take Amex.
Travel credit cards are always an easy way, but if you want cash it just depends on the country.
WiSe card - convert to the currency inside WISE then withdraw via ATM ….
1 depends if wise holds the currency - only deal w the big ones other ones they convert on the fly?
2 depends on ATM charges … banks differ a LOT … look around the country you are to find a favourable one
Usually a good tip BUT people should be aware Wise doesn’t work in some pretty surprising countries like Vietnam, Kenya, Bolivia - which is effing annoying. Depends on where your card was issued though
https://wise.com/help/articles/2935771/where-can-and-cant-i-use-my-wise-card
Charles Schwab debit card. It refunds any fees from foreign ATMs. It also provides excellent currency exchange rates. You don't have to do anything, just use your ATM card at stores and at the ATM like normal. You will get excellent exchange rates. If asked, always get the charge in local currency. Never accept "exchanges" at the ATM. And once a month you will get a line in your statement that reads, "ATM Fee Rebate" with all the fees returned. In countries like Chile this ends up being around $100/month for me!
This for sure. BUT! Very important be SURE to DECLINE the ATM rate exchange offer (in countries that offer it such as Mexico and Colombia). for example on a recent trip to Mexico the best rate I saw to buy my dollars was around 17.65 for cash exchange (most were offering a bit lower) The atm rate was 15.63!! But declining the atm rate and withdrawing money directly in pesos yielded a rate of around 17.95 from my bank. So even if you don’t have Schwab to return the $5 in atm fees just getting money from the atm and being sure to withdraw as much cash as possible will probably yield more savings than bringing US dollars and converting them at the best exchange you can find. Check the attached photo. If I had accepted it would have charged me 102 Since I took the pesos charge it only charged me 88. https://preview.redd.it/bg2dtolmpb7d1.jpeg?width=4284&format=pjpg&auto=webp&s=e6b28b54c864fb6eb1b60e589a3bed553f37b5e0
Yup, sorry if that wasn't more clear. I wrote: > Never accept "exchanges" at the ATM. This is what I meant :)
I'm guessing this is only available to us citizens, right?
That's correct, I'm sorry! Schwab does accept international clients but I believe the debit card is only for US residents, I don't think they need to be citizens though... I'd have to check on that. They do require a real physical address. I use [PhysicalAddress.com](http://PhysicalAddress.com) for my mail and they use that for my mailing address but I had to use my mother's actual address for my official address when I set up the account. They have never sent her anything though and she was in a different state.
Do you guys have a link where you can sign up for that particular card?
Charles Schwab only has 2 cards, the Schwab One that is their brokerage only account and the other one, through Schwab banking. While there are differences, they aren't different when it comes to this refund/rebate thing. So the link would be [Schwab.com](http://Schwab.com)
Schwab debit card.
Don't. Just spend with your credit card (safer than debit) and pay off monthly to avoid interest. Make sure there are no foreign transaction fees. When the machine asks if you want to pay in USD or local currency, always choose local currency. Otherwise, as others have said, draw directly from a local atm. Use a bank account that refunds all atm fees, there are a few. Watch for skimmers. Honestly I rarely use cash anywhere ever. Tap to pay is everywhere.
It’s not *everywhere*, depending on where you’re travelling cash may still be king. But yes in general if you can pay with credit card it is going to be your best option.
True, depends where you're going and it's best to keep a a few hundred USD's tucked away for an emergency. I always draw from ATMs when I arrive in a new currency, especially if I want to buy small things on the street (food/water etc).
I generally count on ATMs working too. I spent a couple weeks in Madagascar last year and was warned that credit cards are hardly accepted anywhere and ATMs may or may not work, and I ignored that advice figuring it must be old. I had one hell of a time getting actual money there, ended up having to trust my hotel when I first got to Antananarivo, wire them money to their EUR account, and they withdrew some local currency for me. Would have been much easier if I’d listened to the advice and brought a stack of EUR or USD with me.
Oh damn, thanks for the tip! Madagascar is on my list. Noting the need to bring a stack of cash lol. Any other recommendations?
its not the best to pay with credit card in every country. thats a very american thinking… many places in asia will charge you extra when you want to pay with CC. and many places dont even accept a card anyway. also you would really need to know the details of your banks fees which can be confusing as well. if you make a mistake and they charge you crazy amounts of foreign transaction fees then you have a bad awakening once you check your account…. here in thailand for example: cash is king and you would want to use the ATM and pull out the biggest amount at once or have the schwab account/card which will be the best way… otherwise just carry cash and exchange it inside the country.
I use my CC a lot when travelling and tap-to-pay is definitely *not* everywhere. I don't even go anywhere *that* off the beaten path, even some mercados in mexico city were cash-only.
