When you’re traveling, the right bank account can save you money in fees and help you manage your money while you’re abroad with ease. From fee-free ATM access and no foreign transaction fees to earning rewards for travel, here are some of the bank account features to look for if you’re a traveler.
Key takeaways
- Choose a bank with broad ATM access and ATM fee reimbursements.
- Look for debit cards that don’t charge foreign transaction fees.
- Pick a bank with a strong mobile app and 24/7 support so you can manage your money at any time and resolve issues in any timezone.
Best bank account features for travelers
ATM reimbursements
Travelers often prefer credit cards to debit cards because credit cards typically offer zero-liability protection and the quick ability to dispute charges (though some debit cards also have excellent liability protection), but you’ll likely need to use your debit card to get cash out of an ATM on your trip, so you’ll want to ensure your checking account is optimized for travel.
The following financial institutions either don’t charge ATM fees or reimburse you for fees you incur, making them a good choice for travelers.
Don’t ruin your holiday with ATM fees
The average total fee for using an out-of-network ATM is $4.77, according to Bankrate’s 2024 Checking Account and ATM Fee Study. Depending on your bank, may also incur an international transaction fee. But you don’t have to pay any ATM fees if you choose the right account.
No foreign transaction fees on debit card purchases
Look for a checking account that doesn’t charge a foreign transaction fee — a surcharge on your debit card when you make a transaction in a currency other than the U.S. dollar. As with ATM fees, these surcharges make your trip more expensive than strictly necessary.
Charles Schwab’s Investor Checking, for example, doesn’t charge foreign transaction fees for debit card purchases.
How much do foreign transaction fees cost?
Typically, a foreign transaction fee ranges from 1 to 3 percent of a purchase. While it may seem like a small percentage, this can quickly add up on a trip.
Free international and domestic wire transfers
Avoiding wire transfer fees can offer significant cost savings and the convenience of quickly and securely moving funds between accounts, especially when you consider that international wire transfers can cost as much as $60.
Some banks offer free international and/or domestic transfers under certain conditions. These banks include:
Foreign currency exchange at a good rate
Getting a good exchange rate can lead to significant savings since the exchange rate directly impacts the cost of goods and services purchased abroad. A favorable exchange rate means you get more foreign currency for your money, making your expenses lower when traveling or shopping internationally.
Look for a bank that offers exchange rates close to the market rate (meaning relatively little markup) and the lowest fees. Consider local banks, credit unions and major banks like Chase and Bank of America. These institutions often offer the best rates and the lowest fees.
You can check the current exchange rate for any currency on any search engine, and then see what your bank is offering to see if it’s a competitive rate.
Rewards for travel
When it comes to earning points, miles and cash back for travel, people usually gravitate to one of the best travel credit cards. But there are some checking accounts and even savings accounts that earn these kinds of perks, too.
These rewards can help offset your travel expenses, making your next trip even more affordable. Some checking and savings accounts that offer airline miles, points and cash back include:
Save for travel faster with the right bank account
Your next adventure fund can grow quicker if you have a great high-yield savings account.
Look for accounts that have competitive APYs (around 4 percent right now), minimal fees and features like automatic savings to help your travel fund grow.
Some savings accounts, like Ally’s savings account, have a feature where you can create multiple savings buckets for different savings goals. This way, you can compartmentalize your savings and see how close you’re getting to each goal.
Great customer support
Having accessible, responsive customer service is crucial when you’re traveling, especially if you encounter any issues with your account. Banks and credit unions with 24/7 customer support, online chat and toll-free service numbers are immensely helpful.
Some banks that offer 24/7 customer support include:
- Ally
- Discover
- American Express National Bank
Easy online banking
In addition to good customer support, having an easily accessible online banking platform or mobile app to check your accounts on the go is a must for any traveler. In particular, mobile apps that send alerts to your phone for suspected fraud and low balances can be immensely helpful.
User reviews within the Apple App and Google Play stores can help you discern a good mobile app from a bad one. And you can check out Bankrate’s list of the best banks and credit unions for mobile banking.
Bottom Line
Whether you’re a frequent traveler or are planning a one-off vacation, the best bank accounts for you will help you avoid fees, give you easy access to your cash and keep your money secure while traveling. Accounts that offer global ATM fee reimbursements, no foreign transaction fees and strong digital tools can make managing your money on the road much easier.
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