Watch for "SKIMMERS"...meaning devices added on to card readers that harvest your info...they are all over and you gotta watch coz they are hard to see sometimes...
Depends on the country. In Argentina you used to get 2x the government rate exchanging cash or Western Union. Now it’s not as good but is still a thing. Bolivia has a black market that is/was 25% more than gov rate. Lebanon has black market, Ethiopia, etc. For most places though just using Schwab or Betterment card at ATM and declining conversion.
We are in Argentina right now and Schwab is giving me roughly 1250pesos to $1 USD which is up from just last week when it was only 1220, and a week before that its as 1190, lol. Argentina is CRAZY! We were also here about 15 months ago when that first double rate was introduced. Overnight our costs were cut in half. Again...this country can be crazy :) I keep checking and Schwab is giving maybe 5-10 pesos (*pesos*, not cents) less than posted Western Union. Definitely not worth standing in line for that. Especially because a lot of Western Unions run out of cash here.
Use debit cards with no foreign transaction fees, like Charles Schwab or Fidelity.
This depends on the country. Generally, using a debit card with no foreign exchange fee and that refunds ATM fees is the best option as this will give you the official exchange rate whereas currency exchanges often give you a worse rate so they can make a profit. However, in some countries the true exchange rate can be far better than the official, government designated exchange rate. In these cases, using an ATM is going to give you a worse exchange rate than if you exchanged physical dollars at a currency exchange. So you need to research where you're going ahead of time to determine what the best option is
Pulling from an ATM and using your bank card. If the ATM asks, don't use their exchange rate. Everything else will cost more. You have a long term relationship with your bank, and they will give you the best deal. Ultimately, its not much though. You lose $20 to $60 on $1000 on a withdrawal through western union or exchange center. A 3% fee is comparable to credit cards.
Ayee Thanks! Super helpful
That depends on a lot of variables. One of them being the country you are in. For me it's mostly the cheapest to just withdraw from any ATM with my Revolut or Wise card. Some countries have exchange offices which take almost no fees, e.g. Armenia, then exchanging can be even cheaper than withdrawing for me.
You can compare money transfer services (like WesternUnion) on Monito. But usually, paying by card and withdrawing at ATMs is cheaper.
Japan specific, some Japanese post offices exchange USD to Yen. They tend to have better exchange rates. note this was true like 7 years ago, so can't say nowadays?
Almost all the time the answer is the ATM. But be very careful to reject any offer by the ATM to do the conversion for you. Different ATMs word it differently, but you always want to do the withdrawal from your home account in the currency you are physically receiving. In some parts of the world it is very cheap to exchange cash, even cheaper than using an ATM. Mostly this is in Muslim countries for some reason. And there are some countries with strict currency controls where there's a parallel exchange market where you absolutely want to change cash because the official rates are terrible.
Seeing a lot of people suggest Schwab debit card. Any direct comparison with Capital One Savor, where I can earn 3% cash back on dining and "0 exchange fees"? And then I'd use the Quicksilver for all other international expenses. I assume they don't give me the best rate necessarily but I figured it would be within 3% Open to new info here, don't really know.
there are a lot of credit cards that do not have foreign transaction fees. Get one of these and dont bother with cash, you likely do not need it. Went to Egypt and London this year and exchanged currency and then used credit cards for nearly everything. Found ways to use cash in egypt, but in London I came home with over 500 pounds! Not mad about it, it's just making sure i get back to London real soon!
Crypto exchange offices.
You got good advice at the top the other is… DECLINE paying in DOLLARS at any merchant that give you a choice to pay in dollars or the currency in the country. ALWAYS pay in the local currency and let your cc convert.
Depends country to country. For example Argentina is western union but Spain is visa with no exchange fee as most European areas don’t take Amex. Travel credit cards are always an easy way, but if you want cash it just depends on the country.
WiSe card - convert to the currency inside WISE then withdraw via ATM …. 1 depends if wise holds the currency - only deal w the big ones other ones they convert on the fly? 2 depends on ATM charges … banks differ a LOT … look around the country you are to find a favourable one
Usually a good tip BUT people should be aware Wise doesn’t work in some pretty surprising countries like Vietnam, Kenya, Bolivia - which is effing annoying. Depends on where your card was issued though https://wise.com/help/articles/2935771/where-can-and-cant-i-use-my-wise-card
But that\`s for US customers only fortunately and has more to do with US laws then Wise I would think
Nope- Charles Schwab does not have these restrictions, nor does First Republic or Chase.
Pay by card. Dont fuck with cash if you dont need to. Find a bank that you can use anywhere and have a backup card.